What I Believe: the Financial Sector

Illinoisans aren’t dumb.  We know a rigged game when we see it.

Our biggest banks spent 10 years or more lying to people about their mortgages.  They lied to people about how much house they could afford, and they lied to people about what the mortgages would ultimately cost.  Then they took tens of thousands of mortgages, renamed them, and sold them to one another as investment opportunities.

Here at home, Governor Rauner wants ordinary Illinoisans to give up the retirement income that we’ve fought and worked for our whole lives, because of “unfunded pension liabilities.”  Our pensions would be in much better shape if he and his friends hadn’t spent the last 15 years ripping them off.

That’s why I believe we need to reinstate, reinforce, and expand the wall beteween retail and commercial banking.  We can’t let big investors play dice with our retirement savings.

We also need to start enforcing the liquidity requirements for our largest banks that were developed in 2008.  It’s been 8 years, and we still have not taken concrete steps to make sure no bank or other financial institution is “too big to fail.”