Forum Post: The Marches to REINSTATE the Glass-Steagall Act & to Close All Loopholes for Oil Speculators. Let's get Focused--We don't need to REINVENT the Wheel--This will Reinstate the Important Regulations we had from 1933 to 1999--Before Congress SHATTERED them!
Posted 7 years ago on Oct. 27, 2011, 6:04 p.m. EST by Howtodoit
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Here's how WE easily Reform Wall Street: WE take away their powers "Once Again." And I feel one of the best ways to help accomplished this is a Million People March to Capitol Hill! --And in every City & Town that Day!
How do we do it right? First, we need to have specific demands; such as, "Congress, we are here because we want you to REINSTATE the Glass-Steagall Act of 1933 http://law.jrank.org/pages/7165/Glass-Steagall-Act.html , which was created to help SAVE our Country from the Great Depression by preventing Investment Companies, Banks, and Insurance Companies from Merging and becoming Large Brokerage Firms--instead of just being Banks, Insurance Companies, and Investment Companies--Congress why can't you learn a history lesson from 1929? The Current System doesn't work, except for the 1%, twice again now! By the way, why did most of you vote for the major Repeal of G-S Act in 1999? See more here: "Shattering the Glass-Steagall Act" http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act
How did we all come to this conclusion? We learned how Senator Phil Gramm helped create "Legal" Gambling Casinos for our Banks: CNN's The 10 Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
Furthermore Congress, we also want you to REPEAL the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 and REINTSATE the Commodity Futures Trading Commission Act of 1974 http://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission Why? As you know the Commodities Future Modernization Act of 2000 has since Deregulated Energy Markets (and Derivatives) and consequently allowed for such schemes as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 250 bucks plus for a kilowatt hour...they went to Jail for this; but, the Enron loophole is still not Completely Closed. For example, allowing Energy Speculators to hoard and resell barrels of Oil over and over again before it reaches the Gas Station Owner! It's basically, Legal Gambling at our Expense! What were those Lawmakers thinking then? What are you thinking now? With all due respect, either do the right thing, or you're part of the 1%."
So why are Oil Prices High? The Enron Loophole is not Completely Closed. What is The Enron Loophole?
Former Director of U.S. Commodity Futures Trading Commission, Professor Michael Greenberger, speaks to Congress in 2008 on the High Price of Oil--and he's not happy about Energy Deregulations, especially The Loopholes:
Although, the 2008 Farm Bill and 2010 Dodd-Frank Act http://www.cga.ct.gov/2011/rpt/2011-R-0290.htm supposedly Closed The Enron Loophole; but, most Experts say that both didn't go Far Enough! In the other words, The Loophole is still Open! Which seems to affect us all every time we hear a Oil shortage Story...(love to get Michael Greenberger to help us reinstate Commodities Futures Act of 1974).
Public Citizen takes on Wall Street's Greed & Corruption: http://www.citizen.org/Page.aspx?pid=2554
Back to G-S Act: Rolling Stones's Journalist Matt Taibbi on the Truth about Goldman Sachs, or How they have Cornered the Markets--Basically, The Enron Loophole and the Shattering of Glass-Steagall Act in 1999: http://www.youtube.com/watch?v=waL5UxScgUw
What happened when some in Congress tried to SAVE the Glass-Steagall Act in 1999? http://www.occasionalplanet.org/2010/10/07/glass-steagall-one-democratic-senator-who-got-it-right/ And when some tried to REINSTATE The Glass-Steagall Act in 2009? (cut to the chase--it was blocked by both parties from coming-up for a vote on the Senate Floor) : http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQfRyxBZs5uc
Let's get Focused and REINSTATE the Glass-Steagall Act of 1933; they got it right in 1933, so we don't need to REINVENT the wheel...and let's Finally Close The Enron Loophole, which allowed Enron to charge what they wanted for Energy; they went to Jail for this; but no one Completely Closed the Loophole, why? Re-Election Monies from the Big Brokerage Firms! The Writing is on the Wall.
Next, let's get Organized and Reinstate these Critical Financial Reforms with a Million People March to Capitol Hill! And in every City/Town in the World. And considering we need a Strong Central Focus/Goal, maybe call it:
"The Million People March to Capital Hill to Reinstate The Glass-Steagall Act and to Finally Close The Enron Loophole."
That will get their Attention!
And how about holding the March on this Date? June 16, 2012, the 79th Year Anniversary of the Enactment of the Glass-Steagall Act. (great idea paulg4!)
And besides being Symbolic, that will get their Attention Now!
Additionally, I also feel this needs to be the OWS's first BIG Victory (as name implies)--And with all due respect, I feel you owe it to the WS Protestors to get something done that they can really be Proud Of--And there is nothing Bigger on Wall Street than Reinstating The G-S Act and Closing these Loopholes.
Either way, America & the World will achieve this Huge Task!