ipl-logo

Gregory Krieg's Argument Against Wall Street

2179 Words9 Pages

Semester-Long Project
Wall Street is an issue that divides many Americans. There are those who feel that it is a system that leads to helping the rich become even richer while making the poor even poorer. The opposing side feels like the current system creates an atmosphere of job growth that will help the entire country. Even though those who are against Wall Street and those who are for Wall Street disagree on many issues, they can both agree that they both want to do something that will lead to a strong economic future for America.
One reason we need to increase regulations is due to the fact that Wall Street caused the financial crisis of 2008. Gregory Krieg in his article “11 Powerful Quotes From Bernie Sanders Showing He Is A Progressive Icon” lists a quote from Bernie Sanders, a senator from Vermont, where he said that the recession was not caused by common citizens such as firefighters or police officers, but rather by recklessness and illegal behavior by those who work on Wall Street (Krieg). Senator Sanders has long been an advocate against corrupt Wall Street behavior and the crisis of 2008 made his argument that Wall Street needs to be controlled even stronger. In another speech, he took on the argument that the banks were too big …show more content…

Barack Obama, the current president of the United States, stated ,in a speech during the 2008 election, that we need regulations so that we can help those on Main Street and Wall Street reach their full potential (“Obama: Help Main Street as well as Wall Street”). He wants to help both parties involved and wants a solution that protects Americans. Paul Krugman also talks about how regulations in the 1930s created financial stability for over fifty years (Krugman). Financial stability is key for job growth. Wall Street with government regulation might not be perfect, but it is the best solution for the

Show More
Related

  • Similarities Between Black Tuesday And Franklin D Hoover

    200 Words  | 1 Pages

    As America’s economic surge was reaching its peak in the 1920s an impending downfall came about. The financial “bubble” popped and on October 29, 1929 the ever so strong stock market crashed, known now as “Black Tuesday”. This created a domino effect that toppled over many other strongly depended on economic infrastructures resulting in the largest national financial crisis ever. At the time, Republican President Hoover implemented his “laissez faire” governing policies which did some good work but not near good enough to bring the country out of this hole. On the other hand, Democratic President Franklin D. Roosevelt insisted on a more “hands on” approach from the governing body, he claimed that this was a federal dilemma and that federal

    Read More

  • Dbq Great Depression

    590 Words  | 3 Pages

    A market free of government regulations, means that the government cannot interfere with the way the market performs. This led to an increase in poorly planned economic investments, which encouraged people to start investing large amounts of money in real estate, and stock market purchase during the 1920s. Corporations were generating huge amounts of profits on stock purchase, because people did not care about the risks and the increase in prices. Even though interest rate stared increasing, which increased the risk on loans borrowed from the bank, investors only cared about purchasing more stock with borrowed money to generate higher returns on their

    Read More

  • Robber Barons In The Gilded Age

    203 Words  | 1 Pages

    The charge about the old days of the American economy—the nineteenth century, the “Gilded Age,” the era of the “robber barons”—was that it was always beset by a cycle of boom and bust. Whatever nice runs of expansion and opportunity that did come, they always seemed to be coupled with a pretty cataclysmic depression right around the corner. Boom and bust, boom and bust—this was the necessary pattern of the American economy in its primitive state. In the US, in the modern era, all this was smoothed out.

    Read More

  • Franklin D Roosevelt Dbq

    985 Words  | 4 Pages

    The Banking Act of 1935 regulated the nation's interest rates on loans and money supply by creating a seven member board (Danzer et al. 675).(Ask about same source different page citing) Franklin Roosevelt also helped stabilize the banks by restoring the people's hope in them. Roosevelt once broadcasted that “Hoarding was now out of style.” (??)

    Read More

  • Compare And Contrast The Economy And The Gilded Age

    968 Words  | 4 Pages

    Four hundred American billionaires own two trillion dollars, as much as the one hundred and fifty million Americans on the very bottom. The top one percent of the richest American own one fifth of the nation’s total income. Similar to the Gilded Age, people who do business and live in urban centers earn much more money than who do not. The unprecedented technological innovation cause the production easier and faster, which renders the employers benefits. Also, the economy gives huge advantage to those who control lots of money, causing the economic disparity even deeper and promoting the appearance of the “Robber Barons,” unscrupulous businessmen who achieve monopolies in their

    Read More

  • Hoover's Rugged Individualism

    134 Words  | 1 Pages

    Hoover’s run of ‘laissev-faire’ influenced the country politically for a good decade, through the introduction of the New Deal. Without the failure of Rugged individualism and the dire consequences of the Wall street crash, the

    Read More

  • Dodd Frank Essay

    1826 Words  | 8 Pages

    Introduction: The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was signed into law by President Obama in 2010 in response to the financial crisis of 2008. The act aimed to regulate the financial industry and prevent a future economic collapse. It proposed the creation of new regulatory agencies, increased transparency and accountability for financial institutions, and consumer protection. However, since its passage, Dodd-Frank has been controversial, with critics arguing that it is too complex and burdensome for the financial industry.

