Bernie Sanders has declared war on the biggest players in Wall Street’s financial sector. He says they are overrun with “greed, fraud, dishonesty and arrogance” and criticizes his top rival for the Democratic nomination, Hillary Clinton, as being naïve about what needs to happen to create a financial system that “works for all Americans.”
On Tuesday, he upped the ante. “To those on Wall Street who may be listening today, let me be very clear,” Sanders said in a midtown Manhattan speech. “Greed is not good. In fact, the greed of Wall Street and corporate America is destroying the fabric of our nation. And here is a New Year’s resolution that I will keep if elected president: If you do not end your greed, we will end it for you.”
Sanders laid out a 10-point program to deeply change the nature of the financial sector, while occasionally digressing to emphasize how much more sweeping his proposals are compared to Clinton's. As always, he started by recounting how the “20 richest people own more wealth than the bottom 150 million Americans”—and said the finance industry has spent “billions” to get Congress and federal agencies to deregulate almost all areas of the financial industry while weakening consumer protection laws.
“They spent this money in order to get the government off their backs and to show the American people what they could do with that new-won freedom,” he said. “They sure showed the American people. In 2008, the greed, recklessness and illegal behavior on Wall Street nearly destroyed the U.S. and global economy. Millions of Americans lost their jobs, their homes and their life savings.” Sanders continued, “While Wall Street received the largest taxpayer bailout in the history of the world with no strings attached, the American middle class continues to disappear, poverty is increasing and the gap between the very rich and everyone else is growing wider and wider.”
Here are the 10 major components to Sanders’ Wall Street reforms.
1. End Too-Big-to-Fail
The underlying logic of this federal policy is that the biggest banks cannot fail and shut down, even if they make terrible investments or wreak great harm to the economy, because the U.S. economy and millions of ordinary people would become financially destitute. Sanders said this “scheme ... is nothing more than a free insurance policy for Wall Street.” Compared to before the crash of 2008, the biggest banks in the country are larger than ever, he said, adding, “if a bank is too big to fail, it is too big to exist.”
“In 2008, the taxpayers of this country bailed out Wall Street because we were told they were ‘too big to fail,’” Sanders said. “Yet, today, three out of the four largest financial institutions [JP Morgan Chase, Bank of America and Wells Fargo] are nearly 80 percent bigger than before we bailed them out. Incredibly, the six largest banks in this country issue more than two-thirds of all credit cards and more than 35 percent of all mortgages. They control more than 95 percent of all financial derivatives and hold more than 40 percent of all bank deposits. Their assets are equivalent to nearly 60 percent of our GDP. Enough is enough!”
Sanders concluded, “A handful of huge financial institutions simply have too much economic and political power over this country. If Teddy Roosevelt, the Republican trust-buster, were alive today, he would say, break ‘em up. And he would be right.”
2. Break Up the Biggest Banks
If elected, Sanders said he would direct the Treasury Department to compile a list of the institutions “whose failure would pose a catastrophic risk to the U.S. economy without a taxpayer bailout.” Using the power of executive authority, he would break up these institutions. “Within one year, my administration will break these institutions up so that they no longer pose a grave threat to the economy as authorized under Section 121 of the Dodd-Frank Act.”
3. Pass a 21st-Century Glass-Steagall Act
This Depression-era law, which was repealed by Congress under President Bill Clinton, prevented commercial banks from investing in risky and arcane financial instruments, such as bundled home loans during the housing market bubble that predated the 2008 financial market collapse.
“Secretary Clinton says that Glass-Steagall would not have prevented the financial crisis because shadow banks like AIG and Lehman Brothers, not big commercial banks, were the real culprits,” Sanders said. “Secretary Clinton is wrong. Shadow banks did gamble recklessly, but where did that money come from? It came from the federally insured bank deposits of big commercial banks—something that would have been banned under the Glass-Steagall Act.”
