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Forum Post: In support of the Glass-Steagall Act

Posted 3 years ago on Sept. 26, 2011, 7:10 p.m. EST by Leigh (11)
This content is user submitted and not an official statement

This is from the testimony of Marriner Eccles, a Utah banker, to Congress in 1929 (bank when bankers actually cared about the communities in which they did business):

Before effective action can be taken to stop the devastating effects of the depression, it must be recognised that the breakdown of our present economic system is due to the failure of our political and financial leadership to intelligently deal with the money problem. In the real world there is no cause nor reason for the unemployment with its resultant dsestitution and suffering of fully one-third of our entire population. We have all and more of the material wealth which we had at the peak of our prosperity in the year 1929. Our people need and want everything which our abundant facilities and resources are able to provide for them. The problem of production has been solved, and we need no further capital accumulation for the present, which could only be utilised in further increasing our productive facilities or extending further foreign credits. We have a complete economic plant able to supply a superabundance of not only all the necessities of our people, but the comforts and luxuries as well. Our problem, then, becomes one purely of distribution. This can only be brought about by providing purchasing power sufficiently adequate to enable the people to obtain the consumption goods which we, as a nation, are able to produce. The economic system can serve no other purpose and expect to survive.

We need to reenact Glass-Steagall.

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[-] 1 points by mleon (53) from New York, NY 3 years ago

qft