It is a bleak irony that the very same regulations which would have prevented the need for a bailout at Silicon Valley Bank were lobbied against in Washington by its CEO, Gregory Becker back in 2018.
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The 2008 financial crisis brought the global economy to its knees, resulting in widespread job losses, foreclosures, and significant damage to the banking sector. While many financial institutions were hit hard, one bank in particular stood out for its role in the crisis: Citigroup.
In the years leading up to the crisis, Citigroup had been a strong advocate for deregulation in the banking industry. They fought tirelessly to eliminate restrictions and regulations that they believed were strangling their business and preventing them from achieving their full potential.
However, when the crisis hit and Citigroup found itself in dire straits, they quickly changed their tune. Suddenly, the same bank that had been begging for deregulation was now begging for a bailout.
In the end, Citigroup received a staggering $45 billion in taxpayer-funded bailout money, making it one of the largest recipients of government assistance during the crisis.
Many people were outraged at this turn of events, pointing out the hypocrisy of a bank that had advocated for deregulation and then begged for a bailout when the going got tough.
But the story of Citigroup is not just a cautionary tale about the dangers of deregulation and the need for government oversight in the banking industry. It is also a lesson in the importance of accountability and responsibility.
Citigroup had made a series of risky decisions in the years leading up to the crisis, and those decisions ultimately led to their downfall. But instead of taking responsibility for their actions, they chose to blame the government and the regulatory structures that they themselves had worked so hard to dismantle.
In the end, the lesson of Citigroup is clear: if we are going to have a healthy and stable banking industry, we need to have both regulation and accountability. Without either of these things, we run the risk of repeating the mistakes of the past and sending our economy into a tailspin once again.
As we recover from the 2008 financial crisis and look ahead to the future, we need to remember the lessons of Citigroup and take steps to ensure that our banking industry is strong, stable, and accountable. Only then can we truly build a prosperous and resilient economy that benefits everyone.
Ghost screaming at 0:56
That's just crazy!
We love you Bernie but they don't care that the American people are outraged because the American people don't matter to the oligarchs or most of Congress. We the people have become irrelevant but Vladimir Putin and China's rise has demonstrated that years of neglect and the destruction of the middle class has resulted in a lack of a tax base, because we in America know it is sacrilegious to even think about taxing the rich or Corporate America. My Hope Is that Corporate America in the unpatriotic members in the house and the Senate of both political parties will realize that the wealthy need to start paying their fair share of taxes if we are even thinking about engaging China in a war. I said hope but I firmly believe that not even that will allow them to show a modicum of patriotism for their country. They are so obsessed with greed that they would rather see us go down then give up a penny.
Dear Sir Mr Sanders – do you remember what you said about Finland? Do You? We here Finland are in collapsing state. Leftists destroyed healthcare system. You want a doctor? Take even months before you meet doctor. Your dream-utopia country is now in deep trouble. Even Primeminister Sanna Marin says older peoples healthcare is in terrible state.
Bernie is like my grandpa, angry and right, but nobody listens to him
Congree only cares about MAGA & TRUMP! Love u Bernie ❤
❤❤❤❤❤❤❤❤
He should have mentionned the deregulation done by Trump in 2018, that he explicitely said his friends wanted it because they could not borrow nor invest like they wanted… But still millions of low-class voters support this guy tied to dirty big money business…
God bless Bernie Sanders!
Bernie is the biggest con artist in politics. Only complete fools believe this grifter’s empty words.
I'm so grateful he's in this role where he's getting air time on the regular. He just doesn't stop workin' ❤
Ya ill never understand this: THE ENTIRE point of deregulated capitalism is that it is supposed to stand on its own, and if it doesnt, it MUST be allowed to fail, otherwise the capitalist drive (that the best services rise to the top) is disrupted by injected public funds. Its disgusting. If anyone were to be bailed out during the home crisis, it should have been to bail out the people bankrupted by variable loans.
Lock the crooked bankers up.
If we had free markets with no regulation people would pay much more attention to where they out out cash and these problems wouldn't get so large.
Decades of the most regulations ever and the fraud and malpractice has been off the scale because everyone thinks the regulators have got it covered.
Greed is a disease.
what does " Contagion" mean? i hear it a lot now. Is it like Covid that we can get sick by being exposed to a virus? |And if it is, can it be said that the virus is Capitalism? And if thats what they mean, can the cure to contagion be getting rid of Capitalism?or can we just fix the system of Capitalism to avoid "Contagion" ? Or do we listen to Marx s third volume of Capital where he says that this is what Capitalism would lead to? Nobody mentions the possibility that Contagion may be endemic and beyond a cure other than socializing the means of production? nationalizing the banking system? why isnt anyone discussing Marx s contribution to this issue?
Both these men look very old and worn out. How did they get their jobs again?
Feel the Bern!
