Elizabeth Warren warns next economic crash is coming

U.S. Rep. Tulsi Gabbard D-Hawaii talks during an AARP  Des Moines Register presidential candidates forum Wednesday at The Hotel at Kirkwood Center in Cedar Rapids. At five presidential forums last week candidates answered questions on topics ranging fro

Warren: Trump creating financial crisis worse than 2008 crash

Massachusetts Sen. Elizabeth Warren said there are warning signs for another financial crisis that would devastate the United States - "a single shock could bring it all down" - and the 2020 presidential candidate proposed a plan she said could help prevent it. "Congress and regulators should act immediately to tamp down these threats before it's too late", the Senator from MA said in a blog post.

When Senator Elizabeth Warren announced her Presidential run earlier this year, it took time for her to catch on.

Warren's standing among potential Democratic voters has been bolstered by the sheer number of policy proposals she has unveiled compared with her competitors. In the mid-2000s, Warren said families were getting deeper in debt by borrowing against their homes to try and stay out of bankruptcy.

In order to curb corporate borrowing, Warren said she would appoint the Financial Stability Oversight Council, which was created in response to the 2008 financial crisis, to monitor the risks of leveraged lending. "I see a manufacturing sector in recession".

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"I see a number of serious shocks on the horizon that could cause our economy's shaky foundation to crumble", the USA lawmaker added.

Most of the solutions she offered in the Medium post are part of plans she's already proposed but in this case is grouping them together to offer it as a way to combat an economic crisis.

To address the corporate debt issue, the senator argued that federal regulators should enforce leveraged lending guidance that is meant to stop banks from issuing risky loans.

In a plan released Monday, Sen.

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She said the government should cut household debt by canceling up to $50,000 in student loan debt for most families, raise the minimum wage to $15 an hour and strengthen the power of unions. "For most people, wages haven't gone up in a generation and yet the cost of housing, the cost of health care, the cost of childcare, the cost of sending a kid to college have all gone through the roof", Warren said via Politico after a town hall meeting in May. Limiting such shocks includes forming proper strategies to respond to China instead of starting a trade war, and refusing to breach the debt ceiling.

She also said the trade dispute with China threatens American manufacturing and has already hurt American companies, adding that a no-deal Brexit - which she said the Trump administration is seeking - will have a spillover effect on the US economy.

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