Forum Post: How We Defeat Wall Street
Posted 13 years ago on Oct. 6, 2011, 1:30 a.m. EST by riethc
(1149)
This content is user submitted and not an official statement
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
Wall street and our top government are in bed with with each other. We have to clean up or politicians first, then prosecute the leeches. I just read this, check it out: http://www.globalresearch.ca/index.php?context=va&aid=13208
Glass-Steagall is in congressional committee and has over thirty-five congressional sponsors. Take up the banner and we can force it through Congress.
like I said - they are in bed together, it is a ruse to get us thinking they hate each other . seriously, I just read this: http://www.globalresearch.ca/index.php?context=va&aid=13208
This article is about the Obama Administration. I'm talking about the Legislative branch of government, Congress.
Now granted, Obama will veto Glass-Steagall if it gets through Congress, but by then, when Congress passes this bill, it will know what to do with Obama: Impeach.
Impeach and you get Joe Biden. Don't vote and you get even worse, a rube in power. Sad to say it our government isn't going to pick up stakes and move along because you don't like it. Wall St isn't going away either. If you think Obama will veto Glass Steagall what do you think someone like Tricky Ricky or his butt buddy and Mormon in chief will do? Do you REALLY think the rubes will ever give so much as one inch? Yes, both sides are highly corrupt and in there for the mega rich, but it's a damned if you do, damned if you don't situation. I'm not suggesting an easy door for Democrats, but the rubes are even worse and you know this. A far better idea is than denouncing the only man who right now even remotely gives us a chance which will only give the far greater of the two evils a cake walk and Wall St an even bigger bonanza on your nickle would be to field and support candidates who back the principles of OWS fully because government isn't pulling up stakes and packing in it's big tent and Wall St isn't going to be bulldozed to make a new park. Vote the bastards out and vote in decent people with progressive agenda's NOT based on corporate greed. It has to be long term thinking or you'll end up like me in your 50s wishing you had raised more hell when you were 20. Begin by removing the rubes permanently then cleaning house among progressive sheep in their wolfes clothing.
The problem with Congress is they are surrounded by Lobbyists and are cowardly. But they are people, and with a huge push they can do the right thing.
Biden will not veto Glass-Steagall. Surprisingly, even McCain tried to bring back Glass-Steagall.
http://www.thedailybeast.com/newsweek/2009/12/14/an-odd-post-crash-couple.html
Many people in D.C. want this. What they need is popular support.
... but being that so many of them are in bed together... how can we break that?
I will read Glass-Steagall and educate myself.
We have many hidden allies who have been waiting for this moment.
if only you had read other threads and applied this into a general strategy instead of try to imagine its the great strategy epiphany over all the rest of it.
if only you had read other threads and applied this into a general strategy instead of try to imagine its the great strategy epiphany over all the rest of it.
It is in the general strategy. I'm just reposting it again.
in a forum which is now a giant log jam due to scrawl, everyone has this urge to keep reposting things because otherwise their bit is at the bottom. if everyone does this, the result is a forum with 50 different topics reposted ten times, and more scrawl. so your escalating over the top of the scrawl because you think your bit is so much more important than everyone elses. and everyone else is doing that. And so now its impossible to read the forum because all of you while well intentioned didn't read each other; you just emitted and didn't listen and nobody bothered to step into the organization instead of imagining themselves as the prophet to the movement. I appreciate your work. This goes out to everyone and i love you all and them. Think about this. Please. Thank you.
There are other forums for more organized discussion. I'm just putting my main point out there again to see if anyone reads it and, hopefully, look into it more.
where? organized discussion?
http://occupywallst.org/forum/more-organized-discussion-go-here/