Forum Post: Let's get focused and bring back Glass-Steagall Act of 1933--We don't need to REINVENT the wheel...The WDC March to bring it Back! Date: 6/16/12? Also Re-Posted here: http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
Posted 13 years ago on Oct. 21, 2011, 8:16 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 looked back to 1999 to where it all began with Senator Phil Gramm, who 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?
http://seekingalpha.com/article/81243-the-enron-loophole
http://www.nytimes.com/2008/11/17/business/17grammside.html?pagewanted=all
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:
http://www.youtube.com/watch?v=Bmj_FhyEpxo&feature=related
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
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!
Hey Howtodoit, right on -- great post. This is one of the items that OWS should be focused on. And since most of the major financial laws are federal and require Congressional action, the Million Person March sounds like a good idea. . . .along with continuous lobbying and petition signing.
Glad you agree. Eventually, we should POST this: Million People March to Capital Hill to Reform Wall Street--A call for organizers, volunteers, celebrities, etc. Maybe make it the Woodstock for financial company reform! which will attract and give a platform to show our one voice! just a thought. Please keep them coming Gregg85...
Howtodoit, it really sounds like a great idea that would receive blanket media attention. I'm sure we can get dozens of celebrities and, yes, current and former politicians. With the right marketing and organizing, it should be one of the largest demonstrations that D.C. has ever seen! On organizing, the AFL-CIO could be very helpful, since they're very experienced -- and Richard Trumka has offered to help. Thanks, Howtodoit, you keep them coming as well! Take Care
hey Gregg85. At the end of the Post, I just add a possible name for the march to The Hill, how does this sound? The goal is focus:
"The Million People March to Capital Hill to Reinstate The Glass-Steagall Act and to Finally Close The Enron Loophole"
so what's our next step Gregg85? Post a number of blogs? I'm new at this so need your help, input. Let's build it from the ground up and give it to the people to take over! One voice now, Reform our No-Regulations! Thanks
great points. thanks! Gregg85
Howtodoit, first, thanks for your kind words. You may be new at this but you're writing like a real pro. I think the emphasis should be on Washington because that's where the real Wall Street reform would have to take place. There are millions of Americans who are out of the work, have no health care, and those who are just suffering even with jobs. These are issues that the majority (99%) of Americans would be happy to get out an demonstrate. Yet, we don't see the masses coming down to support (other than donations) the OWS in Liberty Square (and other OWS protests around the nation), Why not? Some of the reasons, I believe, include not sticking to economic/financial and health care issues. Other issues such as the environment, anti-war and racism are certainly worthy of protest, but now while you're trying to build a movement centered around Wall Street. And sure, the police have been too harsh in their response to demonstrations, but you don't keep having demonstrations against the police -- in the process neglecting the core issues.. These things, coupled with the lack of American flags posted around the encampment, turn the majority of people off. As for planning the D.C. event, I think the AFL-CIO should be consulted and help plan the event -- that would be open to all Americans. This protest needs to be coupled with activists flooding the Capitol to lobby our legislators -- in a peaceful, orderly manner. So it would be absolutely necessary to have specific rally points to protest too. Like the Glass-Steagall Act! Is it important to establish a Congressional Support Committee made up of friendly senators and representatives. They would be asked to try and draft legislation to make changes and the bill numbers would be used as rallying cries. I could probably go on but I think the aforesaid is a good start -- or, at least, something to debate. But something has to be done soon or the movement is going to fade away. Take Care
thanks for this. I agree on all fronts, especially about keeping out FIRST focus on Wall Street reform in Washington, and nothing better than an Million People March to The Hill. I just feel it's so important to have strong and productive mission first, such as Reinstating Glass-Steagall and Closing The Enron loophole. Keep it coming Gregg85. Unions are great too. Please let them all know!
