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Joe Grano, Centurion Holdings LLC chairman and CEO, weighs in on Sen. Sanders encouraging a run on major banks, and why he is against Sanders' view.
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Well joining me tonight -- our market master general ran -- chairman and CEO of century and holdings also the former chairman C of you.
BS PaineWebber author of you can't predicting you know -- to Wall Street.
Leading in times of crisis -- good to have you whether it's a good feeling you've got to be excited when you see a leader like Bernie Sanders step up and call for a run on the nation's banks -- And I don't think much of what He says the heart I mean that gentleman only the left wing of the chicken so -- had no impact the way He follows by only with that we.
Dick Durbin the number two Democrat in the senate.
Saying the same thing about -- -- it's totally irresponsible and you know.
For senator -- not realize that they started this in 1989 by lowering credit standards I mean not that Wall Street wasn't complicit.
But certainly.
They had a lot to do with our current structural problem.
Well a lot to do with that of and we moved to 1990 or 1996.
We look at -- the waivers under the Clinton administration for the investment company -- the holding company public holding company act.
But 1999 Glass-Steagall.
I mean who are these folks and why do they have such a -- -- -- a slender tenuous short view of history.
Well I think you're right I think they've lost sight of what.
Provides job growth in United States it's wealth creation not wealth redistribution.
And I think this socialist that movement is very harmful to the nation I think we need to balance.
But I do think that this ideology -- Bodes very very poorly for the and I think I wonder too just from the standpoint of business and from the financial industry itself.
While watching this kind of nonsense idea I have to tell you what and paralysis reveals.
More cynicism that I would like to admit possessed but.
I think of all of the money spent by financial institutions -- in Washington DC.
In I hear these amenities.
Flowing from the miles of elective.
Officials but rather than be congressmen or senators I wonder our our president's.
And a report in the world you quarter you all -- the look I make a distinction between those young people.
Who are protesting because they have a right of assembly they certainly have a right to free speech -- but.
When you start -- -- before political partisanship or gain -- election year coming up.
I think you just add to the danger of what's going on.
And -- I think we should be clear though your joke they're not the ones doing the leveraging your opinion that's correct and I have said here for two weeks now.
-- one of the things we have to watch as a president who is desperate to be reelected whose numbers are at an all time low of course his presidency.
Desperation leads to foolish and unwise choices amongst the might be.
Leveraging.
And exploiting these young demonstrators on Wall Street and around the -- -- I believe.
That to a large degree was a catalyst.
You do not do not come out its present United States and create this here perception of class warfare.
And you look I think the Republicans need to be a bit more balance to in terms of their ability to compromise but.
It is the last thing that we should want from president president should be focused on bringing the country together creating a cohesive.
Culture and our nation.
Not singling out an entity whether -- Wall Street bank or an airplane -- That that just adds and fuels the frustration.
And it's understandable with this high unemployment rate.
Why some of these people feel disenfranchised but we don't need politicians.
President congressman senator.
Fueling the fire in any manner shape or form beef because of an election.
After that is not only foolish it's irresponsible.
And and they're very poor substitute for true leadership strong positive.
Leadership and the capacity to understand.
The problems so that they -- solution can be crafted.
I've always contended that I think our government today.
Misrepresents.
The constituents number one and secondarily.
The underestimate the -- the American public.
If we were coming out.
And describing the problem is driving both political parties yes and then coming up with solutions and I blame both Democrats and and Republican for -- The United States electorate smarter than they think.
Kamal talk about the problems and let's talk about the solutions -- long as those solutions are fair.
Our our society -- at the fair.
It would really be nice to have some effective solutions to I haven't heard any solution that yet for many of these well nor nor me but so are we appreciate you being here.
As always a pleasure Joseph ground.
