During MSNBC’s Democratic presidential primary debate on Thursday, February 4, Senator Bernie Sanders shocked many viewers by declaring the business model of Wall Street to be “fraud.”
Sanders said, “Wall Street is an entity of unbelievable economic and political power. That’s fact. I want to say something and it may sound harsh, not to you, but to the American people. In my view, the business model of Wall Street is fraud. It’s fraud. I believe that corruption is rampant and the fact that major bank after major bank has reached multi-billion dollar settlements with the United States government, when we have a weak regulatory system tells me that not only did we have to bail them out once, if we don’t start breaking them up, we’ll have to bail them out again. I do not want to see that happen.”
Bernie Sanders: “The business model of Wall Street is fraud” pic.twitter.com/YAwdtamOJ9
— POLITICO Video (@POLITICOvideo) February 5, 2016
This isn’t the first time Sanders has called out fraud on Wall Street. During an appearance on CNN’s State of the Union in August last year, he suggested Wall Street billionaires “drove us into the worst economic down turn in the modern history of America. And I think they’re at it again.” Read transcript from that show below:
Jake Tapper: You also talk about taking on the billionaire class. And you’ve said to Hillary Clinton you’re not sure whether or not she will take on the billionaire class. Give us some specifics where you think you would, and she might not.
Bernie Sanders: I think that the business model of Wall Street is fraud. And I think these guys drove us into the worst economic down turn in the modern history of America. And I think they’re at it again. I believe when you have so few banks with so much power you have to not only re-establish Glass–Steagall Act but you’ve got to break them up. That is not Hillary Clinton’s position. I believe that our trade policies with NAFTA, CAFTA, PNTR with China have been a disaster. I am helping to lead the effort against the Trans-Pacific Partnership. That is not Hillary Clinton’s position. I believe, along with Pope Francis, and almost all scientists, that climate change is threatening this planet in horrendous ways and that we have to be aggressive in transforming our energy system away from fossil fuel, and defeat, and defeat the Keystone pipeline, that is not Hillary Clinton’s position. I believe that as opposed to my Republican colleagues who want to cut Social Security, I believe we should expand Social Security by lifting the cap on taxable income. That’s not Hillary Clinton’s position. I believe that we’ve got to raise the minimum wage over a period of several years to $15 an hour. Not Hillary Clinton’s position. I voted against the war in Iraq. Hillary Clinton voted for it.
Sanders continues to shape up as the most unapologetic Democratic candidate we’ve seen in a very long time. His next debate appearance against Hillary Clinton will be on Thursday, February 11, 2016 at UW Milwaukee, WI and airing on PBS at 9pm ET.