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Too Big To Fail Banks Shrug Off Dodd-Frank Regulations - YouTube
Channel: The Young Turks
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IN THIS CAMPAIGN WE HAVE
HAD TWO DIFFERENT PERSPECTIVES
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ON WHAT SHOULD BE DONE ON BIG
BANKS.
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IN THE ECONOMIC RECESSION
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WE HAD EIGHT YEARS AGO, THERE
WAS AN ACKNOWLEDGMENT THAT THE
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BANKS WERE TOO BIG.
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IF THEY
FAILED, THE SHOCKS RADIATING OUT
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FROM THAT WOULD DO DAMAGE TO OUR
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ECONOMY.
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SO WE SEEM TO ACCEPT AT
THE TIME THAT WE SHOULD PROBABLY
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GET AWAY FROM THE SYSTEM.
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WE
SHOULD MOVE TO A POSITION WHERE
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THE BANKS ARE NOT TOO BIG TO
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FAIL.
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BERNIE SANDERS SAID THAT
THEY REMAINED TOO BIG TO FAIL
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CONSIDERING THAT THEY ARE BIGGER
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THAN THEY WERE IN 2007.
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HE SEEMS
TO HAVE SOMETHING THERE.
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HILLARY
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CLINTON SAYS SHE WOULD ALSO BE
WILLING TO BREAK UP BIG BANKS,
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BUT THAT SHE DOESN'T THINK IT
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NEEDS TO BE DONE NOW.
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SHE SAYS
THAT THE FINANCIAL REGULATIONS
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WE HAD UNDER DODD-FRANK AFTER
THE RECESSION ARE STRONG ENOUGH.
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LET'S TALK ABOUT ONE OF THOSE
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REGULATIONS.
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ONE HAD TO DO WITH
LIVING WILLS FOR THOSE BIG
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BANKS.
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NOW THOSE LIVING WILLS
HAVE BEEN SUBMITTED.
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BASICALLY
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THEY HAD TO WRITE A BIG REPORT
SAYING WHY THEY WERE NOT TOO BIG
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TO FAIL.
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BAD TIMING FOR THEM,
THE REPORTS WERE DUE THIS WEEK.
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THEY NOW HAVE UNTIL OCTOBER TO
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REVISE THOSE FLAWED PLANS THAT
COULD TRICKLE THE U.S. ECONOMY.
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WHAT HAPPENS IF THEY FAIL IN
OCTOBER AS SEEMS LIKELY
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TO
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HAPPEN?
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SO, IT'S BEEN MORE THAN
EIGHT YEARS, THEY FAILED.
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THEY'RE GOING TO HAVE ANOTHER
SIX MONTHS.
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IF THEY FAIL THEN,
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THEN THAT WILL HAVE TWO MORE
YEARS TO FAIL, IF THEY THEN FAIL
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WE WILL START TO BREAK THEM UP,
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SUPPOSEDLY.
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I BELIEVE THE SYSTEM
IS GOING TO FUNCTION THAT WAY,
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ESPECIALLY IF HILLARY CLINTON IS
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THE PRESIDENT AT THAT TIME.
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>> THIS KIND OF SHOWS YOU HOW
WATERED-DOWN OUR REGULATIONS ARE
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FOR THE BANKING INDUSTRY.
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THEY
ARE ALLOWED TO BE AS BIG AS THEY
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WANT, THE WAY THAT WE TACKLE
THEM IS SO WEAK.
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YES, THIS IS A
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LEGITIMATE ISSUE.
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THE ONLY
REASON WHY WE ARE EVEN HAVING
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DISCUSSIONS ABOUT THIS IS
BECAUSE OF BERNIE SANDERS.
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DO
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YOU THINK THAT HILLARY CLINTON
WOULD BRING UP THIS ISSUE AND BE
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A WARRIOR AND TRY TO BREAK UP
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BIG BANKS AND ENSURE THAT WE
DON'T SUFFER THE SAME TYPE OF
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ECONOMIC COLLAPSE THAT WE DID IN
2008?
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NO.
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THE REASON WHY THIS
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IS PART OF OUR CONVERSATION IS
BECAUSE OF BERNIE SANDERS BEING
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A WARRIOR ON IT.
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FORGET THE REPUBLICAN SIDE, THEY
DON'T CARE ABOUT THIS ISSUE.
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>> I THINK THIS IS ABSOLUTELY
PERFECT TIMING.
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WE HAVE A
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PRIMARY COMING UP IN NEW YORK.
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I
LOOKED UP, WALL STREET IS A NEW
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YORK.
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A LOT OF THESE BIG BANKS,
THEIR HEADQUARTERS ARE IN NEW
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YORK.
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WE ALSO HAVE DEBATES
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COMING UP VERY SOON.
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SO, THEY
FAILED AFTER YEARS AND YEARS OF
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PREP.
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JUST THE PAST YEAR, SHOULD
HAVE CLUED THEM INTO THE FACT
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THAT THEY SHOULD MAYBE MAKE
THESE LIVING WILLS IN A WAY THAT
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GIVES US SOME CONFIDENCE 帽
THEY NEED TO ASK BERNIE SANDERS
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AND HILLARY CLINTON BASED ON THE
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FAILURE OF THESE ABSOLUTE
MASSIVE BANKS WHICH ARE BIGGER
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THAN THEY WERE WHEN THEY WERE
TOO BIG TO FAIL.
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WHAT SHOULD BE
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DONE TO THESE BANKS?
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IS IN SIX
MONTHS, OR OCTOBER, WHEN THEY
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ALMOST CERTAINLY FAIL AGAIN, IF
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THEY THEN HAVE NOT REASSURED US
THAT THEY ARE TAKING THIS
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PROBLEM SERIOUSLY, SHOULD THEY
BE BROKEN UP AND HOW WOULD YOU
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DO
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IT?
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ASK BOTH OF THEM THAT
QUESTION.
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IF THEY DON'T HAVE AN
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ANSWER, OR IF THEY SAY YES, WE
SHOULD GIVE THEM YEARS MORE TO
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PREPARE THEN WE CANNOT
AFFORD TO LET THEM BE IN CHARGE
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OF THAT APPARATUS OF WALL
STREET.
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VOTERS IN NEW YORK
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DESERVE TO KNOW WHERE A
CANDIDATE STANDS BEFORE THEY
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VOTE.
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