Thanks Howtodoit, and you're welcome. I just hope whoever is acting as leaders down at Liberty Square start paying attention to this and do the right thing. Like it or not, they're the flag bearers and they have to assume that responsibility wisely. That being the case, we (like the other legitimate posters here) can only offer the OWS advice and hope they follow it. But then again, if it appears that they're not doing the right things, there is nothing to stop other Americans from taking the torch and leading the way. Take Care
do you know how to reach them? let me know how I can help too. This has been my mission since 2008. So the OWS is my dream come true, let's not lose the great opportuinity we have here....Thanks Gregg85!
Other than physically going down to Liberty Square, the only way I know to contact them is through this website. There are other places here (besides this forum) to leave messages. Look around and post where ever you can. Maybe somebody down there will get the message. Take Care
steam is picking up! I'll keep you posted
Great post Howtodoit. Completely agree with you. It would stop the bleeding immediately, economically speaking.
When the Glass Steagall act was repealed (Thank You Citigroup) it totally did away with position limits. (Thank you Robert Rubin, and others)
Plus it legalized commercial banks ( on the lending side) to merge together with investment banks ( Which take an ownership position). There is a conflict of interest between these two entities.
Glass Steagall was saying that you can have commercial banks, and you can have investment banks, but they must be separated. This is what kept the bankers in their box for all those years.
Now only about 10 years after its repeal, look around. Coincidence?
yu nailed it! thanks
Bring back Glass-Steagall! i think this should be one of the main goals of OWS.
I'm almost sure that's part of their reform agenda
The repeal of Glass Steagall was a tragedy for America (Thank You Citigroup) Great Post Howtodoit, cheers!
right on! Thanks
Repeal the 879-page Dodd-Frank act of 2011. Reinstate the 37-page Glass-Stegall act of 1933. G-S worked for 60 years. Despite its length, D-F is still not complete with 243 rules yet to be defined by regulators. The regulators have asked the financial industry to fill in those blanks. Essentially the foxes have been asked to not only guard the henhouse but to build it too. Right now the banks derive only 30% of their income from lending and 70% from gambling, euphemistically referred to as “trading”. One by-product of this is that all the monetary benefit from productivity gains in the last decade accrued exclusively to the “financial sector”. The imperative of a functional financial system is simple: efficient allocation of capital to productive enterprise, because the financial system should support economic activity, not the other way around. Clearly, the titans of finance have failed miserably at this, yet they not only still have jobs, they continue to be richly rewarded for their incompetence.
Totally agree. I would add that the 1934 Securities Exchange Act needs to be vigorously enforced. Traders for the big investment banks and hedge funds illegally manipulate our capital markets 24/7 with high-frequency algorithmic trading to front-run and rip-off honest investors. They do so while the SEC looks the other way. The big banks make most of their money from their proprietary trading desks and it amounts to 70% or more of their profits. It is statistically impossible to make tens of millions in profits every single trading day unless you are cheating and yet the big banks accomplish this impossible feat quarter after quarter with nary a word from the regulators at the SEC who are in bed with them. Ban outright or place a transaction tax on each high-frequency computerized trade and watch the illicit profits evaporate. This alone will bring the big banks to their knees and hopefully out of business, as they should have been in 2008.
http://investmentwatchblog.com/the-wave/
right, and we pay for it with high insurance premiums, credit card and bank fees, it's still legal gambling untill will rebuild the walls of regulation. After all, even Greenspan finally admitted in 2008 that he forgot to "factor in the Greed Factor" into his free markets equation.
Manipulative trading is illegal and has been since 1934. Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency. The SEC needs to enforce the laws already on the books, but unfortunately the SEC is in the tank for Wall Street.
your so right, we need to clean house from bottom to top and make them accountable, once again. like between 1934-1999, when we had a better frame work.
