Bernie Sanders: Banks Destroyed Economy

Posted by admin on Monday, January 18, 2016

Bernie Sanders Money Quotation saying wall street banks were deregulated by government and then created collateralized debt obligation (CDO) which resulted in the great recession. Bernie Sanders said:
 

 

“Wall Street put billions of dollars in lobbying, in campaign contributions to get the government off their backs. They got the government off their backs. Turns out that they were crooks, and they destroyed our economy. I think it’s time to put the government back on their backs” — Bernie Sanders

 

 

Bernie Sanders seems to be criticizing the influence of Wall Street lobbying and campaign donations on deregulating the financial industry. He argues this “government off their backs” approach allowed major banks and financial firms to engage in crooked, risky behavior that ultimately destroyed the economy. Sanders implies the lack of proper oversight directly contributed to the financial crisis.

His remarks suggest that re-regulating Wall Street with stricter rules and enforcement is needed to curb future misconduct and prevent another economic meltdown caused by the financial industry.

Overall, Sanders portrays Wall Street influence as undermining necessary government protections for consumers and the economy.

Categories: politics Tagged:banksbernie sandersbillionscrooksgovernment