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Bernie is wrong about the big banks

Bernie is wrong about the big banks

Vermont Sen. Bernie Sanders has upended the Democratic Party nomination process in many ways, not the least of which is his populist rhetoric regarding Wall Street and the nation's banking system. A cornerstone of his agenda is calling for a break-up of the nation's largest banks as well as a reimposition of the 1930's Glass Steagall Law, which prevented commercial banks and investment banks from combining. (The Glass Steagell Law was overturned in 1999 by the Gramm, Leach, Bliley Act, thereby permitting these kinds of combinations.) Unfortunately, the senator is wrong on both issues, and adoption of his ideas and recommendations would have disastrous consequences for the U.S. economy and...

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