Moreover, Sanders said his work as a senator revealed that the Federal Reserve and the Treasury Department “provided more than $16 trillion in short-term, low-interest loans to every major financial institution in the country” to stop the global economy from imploding after the 2008 crash. “Secretary Clinton says we just need to impose a few more fees and regulations on the financial industry. I disagree.”
4. End Too-Big-to-Jail
Sanders said that the government needs to run Wall Street, not the other way around, which he said is the reality today. He said that “equal justice under the law” means that banking and finance executives whose reckless gambles damaged people’s lives must face real criminal penalties including prison.
“The average American sees kids being arrested and sometimes even jailed for possessing marijuana or other minor crimes,” Sanders said. “But when it comes to Wall Street executives, some of the wealthiest and most powerful people in this country, whose illegal behavior caused pain and suffering for millions—somehow, nothing happens to them. No police record. No jail time. No justice.”
He noted that “not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy" and that "will change under my administration.”
5. Criminalize Wall Street’s Business Model
One of Sanders' most incisive comments concerned Wall Street’s ways of doing business, which he said are based on intentionally ripping off average Americans and engaging in all kinds of unethical and illegal behaviors. He said the government must do more to penalize companies that routinely rip off the public and richly reward the executives overseeing that process.
“The reality is that fraud is the business model on Wall Street,” Sanders said. “It is not the exception to the rule. It is the rule. And in a weak regulatory climate the likelihood is that Wall Street gets away with a lot more illegal behavior than we know of. How many times have we heard the myth that what Wall Street did may have been wrong but it wasn’t illegal? Let me help shatter that myth today.”
Sanders read from a dozen business page headlines to underscore that the banks most Americans use have been fined $204 billion since 2009 for malfeasance. “And that takes place in a weak regulatory climate,” he said. “And, when I say that the business model of Wall Street is fraud, that is not just Bernie Sanders talking. That is what financial executives told the University of Notre Dame in a study on the ethics of the financial services industry last year.”
He continued, “According to this study, 51 percent of Wall Street executives making more than $500,000 a year found it likely that their competitors have engaged in unethical or illegal activity in order to gain an edge in the market. More than one-third of financial executives have either witnessed or have firsthand knowledge of wrongdoing in the workplace. Nearly one in five financial service professionals believe they must engage in illegal or unethical activity to be successful.”
Sanders said he would appoint regulators who are not afraid to tackle this caldron of corruption. “I will nominate and appoint people with a track record of standing up to power, rather than those who have made millions defending Wall Street CEOs. Goldman Sachs and other Wall Street banks will not be represented in my administration.”
6. Tax the Casino Culture
Sanders said one of the keys of reforming Wall Street was ending its culture of financial speculation. He said he would do that by imposing a transaction tax aimed at high-speed, high-volume traders who are not investing “in the job-creating economy.” Those funds would then be used for cutting the cost of higher education.
“We will use the revenue from this tax to make public colleges and universities tuition-free. During the financial crisis, the middle class of this country bailed out Wall Street. Now, it’s Wall Street’s turn to help the middle class.”
7. Reform the Financial Rating Agencies
This is the industry that not only rates people on their personal financial credit but also rates investments—and before the 2008 crash falsely labeled as credible many of the risky investments that failed. These firms are like foxes guarding the hen house, Sanders said and cannot base their profits on getting paid by the companies whose products they are rating. “We will turn for-profit credit rating agencies into non-profit institutions, independent from Wall Street. No longer will Wall Street be able to pick and choose which credit agency will rate their products.”
8. Cap Credit Card Interest and ATM Fees
Banks and credit card companies must be stopped “from ripping off the American people by charging sky-high interest rates and outrageous fees,” Sanders said. “It is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM. It is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent.”
“The Bible has a term for this practice. It’s called usury,” Sanders said. “And in The Divine Comedy, Dante reserved a special place in the Seventh Circle of Hell for those who charged people usurious interest rates. Today, we don’t need the hellfire and the pitch forks, we don’t need the rivers of boiling blood, but we do need a national usury law.”
