Timothy A. Canova Professor of Law and Public Finance, Shepard Broad Law Center, Nova Southeastern University
The big banks attached a measure to must-pass Congressional spending legislation which halts a restriction on the kinds of risky derivatives trading that blew up the US economy in 2007. It allows the banksters to gamble not only with other people’s money but with taxpayer guarantees for their losses. This is only the beginning of their planned roll back of financial reforms passed to prevent another financial crisis. Liberal democrats responded by calling for the breaking up the “too big to fail” banks, but is this really enough? Do we need to nationalize banks?
U.S. Senator Bernie Sanders' Senate speech railed against the big banks' Congressional maneuver easing restrictions on risky derivatives trading and called for breaking up the "too big to fail" big banks.