by Sean Illing, Salon.com, 2/4/16
Sanders has a rare credibility in politics when it comes to Wall Street — and finance industry bigwigs are nervous
Contempt for the vultures on Wall Street is one of the few things most Americans share. In the last few decades, neither party has done anything to curb the corruption and greed of the financial industry. Indeed, it was a Democrat, Bill Clinton, who did as much as anyone to deregulate the very banks that later wrecked the economy and plundered the public coffers. Although his mythology remains firmly in tact, Ronald Reagan is equally responsible for what happened in 2008.
Part of the reason Bernie Sanders has touched a nerve is that he’s the only candidate running for president who’s credible on this issue. Wall Street prefers a Republican, but they can live with a Democrat. In almost every election, bankers give millions to both sides, hedging their bets if you like. Hence they win no matter what happens.
But Sanders hasn’t taken a dime from Wall Street, unlike President Obama and Hillary Clinton and every other major party candidate. And it’s impossible to overstate the significance of that. It doesn’t mean a Sanders presidency would put an end to financial corruption – that’s naive. But it does give Sanders a rare credibility; against the backdrop of a recession and massive wealth inequalities, that’s a big deal.
Wall Street knows Sanders is a problem, too.
In an interview with CNBC yesterday, the CEO of Goldman Sachs, Lloyd Blankfein, was asked about Sanders and the current presidential campaign. His response was revealing….
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