Interest rates should be capped at no more than 15 percent for borrowed money, he said, pointing to a now-repealed 1980 law with that threshold. He also said ATM fees should be capped at $2. “People should not have to pay a 10 percent fee for withdrawing $40 of their own money out of an ATM. Big banks need to stop acting like loan sharks and start acting like responsible lenders.”
9. Let the USPS Offer Banking
The post office’s money order service could be greatly expanded “to give Americans affordable banking options,” Sanders said. “The reality is that, unbelievably, millions of low-income Americans live in communities where there are no normal banking services.”
“Today, if you live in a low-income community and you need to cash a check or get a loan to pay for a car repair or a medical emergency, where do you go?” he asked. “You go to a payday lender who could charge an interest rate of more than 300 percent and trap you into a vicious cycle of debt. That is unacceptable.”
10. Reform the Federal Reserve
Sanders said this arcame institution that regulates the flow of the U.S. currency and interest rates charges to banks must be reformed so that its primary purpose is serving the public, not private bankers. “When Wall Street was on the verge of collapse, the Federal Reserve acted with a fierce sense of urgency to save the financial system,” he said. “We need the Fed to act with the same boldness to combat unemployment and low wages.”
“It is unacceptable that the Federal Reserve has been hijacked by the very bankers it is in charge of regulating,” Sanders said. “I think the American people would be shocked to learn that Jamie Dimon, the CEO of JPMorgan Chase, served on the board of the New York Fed at the same time that his bank received a $391 billion bailout from the Federal Reserve. That is a clear conflict of interest that I would ban as president. When I am elected, the foxes will no longer be guarding the henhouse at the Fed.”
Just the Beginning
As striking as Sanders’ reforms sound, he said they were unlikely to be sufficient to ensure that American capitalist excesses do not harm the country again.
“No president, not Bernie Sanders or anyone else, can effectively address the economic crises facing the working families of this country alone,” he said. “The truth is that Wall Street, corporate America, the corporate media and wealthy campaign donors are just too powerful.”
But Sanders said that new rules of the financial game could be written and that government could force Wall Street to follow them.
“Yes, we can make our economy work for all Americans,” he said. “And so my message to you today is straightforward: If elected president, I will rein in Wall Street so they can’t crash our economy again. Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.”
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A Cute But Threatened Species<p><a href="https://www.worldwildlife.org/stories/what-is-a-pangolin" target="_blank">Pangolins</a> are the only mammals wholly-covered in scales, which they use to protect themselves from predators. They can also curl up into a tight ball.</p><p>They eat mainly ants, termites and larvae which they pick up with their sticky tongue. They can grow up to 1m in length from nose to tail and are sometimes referred to as scaly anteaters.</p><p>But <a href="https://www.sciencedirect.com/science/article/pii/B9780128155073000332" title="Chapter 33 - Conservation strategies and priority actions for pangolins" target="_blank">all eight</a> pangolin species are classified as "<a href="https://www.pangolins.org/tag/endangered-species/" target="_blank">threatened</a>" under International Union for Conservation of Nature <a href="https://www.iucnredlist.org/search?query=pangolin&searchType=species" target="_blank">criteria</a>.</p><p>There is an unprecedented demand for their scales, primarily from countries in Asia and <a href="https://conbio.onlinelibrary.wiley.com/doi/10.1111/conl.12389" title="Assessing Africa‐Wide Pangolin Exploitation by Scaling Local Data" target="_blank">Africa</a> where they are used in food, cultural remedies and <a href="https://www.nature.com/articles/141072b0" title="Chinese Medicine and the Pangolin" target="_blank">medicine</a>.</p><p>Between 2017 and 2019, seizures of pangolin scales <a href="https://www.nationalgeographic.com/animals/2020/02/pangolin-scale-trade-shipments-growing/" target="_blank">tripled in volume</a>. In 2019 alone, 97 tons of pangolin scales, equivalent to about 150,000 animals, were <a href="https://oxpeckers.org/2020/03/nigeria-steps-up-for-pangolins/" target="_blank">reportedly</a> intercepted leaving Africa.</p>
