The Democratic presidential candidates second debate was hosted by CBS and held at Drake University in Iowa on November 14, 2015. Here is an excerpt (http://www.cbsnews.com/news/democratic-debate-transcript-clinton-sanders-omalley-in-iowa/; obtained on 11-16-2015):
Good evening again as we begin the second half of the debate. And joining me in the questioning are– candidates, our CBS News congressional correspondent Nancy Cordes, Kevin Cooney of CBS Good Morning affiliate KCCI and Kathie Obradovich of the Des Moines Register. As those who watched the first hour now our topic is Wall Street for those just joining us, welcome. Senator– excuse me, Secretary Clinton this time, went to the past there for a moment, Senator Sanders recently said quote, ‘People should be suspect of candidates who receive large sums of money from Wall Street and then go out and say, “Trust me, I’m going to reregulate Wall Street.’ So you’ve received millions of dollars in contributions and speaking fees from Wall Street companies. How do you convince voters that you’re gonna level the playing field when you’re indebted to some of the biggest players?
Well, I– I think it’s pretty clear that they know that I will. You’ve got two billionaire hedge fund managers who’ve started a super PAC. And they’re advertising against the (UNINTEL) as we speak. So they clearly think I’m going to do what I say I will do. And you you can look at what I did in the senate. I did introduce legislation to reign in– compensation. I looked at ways that the shareholders would have more control over what was going on in that arena and specifically said to Wall Street that– what they were doing in the mortgage was bringing our country down.
I’ve laid out a very aggressive– plan to reign in Wall Street not just the big banks. That’s a part of the problem. And I am going right at them. I’ve got a comprehensive, tough plan. But I went further than that. We have to go after what’s called the shadow banking industry, those hedge funds. Look at what happened in ’08, AIG a big insurance company, Lehman Brothers, an investment bank helped to bring our economy down. So I wanna look at the whole problem. And that’s why my proposal is much more comprehensive than anything else that’s been put forth.
Senator Sanders, you’ve– you’ve said that the donations to Secretary Clinton are compromising. So what did you think of her answer?
Not good enough. (LAUGH) Here’s the story. I mean, you know, let’s not be naive about it. Why do– why over her political career has Wall Street a major– the major– campaign contributor to Hillary Clinton? You know, maybe they’re dumb and they don’t know what they’re gonna get. But I don’t think so.
Here is the major issue when we talk about Wall Street, it ain’t complicated. You got six financial institutions today that have assets of 56 per– equivalent to 50– six percent of the GDP in America. They issue two thirds of the credit cards and one third of the mortgages. If Teddy Roosevelt, the good republican, were alive today you know what he’d say? “Break them up. Reestablish (APPLAUSE) (UNINTEL) like Teddy Roosevelt (UNINTEL) that is leadership. So I am the only candidate up here that doesn’t have a super PAC. I’m not asking Wall Street or the billionaires for money. I will break up these banks, support community banks and credit unions– credit unions. That’s the future of banking in America.
Quick follow-up because you– you– (APPLAUSE) Secretary Clinton, you’ll get a chance to respond. You said they know what they’re going to get. What are they gonna get?
I have never heard a candidate, never, who’s received huge amounts of money from oil, from coal, from Wall Street, from the military industrial complex, not one candidate, go, “OH, these– these campaign contributions will not influence me. I’m gonna be independent.” Now, why do they make millions of dollars of campaign contributions? They expect to get something. Everybody knows that. Once again, I am running a campaign differently than any other candidate. We are relying on small campaign donors, $750,000 and $30 apiece. That’s who I’m indebted to.
Well, Scott, Scott, wait a minute, wait a minute.
Secretary Clinton gets to respond.
–answer to impugn my integrity, let’s be frank here.
No, I don’t.
Oh, wait a minute, senator. (LAUGH) You know, not only do I have hundreds of thousands of donors, most of them small, I am very proud that for the first time a majority of my donors are women, 60 percent. (APPLAUSE) So I– I represented New York. And I represented New York on 9/11 when we were attacked.
Where were we attacked? We were attacked in downtown Manhattan where Wall Street is. I did spend a whole lot of time and effort helping them rebuild. That was good for New York. It was good for the economy. And it was a way to rebuke the terrorists who had attacked our country. (APPLAUSE)
So, you know, it’s fine for you to say what you’re gonna say. But I look very carefully at your proposal reinstating Glass Steagall is a part of what very well could help but it is nowhere near enough. My proposal is tougher, more effective and more comprehensive because I go after all of Wall Street not just the big banks. (APPLAUSE)
Hold on, hold on, he was attacked. Go–
Here’s– she touches on two broad issues. It’s not just Wall Street. It’s campaigns, a corrupt campaign finance system. And it is easy to talk the talk about ending– Citizens United. But what I think we need to do is show by example that we are prepared to not rely on large corporations and Wall Street for campaign contributions.
And that’s what I’m doing. In terms of Wall Street I respectfully disagree with you, Madame Secretary in the sense that the issue is when you have such incredible power and such incredible wealth, when you have Wall Street spending five billion dollars over a ten year period to get re– to get deregulated the only answer that I know is break them up, reestablish Glass Steagall.”
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