Forum Post: Bills to Reinstate Glass-Steagall--Needs your support.
Posted 13 years ago on Oct. 15, 2011, 4:55 a.m. EST by SanityScribe
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There are two bills in Congressional committee waiting to be brought to the floor of Congress:
Marcy Kaptur's HR 1489 and Maurice Hinchey's HR 2451.
If either of these two bills are passed by Congress, it will restore the Glass-Steagall Act, a law which had kept financial institutions separate, by enforcing by law that banks either be commercial banking institutions (mortgages, savings, etc.) or financial investment institutions (derivatives, CDOs, etc.).
Originally, this law came into being in 1933 during the Great Depression. Over time, its provisions had been eroded by many new laws until it was, for the most part, completely overturned in 1999 with the Financial Services Modernization Act (aka. the Gramm-Leach-Bliley Act).
Congressmen, such as Byron Dorgan, spoke on the floor of Congress before the vote on the Gramm-Leach-Bliley Act and warned that this would lead to a disaster in the financial system. (1) Dorgan goes as far a forecasting the collapse of the financial markets and the ensuing bailouts.
Now, over ten years after the repeal of Glass-Steagall, we can see the repercussions of removing the firewall between investment and commercial banking. Restoring the Glass-Steagall Act now, will break up the "too big to fail" banks and force them to sink or swim based on their own fiscal integrity.
No more bailouts for the banks. Support HR 1489 and HR 2451. Demand Glass-Steagall now!
Reference: 1. http://www.youtube.com/watch?v=OvnO_SH-4WU&feature=results_video&playnext=1&list=PL325E5EF5DAB7D072
These "too big to fail" banks are holding the normal commercial banking system hostage, so that they may continue raking in money through their gambling operations. Restoring Glass-Steagall releases the hostages.
Not to mention leaving the many-times-over BANKRUPT JPMorgan Chase, Goldman Sachs, etc. exposed as bankrupt. :o)
All it takes is a call to your representative in Congress. Just politely ask what his/her position on these bills is, and mention that you support them. A couple minutes, and you might find you have a surprisingly pleasant conversation with the staffer. Even if your rep. is a Barney Frank type, you can make your support of the bills known.
Great, they probably don't stand a snowball's chance in hell of passing at the moment, but if we hang together that will change. I really think the movement should concentrate on electing people to congress in the next election, while at the same time building the movement. That way we will affect change either from within, or without the current political system. I think we should avoid the presidential campain for now, and not risk splitting the progressive vote. What are your thoughts?
Honestly I still don't know for sure what this movement stands for. From what I can tell, neither does the movememt. I think if you put up a candidate that "they" don't like, said candidate won't win. I think the first thing needed to be done in that regard, is get the money out of politics.
New facebook page directed at only that. No parties, no other issues.
Help it grow...
http://www.facebook.com/pages/Get-Money-Out-of-Politics/170454236375392
http://www.followthemoney.org/database/top10000.phtml
Speaking for myself, I think getting money out of politics is a very central issue of this movement, but I think there is a deeper issue resonating here as well, and that is the conviction that the corprate structure has engaged in a longstanding pattern of criminal activity that has reduced average Americans to a third world standard of living and given America a terrible reputation throughout the world, as well as prevented any action against looming environmental catastrophe.
These latter issues are as important to our future as getting the money out of politics. We believe in business, but not the act of incorporation, which serves to keep those engaged in business from being held accountable for their actions by the larger society.
Well there is no doubt that has all happened. Except I don't think we are a 3rd world standard of living..not even close really. I live right next to the border of Mexico, and see the 3rd world they live in everyday.
A 2 minute read..not trying to self promote but, just my 2 cents that I dont wanna clog this place up with.
http://sanityscribe.wordpress.com/
Yes' you are right - to say that we have a third world standard of living is an exaggeration, but we are rappidly heading that way. Still you have a valid point there.