Scrying Biotech is acutely aware that Wall Street, and specifically the biotechnology sector of the stock market is poorly regulated when it comes to the interests of retail shareholders. We are lied to, mislead, and kept in the dark regarding information crucial to making an informed investment decision. As a result of this, I’m looking for candidates from both major parties that are willing to confront Wall Street directly. I’ve already mentioned Donald Trump’s desire to bring hedge fund managers to account for paying their fair share of income taxes.
Tonight, at the first Democratic debate, Bernie Sanders stood out from all the rest in his desire to reign in the excesses of Wall Street that lead inevitably to the failure of our economic system. Consequently, Scrying Biotech fully endorses Bernie Sanders for President of the United States. The why of this endorsement can be summed up in this quote from Sanders at the CNN Democratic National Debate held on October 13th of 2015.
Let us be clear, that the greed, recklessness and illegal behavior of Wall Street, where fraud is a business model, helped to destroy this economy and the lives of millions of people. Check the record! In the 1990’s, in all due respect, when I had the Republican leadership and Wall Street spending billions of dollars in lobbying, when the Clinton administration, when Allan Greenspan said what a great idea it would be to allow these huge banks to merge, Bernie Sanders fought them and helped lead the opposition to deregulation.
Today, it is my view, that when you have the three largest banks in America are much bigger than they were when we bailed them out for being too big to fail, we have got to break them up.
Congress doesn’t regulate Wall Street. Wall Street regulates Wall Street.
The truth of the matter is that not only must Glass Steagall be re-instituted but comprehensive regulatory reform of Wall Street must take place to protect our economic system and retail shareholders like you and me.