Reintroduction of an Extinct Species<p>Each year in South Africa the African Pangolin Working Group (<a href="https://africanpangolin.org/" target="_blank">APWG</a>) retrieves between 20 and 40 pangolins through intelligence operations with security forces.</p><p>These pangolins are often-traumatised and injured and are admitted to the <a href="http://www.johannesburgwildlifevet.com/our-hospital" target="_blank">Johannesburg Wildlife Veterinary Hospital</a> for extensive medical treatment and rehabilitation before they can be considered for release.</p><p>In 2019, seven rescued Temminck's pangolins were reintroduced into South Africa's <a href="https://www.andbeyond.com/destinations/africa/south-africa/kwazulu-natal/phinda-private-game-reserve/" target="_blank">Phinda Private Game Reserve</a> in the KwaZulu Natal Province.</p><p>Nine months on, five have survived. This reintroduction is a world first for a region that last saw a viable population of this species in the 1980s.</p><p>During the release, every individual pangolin followed a strict regime. They needed to become familiar with their new surroundings and be able to forage efficiently.</p>
A ‘Soft Release’ in to the Wild<p>The process on Phinda game reserve involved a more gentle ease into re-wilding a population in a region that had not seen pangolins for many decades.</p><p>The soft release had two phases:</p><ol><li>a pre-release observational period</li><li>an intensive monitoring period post release employing GPS satellite as well as VHF tracking tags.</li></ol>
Why Pangolin Reintroduction is Important<p>We know so little about this group of mammals that are vastly understudied and hold many secrets yet to be discovered by science but are on the verge of collapse.</p><p>The South African and Phinda story is one of hope for the Temminck's pangolin where they once again roam the savanna hills and plains of Zululand.</p><p>The process of relocating these trade animals back into the wild has taken many turns, failures and tribulations but, the recipe of the "soft release" is working.</p>
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Why You Should Wash Fresh Produce<p>Global pandemic or not, properly washing fresh fruits and vegetables is a good habit to practice to minimize the ingestion of potentially harmful residues and germs.</p><p>Fresh produce is handled by numerous people before you purchase it from the grocery store or the farmers market. It's best to assume that not every hand that has touched fresh produce has been clean.</p><p>With all of the people constantly bustling through these environments, it's also safe to assume that much of the <a href="https://www.healthline.com/nutrition/fresh-vs-frozen-fruit-and-vegetables" target="_blank">fresh produce</a> you purchase has been coughed on, sneezed on, and breathed on as well.</p><p>Adequately washing fresh fruits and vegetables before you eat them can significantly reduce residues that may be left on them during their journey to your kitchen.</p><p><strong>Summary</strong></p><p><strong></strong>Washing fresh fruits and vegetables is a proven way to remove germs and unwanted residues from their surfaces before eating them.</p>
Best Produce Cleaning Methods<p>While rinsing fresh produce with water has long been the traditional method of preparing fruits and veggies before consumption, the current pandemic has many people wondering whether that's enough to really clean them.</p><p>Some people have advocated the use of soap, <a href="https://www.healthline.com/nutrition/white-vinegar" target="_blank">vinegar</a>, lemon juice, or even commercial cleaners like bleach as an added measure.</p><p>However, health and food safety experts, including the Food and Drug Administration (FDA) and Centers for Disease Control (CDC), strongly urge consumers not to take this advice and stick with plain water.</p><p>Using such substances may pose further health dangers, and they're unnecessary to remove the most harmful residues from produce. <a href="https://www.healthline.com/health/chlorine-poisoning" target="_blank">Ingesting commercial cleaning chemicals</a> like bleach can be lethal and should never be used to clean food.</p><p>Furthermore, substances like lemon juice, vinegar, and produce washes have not been shown to be any more effective at cleaning produce than plain water — and may even leave additional deposits on food.</p><p>While some research has suggested that using neutral electrolyzed water or a baking soda bath can be even more effective at removing certain substances, the consensus continues to be that cool tap water is sufficient in most cases.</p><p><strong>Summary</strong></p><p><strong></strong>The best way to wash fresh produce before eating it is with cool water. Using other substances is largely unnecessary. Plus they're often not as effective as water and gentle friction. Commercial cleaners should never be used on food.</p>