Economic events of the last four years are only a warning and not the main event, because the economy is and has been on an irrational and unsustainable track, and unless we take real and rational steps to correct it, it will correct itself. History shows that this always ends badly. Wealth imbalances divert money from the real economy and redeploy it in the “financial” economy, which at this stage in the cycle more resembles a rigged casino than an efficient conduit of capital. The last time the financial industry share of GDP spiked and the wealth imbalance was similar to today was 1929. The reason it has not crashed yet is unparalleled government intervention, which has not fixed the problems, but only delayed the day of reckoning and increased the magnitude of that inevitability if nothing changes.
Three simple things need to happen: Federal revenue must go up, Federal outlays must come down and there must be simple but real financial reform. It is not a choice between one and the others. Federal revenue increases should come exclusively from income streams that have enjoyed preferred treatment for a long time, but everyone will have to expect less from the government for expenses to be reduced. It will not be enough to merely balance the budget; we must begin paying down the cumulative debt to remain a dominant economic power. China’s “currency manipulation” is simply a matter of them buying our debt because we create it. For the last ten years the “financial sector” has prospered while the rest of America got saddled with more debt both public and personal. “Cutting taxes” and borrowing the shortfall isn’t really cutting taxes, because the actual tax due increases with the addition of interest, and the burden shifts to people who can’t vote because they are children or haven’t even been born yet. This generational theft is unconscionable. We hear a lot about the right to life of the unborn, but what about their right to liberty? The real price of the financial bailout is that we sold an unborn generation into indentured servitude when the government assumed or guaranteed private debt for which it had no previous obligation, while no attempt was made to “claw back” any money from the perpetrators or to prosecute them for systemic fraud. Instead, they kept their ill-gotten gains, their jobs and their freedom. They also claim they broke no law so the rest of us must have missed the news the day fraud was de-criminalized.
I totally agree. Well said.
please tell your frineds, education is the key to making this all all hapeen soon.
thanks for sharing that!
There are many misguided efforts, and it seems that the OWS movement has become a platform for just about any concern. A movement needs to focus and be very clear on what it seeks to accomplish.
First let me say that this problem is not liberal or conservative, democrat or republican but it is a common problem we all share. One key point must be stressed we are all affected by the issue at hand.
The basis of the problem is the laws that have enabled and perpetuated the problem. If you look at the fall of the exchange in 1929, its cause and the reaction by the government you will find most of the problem. In 1929 only ~10% of all businesses were public and the remainder was private. ~2% of the population were involved in trading stocks and most of the individuals we very heavily leveraged (They bought on credit).
Next the market dropped, individuals lost their ability to pay off their margin accounts and wiped out the capital overnight in the banking system, Couple that with the hysteria of the people running on the banks to get there gold out and you have a recipe for disaster.
For most they were not initially affected by the falls of the exchange in 1929 but when banks failed they felt it. Businesses lost credit to operate, accounts were wiped out and small private business failed. No fault of their own but the fault of the overzealous banks. Individuals found there savings wiped out alongside the private businesses and the world plunged into the abyss.
The reaction to this was FDR and the 1933 securities act and the 1934 securities and exchange act. What these two pieces of legislation did was strip the ability of the small private business (who did not cause the market collapse) to raise capital in a traditional form, Bonds. Direct investment was for many years the mainstay of the entrepreneur. It put the restrictions on who could invest (Qualified institutional investor) and how the investments could be sold. It stripped the ability of the individual to invest and make the high returns they became accustomed to and placed all of it into the hands of the very few 1%.
Today if you are a business owner there is a glass ceiling of about $3 million dollars where a business could potentially get debt to expand, retool, or modernize. The Wall Street and Banks prefer an Equity offering. How often do small business owners sell the majority share of the company they own under a public offering or private sale (sale to high net worth’s) to raise the capital they need. The horror stories of this arrangement are very clear. They give up control, get voted out of the company and the new share holders shut them down move the product manufacture to China to maximize the return to the High Net Worth investor (new owner).
The laws perpetuate the problem. Now remove the Glass-Steagall Act and it becomes a high net worth orgy.
Focus, access the laws, and fix the system that perpetuates the behavior.
