Dan Gilmore / January 6, 2016

Sanders Vows to Upend Wall Street

The reality will be unintended consequences and corrupted bureaucrats.

In a speech in New York City Tuesday, socialist Bernie Sanders vowed to go after America’s banking system, changing everything from ATM fees to reinstitute the Glass-Steagall Act. “If elected president, I will rein in Wall Street so they can’t crash our economy again,” Sanders declared to a crowd so familiar with his message that they were finishing some of his sentences. “Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.”

In the speech, Sanders said no one who worked on Wall Street and partook in that dirty money could work in his administration. And that administration would cap the amount of money that ATMs can charge in fees and credit card companies can collect in interest, $2 and 15% respectively. Reason Magazine’s Robby Soave noted that ATM fees at present are not onerous. Most people can use one without a fee at their personal bank. What will change is that independent ATMs will find it harder to operate. Thus, it will be that much harder for particularly the poor to get cash from the most convenient ATM. Sanders might preach a rosy future if he was allowed to transform the United States into a socialist Democrat nation, but the reality will be unintended consequences and giving power to bureaucrats who will be corrupted.

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