Elizabeth Warren Speaks Out Against Wall Street: Too Big Too Fail Is Even Bigger?By: Tobias Roth - November 12, 2013
The view that initially got Elizabeth Warren elected to the Senate, her strict criticism of Wall Street, has surfaced again in a critical speech. Throughout her political career, she has continued to challenge the big banks, and has been viewed as a hero of the people from the work that she has done.
Once again, Senator Warren slammed financial regulators saying that their complacency has allowed those banks that are “too big too fail” to continue to flourish, five years after they sent the economy in a downward spiral.
Warren talked at the event organized by the Roosevelt Institute and Americans For Financial Reform about how the Too Big Too Fail problem has gotten worse, something that most people probably do not realize. She points out that the four biggest banks today are 30% larger than they were five years ago.
Today, Elizabeth Warren gave an important speech in support of the 21st Century Glass-Steagall Act, which was put into action by herself, along with John McCain, Maria Cantwell, and Angus King. The law, which was repealed under Bill Clinton, banned deposit-taking banks from engaging in risky financial activities. Warren is a Senator from Massachusetts, and was elected in the 2012 election, continuing her quest to defeat the big banks.
Here is a clip from a speech that she gave earlier this year.
Many people are hoping that Warren will run for president in 2016, and who can blame them when hearing her saying things like “What we need is a system that puts an end to the boom and bust cycle. A system that recognizes we don’t grow this country from the financial sector; we grow this country from the middle class.”
In her speech, she also talked about how even though Dodd-Frank was passed, there is little that has been done to alter the Too Big Too Fail status of many of our financial institutions. Elizabeth Warren further urged regulation agencies to set a timeline, in order to address the problem of bank concentration.
As CNN Money mentions, her case for a presidency is looking even more likely, and with inequality and the sluggish economy looking to remain a problem in the years to come, Warren’s progressive credentials could urge frustrated Democrats to turn to her as the best option, over presidential hopeful Hilary Clinton.
The idea of Too Big Too Fail banks proved to not exactly work the way that they were supposed to, and as a result, the economy tanked. Elizabeth Warren, the possible presidential candidate, wants to make a significant change in the way that things are done on Wall Street, and this is something that much of the American public can certainly support her in.
Image via Facebook