FIX THE LAWS
Well thought out response. Thank you.
thanks for this!
Need a small transaction tax to limit speculation and volatility say .1%
True. Dodd-Frank was weak and a give-a-way to the crooks.
You're so right. And what makes me so mad is that now the banks are blaming Dodd-Frank for having to raise fees, whereas, the day after it past the banking lobbyist announce that Dodd-Frank will cost as in the long run, which they are right about now. Well. they have to figure out how to pay those bonuses--even thou, we bailed them out, and are still feeling the effects of their "legal" risky investments. Close the Enron Loophole! Close the Casino! Thanks for your response.
So why are oil prices high? The Enron Loophole. Former Director of U.S. Commodity Futures Trading Commission speaks to Congress on the high price of oil--and he's not happy about energy deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Of course banks pay corrupt politicians to write the language of the bills then use the excuse to raise fees. Look at HC insurance going up in front of Obama care in 2014?!?!
I know. we have to find a way to get this gov. for the people again, which I feel this movement will get it done, sooner or later. can' till a year from now.
can't wait for what the OWS will be in 1-2 years!
we have to stay in touch. you nailed it.
right on! couldn't of said it beter, thanks!
Great info guys! Thank you!
thank you! let's Post a million people march to Capital Hill and get this done soon!
Yeah but the lobbyists got to Congress and Clinton to get it repealed, and they will spend as much $$ as they have to ensure this Act will not be reinstated
yes, I heard this week, in the late 90's the banks/brokers spent 5 billion to repeall it!
And they didnt spend billions for the benefit of the 99%
we will change that policy, that insider law
it's time they do...one voice by all!
I agree, in the combination with the Fair Elections Now Act. If we don't elect ethical people, "we the people" in Congress, important votes like reenacting the Glass-Steagall Act will not get beyond committee. The problem is, that enough people are not e-mailing the representatives/senators and letting them know that they are interested in these two very important acts. Anyone who take 5-10 minutes out of their day to e-mail their representatives will take time to go out and vote. And, believe that all of our representatives love their cushy, perky jobs.
There you go! That's it! Thanks for bring that up mtmama!
And thanks to DKAtoday for this:
Spread the word advocate for change.
Contact the White house: http://www.whitehouse.gov/contact
Contact the senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
Contact Congress: http://www.contactingthecongress.org/
Contact the house of representatives: http://www.house.gov/htbin/findrep?ZIP=55433
Contact the Supreme Court: http://www.supremecourt.gov/
The reinstatement of the GLASS - STEAGALL ACT (H.R.1489) is in "committee", where it dissappears from sight and the influence of the "ignorant" citizens. Insist that your elected representative co-sponsor the bill, if not throw the bums out!
Great point! Here's my A-Team for Reform, from Proposal Forum: http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/
Step 3: ALLIANCES/COMMITTEES
1-To Draft the Legislation to Reinstate G-S Act and to Reinstate our old CFTC Act, I feel the OWS should NOW reach out to the EXPERTS who know how to Get this written up & done Right; such as:
--Senator Byron Dorgan
--Former Chair of CFTC Brooksley Born
--Former Director of CFTC Professor Michael Greenberger
--Senator Maria Cantwell
--Ralph Nader
--Public Citizen
That’s my A-Team working in harmony for Financial Reform. And I strongly feel that you should invite "all" of the them to table, why? Because this has been their mission since 1999, so when we accomplished this Huge Task, they all deserve be a big part of it! We need to HONOR them & others!
Glass-Steagall - split the productive commercial banks supporting the greater economy off from the predatory, parasitical, speculative investment banks - would do more than any other single thing to restart our (and the world's) economy and create jobs.
