Dodd-Frank: Presidential Debate



Obama: We need regulation! (Although, again let’s remember, only rhetorically!)

Stein: Dodd-Frank is the response of Congress to the Wall Street crash of 2007 and 2008 but it was inadequate. Banks are still “too big to fail, too big to jail.” Obama is saying, “Don’t worry, we aren’t going to arrest you.” We aren’t seeing the white house or Congress deal with this mess of deregulation by the Clinton Administration and Larry Summers who rolled-back the Glass Steagall Act that would have protected us from a crisis like this. Obama then brought in the same people who gave us this crisis in the first place, including Larry Summers, Timothy Geithner as Secretary of Treasury. The same people who caused these issues are now, by Obama’s appointments, the ones who are supposed to be in charge of monitoring it.

Anderson: Romney calls Dodd-Frank TOO much regulation but the fact is that it is COMPLETELY watered down. You have to break up the banks that are too large to fail. They shouldn’t be allowed to engage in these risky bets that were allowed because of this deregulation. We need to bring back Glass Steagall to avoid these problems. Finally, we NEED to prosecute these people and these organizations that have hurt millions of people with their risky bets. Obama has received so much money from Wall Street, more than any other administration, so we cannot expect any real action to be taken against the people who caused these issues.

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