Bernie Versus the Banks
Recent criticisms of Bernie Sanders's plan to break up the banks don't hold water.
Bernie Sanders gave some fairly normal answers about financial reform when he met with the New York Daily News editorial board last week.
But you wouldn’t know it from the media coverage. Caitlin Cruz at TPM argues that Sanders “struggle[d] to explain how he would break up the banks,” a charge echoed by Tina Nguyen at Vanity Fair (Sanders “admits he isn’t sure how to break up the big banks”). David Graham writes that Sanders’s responses on high finance were “tentative, unprepared, or unaware.” And Chris Cillizza says the senator’s performance was “pretty close to a disaster.”
This is not correct. Sanders has a clear approach to breaking up the banks, and he noted it. Busting up the banks doesn’t require, or even benefit from, a specific account of how affected financial institutions would end up.