Bernie Sanders has no strategy for his war on big banks
Wednesday, Bernie Sanders had lunch at the Chieftain, a cozy pub near The Chronicle that in days gone by served as a lunch spot for parched journalists.
A man who hailed Sanders as “my hero” asked the Democratic presidential hopeful to pose for a photo.
No jacket, no tie, two pens in his shirt pocket, Sanders took his time heading toward the motorcade.
[...] how often do San Franciscans have a chance to see one of the three top remaining candidates in a presidential race mingling with strangers?
Supporters didn’t have to pay $250 to $27,000 for a ticket that would put them in a banquet hall with front-running Democratic presidential candidate Hillary Clinton.
“How you go about doing it is having legislation passed, or giving the authority to the secretary of treasury to determine, under Dodd-Frank, that these banks are a danger to the economy over the problem of too-big-to-fail,” he answered.
Probed further, Sanders said he didn’t know if the Federal Reserve had the authority to break up the banks, but he thought the administration “can have” that power.
The Washington Post’s Chris Cillizza described the meeting as “a disaster,” with the paper’s editorial board “pressing Sanders for specifics and asking him to evaluate the consequences of his proposals, and Sanders, largely, dodging as he sought to scramble back to his talking points.”
[...] according to Fortune magazine, that provision gives that authority to a large board on which the treasury secretary sits.
[...] Sanders had no real plan to work with Congress to push through the legislation to advance his revolutionary goals.
[...] that should not be necessary.