"[T]he only person running for President who has a crystal clear understanding of how Wall Street, its regulators and the Fed operate is Senator Bernie Sanders of Vermont – who opposed the repeal of the Glass-Steagall Act and sponsored the legislation forcing the Fed to reveal the trillions it had secretly loaned to Wall Street banks to prop them up during the crash."
Courtesy of Pam Martens
Republican Presidential Candidates Debate in Milwaukee on November 10, 2015
Following the Republican Presidential debate in Milwaukee last evening, Senator Elizabeth Warren issued a blistering statement to supporters. It said, in part:
“Did you see the attack ad about me during the GOP debate tonight? A right-wing group launched a full-scale assault on the Consumer Financial Protection Bureau – the watchdog we set up after the 2008 financial crisis to fight back when big banks try to cheat people on credit cards, mortgages, and other financial products…If the Republicans want a fight over the CFPB, I say, ‘Bring it on.’”
The Consumer Financial Protection Bureau (CFPB) is one of the few positive outgrowths of the Dodd-Frank financial reform legislation passed by Congress in 2010 after the epic financial crash in 2008. It’s a legitimate and real champion of the little guy. But because the agency has been exposing student loan frauds and abusive credit card and mortgage practices by the biggest Wall Street banks, it’s been a perpetual target of Congressional Republicans who receive large amounts of campaign financing from these banks who want to disband it.
Carly Fiorina Made Wildly Inaccurate Statements About Wall Street at the November 10, 2015 Republican Debate
During the Republican debate, Carly Fiorina, the former CEO of Hewlett-Packard, repeated a well worn, but false, canard about the CFPB while demonstrating total ignorance of what caused the financial crash of 2008. Fiorina stated:
…
