Let’s Stop Wall Street Loan-Sharking by Senator Bernie Sanders + videos

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By Senator Bernie Sanders
03/23/2009

The “Masters of the Universe” on Wall Street – through their greed, recklessness and illegal behavior – have plunged this country into a deep recession causing millions of Americans to lose their jobs, their homes, their savings and their hope for the future. In order to fully understand the cause of this fiasco, I have introduced legislation calling for a thorough investigation of the financial meltdown and the prosecution of those CEOs who broke the law. The culture of greed, fraud and excessive speculation must come to an end.

In the midst of this financial disaster, one of the great frustrations that I hear from my constituents is that while taxpayers are spending hundreds of billions bailing out major financial institutions, and while these big banks are getting near-zero interest rate loans from the Fed, these very same financial institutions are now charging Americans 20 percent or 30 percent interest rates on their credit cards.  In fact, one-third of all credit card holders in this country are now paying interest rates above 20 percent and as high as 41 percent – more than double what they paid in interest in 1990.  Recently, some major institutions such as Bank of America have informed responsible cardholders that their interest rates would be doubled to as high as 28 percent, without explaining why the increase was taking place.

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via U.S. Senator Bernie Sanders.

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Countdown: Sen. Bernie Sanders – President Obama’s priorities

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Countdown – guest Sen. Bernie Sanders (I-VT) – President Obama’s priorities
03_25_09 visit: http://firedoglake.com

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Sen. Sanders Blocking Vote to Confirm Obama Nominee Who Worked to Deregulate Credit Default Swaps

Democracy Now!
Mar 25, 2009

We speak with Independent Senator Bernie Sanders of Vermont, who is attempting to block President Obama’s nominee to head the Commodity Futures Trading Commission, Gary Gensler, a former Goldman Sachs employee. “Gensler worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of A.I.G. and has resulted in the largest taxpayer bailout in U.S. history,” Sanders said. [includes rush transcript]

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via Democracy Now! | Sen. Sanders Blocking Vote to Confirm Obama Nominee Who Worked to Deregulate Credit Default Swaps.

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Sanders Blocking Vote to Confirm Obama Nominee Who Worked to Deregulate Credit Default Swaps

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Sen Sanders: You’ll Give Billionaires Tax Cuts But No Health Care For The Middle Class!

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http://earth2obama.org/

March 26, 2009 C-SPAN

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10 thoughts on “Let’s Stop Wall Street Loan-Sharking by Senator Bernie Sanders + videos

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  7. I love Bernie Sanders! He and Kucinich are the real deal.

    Maybe VT trumps Canada as a progressive destination for the natureboy (until they get rid of Harper the Ripper for once and all…)

    Bernie’s broadcasts are always right on! Soo glad you’re covering him. Bernie proves ‘socialism’ is not a dirty word. His latest broadcast was excellent (just the sort of thing Newt Gingrich termed ‘dictatorship’ today), hope everyone subscribes and applauds his integrity.

    From the “Bernie Buzz”:

    ENOUGH IS ENOUGH!!!

    • We need a serious investigation into what went wrong on Wall Street. I proposed giving subpoena power to the panel Congress created to oversee the bailout.

    • We must reform and re-regulate the financial services industry.

    • We must break up behemoth corporations so no single company’s failure would bring down the rest of the economy with it. If a company is too big to fail, it is too big to exist.

    • We cannot allow banks that take taxpayer bailouts to turn around and charge credit card customers interest rates of 30 percent and more. It is time for a national usury rate like the 15 percent cap already in place by credit unions.

    • We must rethink the function of Wall Street. It is time for business schools to educate a new generation of financiers and business people who will see that their role in society is to help this country, help create decent-paying jobs, and help people get the homes they need.

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