Second, go after the Wall St. criminals responsible for the frauds that brought down the world economy.
yes! see link below: Clinton says he "was wrong" about Repealing G-S Act and Deregulating some of the CFTC. My question is: why don't you help us fix it now, after all, it's your fault--you signed the new bill! Why? My guess is that's where he got most his monies for his charities! He should be on TV now helping us, not throwning himself B-Day parties.
http://www.youtube.com/watch?v=cs3Z2Z2WMJk&feature=related
Absolutely, where is he? Let him step up and fight for the middle class!
Clinton's judgement is questionable (see Haiti) but he recognizes the reality of the result. Odd.
I know, please send him a note, asking: Since now President Clinton you know you made a HUGE mistake, at least for HISTORY sake, will you now fix what you help break!
Thanks for this nomdeguerre
Let's do it!!!
I might rename the march to: the Millions of Americans March
sure. Also please go here, more info on ways to do it on blogg. the copy/links are the same:
http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
A simple contention might be to REPEAL S-900.
Rather than organizing and funding a massive national march promote a WRITE-IN campaign in the congressional election primaries to
WRITE-IN: REPEAL S-900.
let's do both!
Absolutely!
See my post: From S-900 to the Super Committee (The Congress That Screws Us) http://occupywallst.org/forum/from-s-900-to-the-super-committee-the-congress-tha/
There are a huge number of great COMPLICATED ideas here that will garner GREAT OPOSITION.
In an ideal country full of great idealistic philosophers, these would be easy to implement. We need to be realistic & pick an issue that is simple - that is popular -
that 83% of Americans agree on -
that 56% of TP agree on -
that will bring together the people in OWS with the people outside of OWS.
Everybody wins!
Our only goal should be to pass a constitutional amendment to counter Supreme Court decisions Citizens United (2010) & Buckley v. Valeo (1976), that enable unlimited amounts of anonymous money to flood into our political system.
“Corporations and organizations are not a persons & have no personhood rights”
and
“money is not free speech”.
We don’t have to explain or persuade people to accept our position – we have to persuade them to ACT based on their own position. Pursuing this goal will prove to the world that we, at OWS, are a serious realistic Movement, with serious realistic goals. Achieving this goal will make virtually every other goal – from jobs, to taxes, to infrastructure , to Medicare – much easier to achieve –
by disarming our greatest enemy – GREED.
THE SUCCESS STORY OF THE AMENDING PROCESS The Prohibition movement started as a disjointed effort by conservative teetotalers who thought the consumption of alcohol was immoral. They ransacked saloons and garnered press coverage here and there for a few years. Then they began to gain support from the liberals because many considered alcohol partially responsible for spousal and child abuse, among other social ills. This odd alliance, after many years of failing to influence change consistently across jurisdictions, decided to concentrate on one issue nationally—a constitutional amendment. They pressured all politicians on every level to sign a pledge to support the amendment. Any who did not, they defeated easily at the ballot box since they controlled a huge number of liberal, and conservative and independent swing votes in every election. By being a single-issue constituency attacking from all sides of the political spectrum, they very quickly amassed enough votes (2/3) to pass the amendment in Congress. And, using the same tactics, within just 17 months they were successful in getting ¾ of the state legislatures to ratify the constitutional amendment into law. (Other amendments were ratified even faster: Eight—the 7th, 12th, 13th, 15th, 17th, 20th, 21st and 26th—took less than a year. The 26th, granting 18-year-olds the right to vote, took just three months and eight days.)
If they could tie the left and right into a success -
WHY CAN'T WE??????????
I feel that we should stay with this simple text to overturn CU:
”corporations are not people” and “money is not free speech”
for four simple reasons and one – not so simple:
1
83% of Americans have already opposed CU in the ABC/Washington post poll and the above
IS THEIR POSITION ALREADY.
2
We don’t have to work to convince people on the validity of our position.
3
Simple is almost always better.
4
This simple Amendment is REQUIRED to overturn CU.
And all other electoral reform can be passed through the normal legislative process.
5
OWS and these pages are chock full of ( mostly ) excellent ideas to improve our country.
