by William White | July 19, 2013 2:24 pm
Sen. Elizabeth Warren made an appearance on CNBC this week where she put a verbal smack-down on news anchor, Brian Sullivan.
Brian Sullivan claimed that no law can prevent major bank busts.
“No that is just wrong,” Warren replied.
Warren then went on to prove her point by citing that the Glass-Steagall Act protected America from major bank bust for a 50 year period. She cites parts of the act that were removed over time, and how it weakened the act so that it could no longer be able to protect the financial regularity of America, reports Opposing Views.
“We kept the system steady and secure and it was only as we started deregulating,” that bank failure become a real risk, Warren said. “You are not going to defend the proposition that regulation can never work, it did work.”
A clip of the exchange was posted on YouTube by Warren, and received over 700,000 views in a matter of days. CNBC removed the video from Warren’s YouTube account.
Warren introduced the “21st Century Glass-Steagall Act” last week, which is already being back by Sen. John McCain, Republican of Arizona.
The opinions contained in this column are solely those of the writer.
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