Can a socialist save capitalism in America?
I am writing of Bernard Sanders, the socialist Senator from Vermont. On Nov. 6, Sen. Sanders introduced the “Too Big to Fail, Too Big to Exist Act.” Unlike the incompre-hensible 2,000-page health care reform tomes wending their way through Congress, Sanders’ two-page proposal is something everyone can understand. Quite simply, it gives the secretary of the treasury 90 days in which to submit a list of all commercial banks, investment banks, hedge funds and insurance companies that have grown so large that failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance. One year after enactment, these companies would be broken up so their failure would no longer necessitate a government bailout. Sanders’ approach is a breath of fresh air compared to the financial reform bills circulated by the Obama administration, Sen. Christopher Dodd and Rep. Barney Frank. Sanders does not propose new regu