All of them have strong advocates – and some have strong opposition.
None of them has been “pre-approved” by 83% of Americans !
Pursuing this goal – without additional specifics is exactly what Americans want.
What do we want? Look at that almost endless list of demands – goals - aims.
Tax the rich. End the Fed. Jobs for all, Medicare for all. So easy to state! Can you imagine how hard it would be to formulate a “sales pitch” for any of these to convince your Republican friends to vote for any of them?
83% of Americans have ALREADY “voted” against CU. And 76% of the Rs did too.
All we have to do ask Americans is to pressure their representatives – by letters - emails – petitions.
Wanna take your family on vacation?
Convince the 7 year old and the 10 year old to go to Mt Rushmore.
Then try to convince them to go to Disneyland.
Prioritizing this goal will introduce us to the world – not as a bunch of hippie radical anarchist socialist commie rabblerousers – but as a responsible, mature movement that is fighting for what America wants.
I feel that using the tactics of the NRA, the AARP an the TP – who all represent a minority – who have successfully used their voting power to achieve their minority goals - plus the Prohibition Amendment tactics – bringing all sides together - is a straight path for us to success that cannot fail to enable us to create and complete one MAJORITY task.
I am looking for a guest post for my blog on why we should reinstate the Glass-Steagall Act. If anyone is interested, please learn more here:
http://www.the99percenteconomy.com/about/guest-post/
Thanks in advance!
this is the man:
http://www.michaelgreenberger.com/doddfrank.html
Keep up the great work!
-We can do it- Glass Steagall will divide them.
Yes Yes Yes!
more great links on Congress's Oil Speculation Hearings in 2008; check it out, George Soros speaks first:
http://www.youtube.com/watch?v=yO0ITdeTfKE
http://www.youtube.com/watch?v=3j6Xx0xO4M4
http://www.youtube.com/watch?v=UlTVYOu2M4Q&feature=relmfu
http://www.youtube.com/watch?v=fzwtEs9T_W8
http://www.youtube.com/watch?v=BA8AfcWkIc4
You can weigh in on the Glass-Steagall Restoration Act on POPVOX at https://www.popvox.com/bills/us/112/hr2451.
POPVOX will deliver your comment to your members of Congress and post them publicly on POPVOX.com.
Perfect! Thanks for that baldeaglefreedom
The System is rigged: Reinstate the Glass-Steagall Act.
yes! please share this link, it can't hurt the cause:
http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
Obama watch: Lady Obama Snuggles Up To Enron's Blood Money For 2012 Election
In a move that has even Texas State Democratic Committee members looking for barf bags, First Lady Michelle Obama is headlining a fundraiser dinner for re-electing Hitler on November 1, at the private Texas residence of former Enron hedge fund manager John Arnold, with minimum get-in-the-door contributions of $10,000/head, no less.
John Arnold, who Forbes called "the youngest American billionaire" in 2009, made a killing trading Enron futures in natural gas, and used his $8 million bonus from this dirty work to start his own hedge fund, Centaurus, when Enron's bubble popped in 2002. Reflecting his commitment to the "old Adam" Smith doctrine of the British Empire, to rip off one's neighbor, Arnold stated at a Commodity Futures Trading Commission meeting in August 2009, "I try to buy things whenever they're trading below what [our] analysis shows to be fair value and sell things whenever our analysis shows that the forward curve is higher than our analysis of fair value."
As word got out whom exactly it was, that Michelle Obama is being hosted by, one Texas SDEC member, also an important figure in the Houston Federation of Teachers union, wrote: "This event, by virtue of its location, is not associated with my Democratic Party. This is an affront to everything that the people occupying Wall Street and pushing back against corporate control of our government stand for. How could anyone attend an event at the home of someone who got rich off the ill-gotten gains of Enron and then proceeded to use their profits to further the corporate reform agenda of public education? And is now hell bent on taking the retirements of any and all public workers? Has everyone in Houston forgotten the pictures of the secretaries, mail clerks, and other staff walking out of the Enron building with their boxes in their arms? What about every parent that has had their kids kicked out of a charter school because they didn't test well? Do you side with the cafeteria cook that gets $619.90 a month after 21 years in the kitchen or the investment banker that wants to profit off the fees he will make gambling with her retirement? No, there is nothing that would make me compromise my beliefs to attend, not even to see the first lady."
