Paul Krugman: Bernie Sanders needs to disassociate himself from fantasy economics right now

[iwannaknow]

9. 170 Economists Endorse Sanders's Plan (incl. Robert Reich)

http://www.politicususa.com/2016/01/14/170-economists-bernie-sanders-plan-reform-wall-st-rein-greed.html

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170 of the nation’s top economists have released a letter endorsing Democratic presidential candidate Bernie Sanders’s plan to reform Wall Street.

A letter signed by 170 economists including former Labor Secretary Robert Reich, University of Texas Professor James K. Galbraith, Dean Baker, co-director of the Center for Economic and Policy Research in Washington, DC., Brad Miller, former U.S. Congressman from North Carolina, and William K. Black, University of Missouri-Kansas City endorsed the Sanders plan to reform Wall Street.

The economists wrote:

In our view, Sanders’ plan for comprehensive financial reform is critical for avoiding another ‘too-big-to-fail’ financial crisis. The Senator is correct that the biggest banks must be broken up and that a new 21st Century Glass-Steagall Act, separating investment from commercial banking, must be enacted.

Wall Street’s largest banks are now far bigger than they were before the crisis, and they still have every incentive to take excessive risks. No major Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash, and fines imposed on the banks have been only a fraction of the banks’ potential gains. In addition, the banks and their lobbyists have succeeded in watering down the Dodd-Frank reform legislation, and the financial institutions that pose the greatest risk to our economy have still not devised sufficient “living wills” for winding down their operations in the event of another crisis.
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