Posted: Mon Jan 18, 2016 7:49 pm Post subject: Similarities between Trump and Sanders
Why Bernie supports aren't far off from being Trump supporters:
1. Both call out Obamacare for being wasteful and ineffective. Trump wants to repeal and replace Obamacare; Bernie wants to replace Obamacare with a single payer health system.
2, Both oppose the Trans-Pacific Partnership trade deal.
3. Both lament the pernicious role of money in politics; Sanders doesn't have a Super-PAC and Trump is self funding his campaign.
4. Both have been known to worry that increased immigration could depress working-class wages.
5. Both have flip-flopped on gun control. Bernie's changing position on guns. & Trump's changing position on guns
6. Both opposed the Iraq war at the time and still today
7. Both support maintaining or expanding current levels of Social Security benefits.
8. Both support some upper-income tax hikes.
9. Both candidates are extremely critical of wallstreet.
10. Both candidates believe that arming the rebels was a poor decision by the Obama administration
11. Both candidates believe our military should be focused on taking out ISIS instead of Assad
I want to be more detailed in number 9 as I have looked extremely closely to their respective scrutinies of Wall Street as a person who will.. be a software engineer in Wall Street. To put it simply, Trump is simply focusing on the executive pay part of the financial industry and various loopholes around that. Other than that, the financial system looks like it will be intact.
Bernie is a lot more radical and wants to change the underlying financial system entirely. He wants to break up the big financial institutions and reinstate the Glass-Steagall Act that would separate investment banks from commercial banks. Inherently, investment banks are more risk heavy than commercial banks and thus a lot more cyclical in nature. However, it wasn't a contributing factor to the great recession since there is no noticeable contributions of firms that were affected by the repeal of that act vs firms that weren't affected. As for breaking up the banks, it sounds emotionally good to stick it to wall street, but it doesn't really help anything. Economies of scale would be lesser utilized and it won't really help the stability of the underlying financial system, as a bunch of small banks will crash instead of a few large banks if the economy goes under, just like how Lehman crashed. Here's more info if you're not convinced and even shows how bigger banks actually saved the day:
http://www.politico.com/agenda/story/2015/05/sanders-dont-break-up-the-big-banks-000054
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum You cannot attach files in this forum You can download files in this forum