How to Wash Fruits and Vegetables With Water<p>Washing fresh fruits and vegetables in cool water before eating them is a good practice when it comes to health hygiene and food safety.</p><p>Note that fresh produce should not be washed until right before you're ready to eat it. Washing fruits and vegetables before storing them may create an environment in which bacterial growth is more likely.</p><p>Before you begin washing fresh produce, <a href="https://www.healthline.com/health/how-long-should-you-wash-your-hands" target="_blank">wash your hands well</a> with soap and water. Be sure that any utensils, sinks, and surfaces you're using to prepare your produce are also thoroughly cleaned first.</p><p>Begin by cutting away any bruised or visibly rotten areas of fresh produce. If you're handling a fruit or vegetable that'll be peeled, such as an orange, wash it before peeling it to prevent any surface bacteria from entering the flesh.</p><p>The general methods to wash produce are as follows:</p><ul><li><strong>Firm produce.</strong> Fruits with firmer skins like apples, lemons, and pears, as well as <a href="https://www.healthline.com/nutrition/root-vegetables" target="_blank">root vegetables</a> like potatoes, carrots, and turnips, can benefit from being brushed with a clean, soft bristle to better remove residues from their pores.</li><li><strong>Leafy greens.</strong> Spinach, lettuce, Swiss chard, leeks, and cruciferous vegetables like Brussels sprouts and bok choy should have their outermost layer removed, then be submerged in a bowl of cool water, swished, drained, and rinsed with fresh water.</li><li><strong>Delicate produce.</strong> Berries, mushrooms, and other types of produce that are more likely to fall apart can be cleaned with a steady stream of water and gentle friction using your fingers to remove grit.</li></ul><p>Once you have thoroughly rinsed your produce, dry it using a clean paper or cloth towel. More fragile produce can be laid out on the towel and gently patted or rolled around to dry them without damaging them.</p><p>Before consuming your fruits and veggies, follow the simple steps above to minimize the amount of germs and substances that may be on them.</p><p><strong>Summary</strong></p><p><strong></strong>Most fresh fruits and veggies can gently be scrubbed under cold running water (using a clean soft brush for those with firmer skins) and then dried. It can help to soak, drain, and rinse produce that has more dirt-trapping layers.</p>
The Bottom Line<p>Practicing good food hygiene is an important health habit. Washing fresh produce helps minimize surface germs and residues that could make you sick.</p><p>Recent fears during the <a href="https://www.healthline.com/coronavirus" target="_blank">COVID-19 pandemic</a> have caused many people to wonder whether more aggressive washing methods, such as using soap or commercial cleaners on fresh produce, are better.</p><p>Health professionals agree that this isn't recommended or necessary — and could even be dangerous. Most fruits and vegetables can be sufficiently cleaned with cool water and light friction right before eating them.</p><p>Produce that has more layers and surface area can be more thoroughly washed by swishing it in a bowl of cool water to remove dirt particles.</p><p>Fresh fruits and vegetables offer a number of healthy nutrients and should continue to be eaten, as long as safe cleaning methods are practiced.</p>
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From the mythical minotaur to the mule, creatures created from merging two or more distinct organisms – hybrids – have played defining roles in human history and culture. However, not all hybrids are as fantastic as the minotaur or as dependable as the mule; in fact, some of them cause human diseases.
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