    Read More

  • New Deal Dbq

    657 Words  | 3 Pages

    President Franklin D. Roosevelt’s New Deal legislation restored the public’s confidence in the federal government through acts that protected and promoted the general welfare of American. The new direction abandoned the previous administration's laissez-fair style Roosevelt took immediate action after his inauguration signing the Banking Act of 1933. In the wake of the 1929 Stock Market Crash, the Banking Act, aliened with his first goal was to repair the people’s trust in the nation's financial system. Roosevelt described the law passed by Congress as having, “authority to develop a program of rehabilitation of our banking facilities.” The new regulations hinder the reopening of banks based on assessments that ensured only healthy banks would

    Read More

  • Urbanization During The Progressive Era

    1863 Words  | 8 Pages

    After the stock market had crashed and backs had failed people feared putting their trust and money in banks. “FDR went on national radio to deliver the first of his many “fireside chats,”” (Oakes 828). After reopening banks, FDR convinced people that their money would be safe in a reopened bank through his fireside

    Read More

  • Milton Friedman's Neoliberalism Analysis

    1215 Words  | 5 Pages

    Along the same line of thinking for protecting the freedoms of the people, the government creates and enforces the law of the market but should not directly participate in the game (Friedman, 1975). Intervention as a discrepancy from Friedman’s theory is understood as the Federal Reserve keeping interest rates low prior to the crisis. This will be discussed later in the

    Read More

  • Henry Paulson Great Depression Summary

    438 Words  | 2 Pages

    The biggest enemy to the end of the financial crisis and the beginning of an economic recovery is Treasury Secretary Henry Paulson himself. Lets forget for a minute that the decision by Paulson and Bernanke to let Lehman Brothers fail was the precipitating event leading to credit markets freezing up and the first round of financial panic. Since then, the two have been working diligently to correct this collosal mistake. But separating actions from words, we see that words are in fact much more potent. Since the end of September, every time Henry Paulson has opened his month, the Dow has dropped on average 196 points.

    Read More

  • How Did The New Deal Influence American Freedom

    541 Words  | 3 Pages

    As a demonstration, Hoover explains that “Freedom does not die from frontal attack, It dies because men in power no longer believe in the system based upon liberty…” to explain how the New Deal was manipulating the country, leaving the citizens with no other option but to follow the rules. Indeed, what Roosevelt was trying to do was to create monopolies and to fix prices with his program to control the economy. Demonstrating how freedom was not a high priority presented in the New Deal. In conclusion, Roosevelt took an excessive amount of authority while on his presidency to eliminate the depression.

    Read More

  • Differences Between Ohio Constitution And Us Constitution

    1069 Words  | 5 Pages

    To conduct the nation’s monetary policy is to “promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;” (Board). The Federal Reserve promotes the stability of the financial system. Promoting the stability of the financial system is to seek to “minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;” (Board). The Federal Reserve promotes the safety and soundness of individual financial institutions, “and monitors their impact on the financial system as a whole;” (Board). The Federal Reserve “fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments;” and “promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of

    Read More

  • The Free Market Is Impossible Summary

    898 Words  | 4 Pages

    The second case – controlling the market – is where the contrast between small firms and big business contrasts is most evident. The small firm lacks the capacity to influence prices, as both their market share and purchasing power are limited; however, big business possesses an abundance of both. Big business is able to exert their power by influencing prices because their decision to buy can be the difference between survival and failure for suppliers. Furthermore, Galbraith (1967, 30) suggests that the influence of size enables firms not only to control price but also quantity sold. Although Galbraith acknowledges that influence on demand is inexact; One should not discount its importance.

    Read More

  • Lehman Brothers: Financial Fraud In 2008

    2178 Words  | 9 Pages

    The only good thing to come out of Lehman’s collapse was that the US regulators had to tighten up regulations and limit the chance of such a crisis happening again. This will bring back investors confidence in Wall Street and keep the economic wheel turning.

    Read More

More about Gregory Krieg's Argument Against Wall Street

Open Document