"It's time to break up the banks.
"The greed , recklessness, and illegal behavior on Wall Street drove this country into the worst recession since the Great Depression. Their casino-style gambling has helped divert 99 percent of all new income to the top one percent. And it has contributed to the most unequal level of wealth distribution of any major country on earth."
After a 313 word rant propounding still more untruths, Senator Sanders closes with the following admonition.
"We must break this cycle to save the middle class in America. Can you show your support for my bill to break up the banks?
"I'm running for President of the United States because I believe that it i incumbent on us to try to take back our country from the billionaires and make it thrive again for the working and middle class. Breaking up the banks is a critical part to making that a reality.
"Thank you for all of your support.
Senator Bernie Sanders"
Senator Sanders' statement that the banks divert 99 % of new income to the top 1 % is patently false. In 2015, 34.5 % ($6 trillion out of a $17.4 trillion GDP) of new wealth created was diverted to federal, State, and local taxes. The bulk of the remaining 65.5 % , or 11.4 trillion, was retained as business profits and used for maintenance and expansion of plant and equipment. That's the way Capitalism works.
And I'm sorry to disappoint you, Senator, but there is no such thng in America as the "middle class." From 1865 to 1965, America was a classless society. Then President Johnson initiated a two class system – the working class and the welfare class. And that's what we have today. Any mindless chatter about "class warfare" in America is just that – mindless chatter.
And the assertion that the United States exemplifies " the most unequal level of wealth distribution of any major country on earth," is another obvious lie. Stark inequalities of wealth distribution are an inevitable characteristic of Socialist regimes. The most blatant example is North Korea, but we have only to look ninety miles off our southern coast to see another prime illustration of the lopsided wealth distribution endemic to Socialism. Indeed, the only mechanism that has ever been demonstrated to effect a more equitable distribution of wealth is Capitalism.
Capitalism distributes wealth by hiring it's customers to manufcture wealth and thus providing them with the means to consume the wealth produced. Governments can not create wealth. Only Capitalism can – which is why government distribution of wealth always ends up as government rationing of scarcity.
Senator Sanders is apparently attempting to resurrrect the old Marxist bugaboo of plutocratic "Capitalism." Marx, through his ignorance of what Capitalism is, mislabeled plutocracy as Capitalism, and modern Marxist are prone to the same error. Plutocracy and Capitalism are not the same thing. Plutocracy, along with government, is a parasite of Capitalism. Both impede the growth of Capitalism by draining profit that would otherwise be used to expand the wealth producing base of Capitalism.
Capitalism is the use of capital (money, machines, and ideas) to create wealth. It is the only known source of wealth. From the first entrepreneur whose only capital was a propitiously shaped rock and the inspiration to use to chip flint spear points to today's multi-billion dollar manufacturing concerns, wealth has always been been created by Capitalists.
But Bernie Sanders is an admitted Socialist, and Socialists have a self-imposed mental block that prevents them from understanding what Capitalism is and how it works.
It's worth noting that Bernie Sanders is the first avowed Socialist to run for President since Norman Thomas aborted his campaign as the Socialist Party of America candidate in 1944 with the words, "I no longer need to run as a Presidential Candidate for the Socialist Party. The Democrat Party has adopted our platform."