• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026
Leadership

How the Fight Over Wall Street Shows the Democratic Divide

By
Haley Sweetland Edwards
Haley Sweetland Edwards
and
TIME
TIME
Down Arrow Button Icon
By
Haley Sweetland Edwards
Haley Sweetland Edwards
and
TIME
TIME
Down Arrow Button Icon
February 5, 2016, 12:12 PM ET
US-VOTE-DEMOCRATS-DEBATE
Jewel Samad—AFP/Getty Images
Add Fortune on Google for similar content.

When it comes to public policy, Vermont Senator Bernie Sanders and former Secretary of State Hillary Clinton both use shades of Democratic blue. But he paints with a broad brush, while she prefers a finer point.

At Thursday’s debate, those differences came out most clearly on the topic of Wall Street, which animates Sanders’ populist base.

“I want to say something, and it may sound harsh, not to you, but to the American people,” he said, repeating a well-worn phrase from the campaign trail. “In a sense, in my view, the business model of Wall Street is fraud. It’s fraud.”

That passion plays well to the cheap seats, helping propel Sanders from the political wilderness to a virtual tie in Iowa this week and a likely rout in New Hampshire next Tuesday. But it also leaves Sanders open to the attack that he’s naive — a revolutionary without a road map.

Sanders, for example, frequently calls for breaking up the big banks, but he doesn’t actually spell out what that would mean. How many banks would be broken up? Which ones? How would he overcome Republican and corporate resistance?

Sanders routinely calls for the reinstatement of Glass-Steagall, the late, lamented law that drew a bright line between commercial banks and their wilder investment-oriented brethren. But he says nothing about what to do with the thousands of powerful, non-bank entities, like the hedge funds, mutual funds, private-equity funds and massive insurance firms, including former AIG, all of which have multiplied like bunnies in the financial district in the past 10 years, and none of which would be affected by a reinstated Glass-Steagall.

It’s here where Clinton is strongest on the policy but weakest on the politics. Ever the wonk, the former New York Senator doesn’t cotton to Sanders’ barn-burning, instead embracing a finer-tuned technocratic approach. Like Sanders, she wants to rein in Wall Street, she says, but she wants to do it in a more subtle, studied way.

“I have great respect for Senator Sanders’ commitment to try to restore Glass-Steagall. But I do not believe that that is enough. And in fact, I don’t believe it really addresses a lot of the biggest issues we have,” she said at the debate.

The more pragmatic solution, she explained, would be to embrace President Obama’s 2010 Dodd-Frank Wall Street Reform Act, and then enforce and strengthen existing rules inside of that existing regulatory apparatus.

“You know, we now have power under the Dodd-Frank legislation to break up banks. And I’ve said I will use that power if they pose a systemic risk. But I want to go further, because it was investment banks, it was insurance companies, it was mortgage companies, all of which contributed,” she said.

She then pointed voters to her dense, nearly 5,000-word proposal, which is complete with footnotes and studded with such scintillating sentences as “Ensure that DPAs and NPAs impose fines that are significant enough to deter illegal activity, so that firms do not have an incentive to break the law.” To the ramparts!

Clinton’s ever-staid pragmatism plays well with moderates as well as many liberal Republicans who find themselves alienated by both GOP front runners. But, just as Sanders’ broad strokes is both a strength and weakness, Clinton’s attention to detail leaves her wide open to Sanders’ criticism that she is too easy on Wall Street.

And therein lies the fundamental difference between the two Democratic candidates. Sanders would to tear down the broken institutions of American governance and try to build them anew, while Clinton would burrow into the hulking, creaking machine and pull the levers from within.

In short, Sanders calls for revolution; Clinton, for evolution.

This article was originally published on Time.com.

About the Authors
By Haley Sweetland Edwards
See full bioRight Arrow Button Icon
By TIME
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Now she’s worth $200 million. But Sarah Jessica Parker says being ‘one of eight kids that struggled financially’ growing up created her work ethic
SuccessCareer Advice
Now she’s worth $200 million. But Sarah Jessica Parker says being ‘one of eight kids that struggled financially’ growing up created her work ethic
By Orianna Rosa RoyleJune 24, 2026
2 hours ago
Tesla cofounder JB Straubel’s first pitch to Elon Musk failed. Then he turned his ‘hobby’ into a $1.3 trillion success
SuccessBrainstorm Tech
Tesla cofounder JB Straubel’s first pitch to Elon Musk failed. Then he turned his ‘hobby’ into a $1.3 trillion success
By Rachel VentrescaJune 24, 2026
2 hours ago
The hidden cost of your AI rollout: burning out the high performers running it
Workplace Cultureburnout
The hidden cost of your AI rollout: burning out the high performers running it
By Mikaela Cohen and HR BrewJune 23, 2026
12 hours ago
dr
HealthCancer
The U.S. cut cancer deaths by 34% since 1991—but not in 458 rural counties
By Arthur Cosby and The ConversationJune 23, 2026
15 hours ago
college
SuccessEducation
47% of Harvard seniors admit to cheating — and the problem existed long before ChatGPT
By Austin Sarat and The ConversationJune 23, 2026
15 hours ago
work
Workplace Culturework culture
Worker engagement just hit a decade low — and new data from 88 million employees shows why managers are the problem
By Bob Batchelor and The ConversationJune 23, 2026
15 hours ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
21 hours ago
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Banking
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
By Jim EdwardsJune 23, 2026
23 hours ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
20 hours ago
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
Investing
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
By Nick LichtenbergJune 22, 2026
2 days ago
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
Success
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
By Sydney LakeJune 21, 2026
3 days ago
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
Real Estate
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
By Sydney LakeJune 22, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.