It's 2008 again
Go read the text of Dodd Frank and then go read the text of the bill that gutted it, the Financial Choice Act. Dodd Frank uses clear, simplistic language that I think anyone with a high school or even middle school reading level could understand.
The Financial Choice Act on the other hand is so full of jargon, leagalese, and bloated run on sentences that I had to read some of it's passages several times to work out what ANY of it meant.
The question to ask after making this comparison is obvious. Based on the discrepancy in accessibility alone, which of these two bills do you think was meant to help the average person…. and which was meant to ** them without their knowing?
What the US needs to do to start fixing our issues are as follows:
1. Lobbyists are NOT allowed to hand over blank checks to get bills passed.
2. Maximum allowed Per person to donate is $1000k Corporations CANNOT donate to either party – PERIOD.
3. FULL semi annual Ethics training, for presidents as well. Anyone caught doing the most mundane bad thing will be written up, 2nd offense you lose your seat.
4. Since both sides of the Isle prefers corporation laws being passed, then ALL Politicans will have to have bi-yearly reviews. if they don't pass muster, kick them out.
sure making such a thing will never happen and even so either side will try to snake oil the requirements, but would be a good start to get our congress back to work for us instead of this continual acting like middle school children barking about "current social events" that should be left up to state legislature instead. Heck the republicans wanted abortion to be state driven. any social construct idealogs should be done at state level only.
Bail out depositors but FINE the executives and claw back their bonuses!!!
Yeah, bail out lazy students, unemployed people. Send them down to Latin America. Their governments love bailing out the needy and poor. BTW, I thought Bernie was already dead. He's a pebble in America's shoe.
Let them fail. Then learn. Don't take my tax money to bail out these gluttonous pigs. Wanted deregulation? Then deal with it. Yeah. Their life savings….not my tax dollars. Therlir vote. Deal with IT!!!
Pump this up
Play keepaway with your money with banks wanting deregulation of their abuse. Find out who they are and fire them!
Social Democracy is the enemy and is just another type of conservatism. Just look at how AOC and the Squad went against the striking rail workers. These people are not radical, they're not socialists. They are anti-working class, they always have been and they always will be – it's one of the things history shows us. Never trust a politician. Whoever you vote for the government always gets in. Reformism has failed. We need to come together and put our time and energy into building autonomous alternatives from below and truly resist capitalism and the state and practice real solidarity, it's the only way – anything else is a diversion and will get us nowhere. It is the job of the likes of the Democrats and the Labour Party (including the left of those types of parties) and the trade union leaders to funnel discontent from ordinary people into their politics as a pressure release valve and to fire blanket genuine discontent and divert it away from meaningful action and politics. That conservatives and ultra-nationalists are the enemy is easy, it's so obvious. But we need to do much better at seeing who else is the enemy and just want to be in power, and to rule and fool us, managing capitalism at our expense as just another faction of the bourgeoisie.
Bernie is the single reason we have Donald Trump. All the misery that Trump has caused and will cause came from Bernie, he destroyed Hillary Clinton — a sure thing in 2016 — for his own personal greed and ambition. Never Forget!! Think Trump, think Bernie.
US needs to bring back at least parts of the Glass-Steagall Act
Makes you sick
A powerful coincidence is preparing in the US. Expansion, bank breakdown, serious dry season in the horticultural belt, downturn, real estate market decline, bank emergency, food deficiencies, diesel fuel and warming oil deficiencies, child recipe deficiencies, accessible car deficiencies and costs, the cost of residing place. It's all approaching together and it could prompt a genuine calamity towards the finish of this current year (or sooner). With expansion at present at around 6%, my essential concern is the way to expand my reserve funds/retirement asset of about $300k which has been exposed target since perpetually with zero to no increases.
Most of Congress is part of wall street.
Nationalize banks who need a bailout, liquidate their assets and give the proceeds to the people. Simple as that. Oh and fire everyone from the finance sector immediately and let other people oversee it, the financers have made enough $. This is important because we must make it a PERSONAL inconvenience to them at the very least.
This is EXACTLY how Corps work! They DEMAND to have as FEW OR ZERO Regulations from Government….but then DEMAND to NEVER be FORCED to PAY for those Consequences. Let's GIVE them the Free Market Capitalism they DEMAND from the American People and let these Banks COLLAPSE!! Bailout the American People INSTEAD of Banks! Bail out the people who NEED it like Middle & Poor Americans, and NOT these Millionaires & Billionaires! NOT these Banks that DEMAND to create Problems, but then NOT suffer the Consequences!!
I used to think this way, but I don't think I'd go as far as Bernie and call them crooks anymore. Just people making shitty financial decisions and who shouldn't be allowed to own something so critical to the system. If I owned a business and it failed I'd be SOL, but they get to move on like it never happened… If we're going to bail them out time and time again then banks just needs to be nationalized like they did in Iceland.