Upon being briefed of this development, LaRouche Democrat Kesha Rogers, who won her 2010 Democratic Primary in Texas's 22nd Congressional District calling for Obama's impeachment and fully funding NASA's manned space program, said, "Are we really surprised? Obama got 20% of his 2008 campaign funds from Wall Street, more than even George W. Bush, whose grandfather funded Hitler. What are we waiting for? All the evidence is there. LaRouche said it in 2009, this President is insane, and is willing to commit genocide against the American people. Unless the Democrats want to be complicit in that crime against humanity, they must move to throw this Nero, Obama, out of office now, or lose civilization." http://www.larouchepac.com/node/20023
Robert Reich: Obama should call for Glass Steagall but won't because he is owned by Wall St.
http://www.businessinsider.com/wall-street-is-still-out-of-control-and-why-obama-should-call-for-glass-steagall-and-a-breakup-of-big-banks-2011-10
thanks Shelly76. at least G-S Act is getting some media attention.
Goldman, Citigroup, Madoff, JPMorgan, MERS in Court News
(October 28, 2011) http://www.businessweek.com/news/2011-10-28/goldman-citigroup-madoff-jpmorgan-mers-in-court-news.html
Thanks for posting that MonetizingDiscontent. Btw, I have a new POST, similar to this one, but with a main call to action--after what happened to Scott Olsen, it was time to change the header and step it! although, this site will remain the same...
Here's the new one, Like? http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
Please spread the word on Facebook (I haven't made that leap yet), still the MARCH on DC is a pipe dream, but you have to have dreams. And the OWS has been my dream since watching the Oil Speculation Hearings on Capitol Hill in 6/08:
So why are oil prices high? The Enron Loophole. Former Director of U.S. Commodity Futures Trading Commission, Professor Michael Greenberger, speaks to Congress on the high price of oil--and he's not happy about Energy Deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Lots of good links on this thread, Keep spreading the word!
thanks for that MonetizingDiscontent
Time to March to Capital Hill and take our Government away from Corporate America!
yes!
the March is next!
There is a bill in Congress now to bring back some of the Glass-Steagall Act--write your congressman! Make sure it's all done and more!
H.R.2451 -- Glass-Steagall Restoration Act of 2011 (Introduced in House - IH)-- IN THE HOUSE OF REPRESENTATIVES July 7, 2011 --Mr. HINCHEY (for himself, Mr. CONYERS, Mr. INSLEE, Mr. DEFAZIO, Ms. WOOLSEY, and Mr. CAPUANO) introduced the following bill; which was referred to the Committee on Financial Services
Anyone want help to create a website called: "The Million People March to Capital Hill to Reinstate The Glass-Steagall Act and to Finally Close The Enron Loophole" ?
Right on! But why stop there? Here are more ideas for demands that make sense. I encourage EVERYONE to post their TOP 10 Demands and see what comes up from collective consciousness. The General Assembly could then vote to decide the final TOP 10.
sounds great to me! thanks for posting
yes impeach, it is treason what this president is doing, He continues to throw gasoline on the fire, we may be to late. Impeach the trator now
yes impeach, it is treason what this president is doing, He continues to throw gasoline on the fire, we may be to late. Impeach the trator now
well, he's has to be a WS puppet, goldman sachs owns him too. We need our own Party!
agree - agree - need laws to change - corporations and banking industry need to be held responsible and made accountable - to their employees and to their surrounding communities... been my rant long before OWS ever started. here are a few points to consider as this builds:
time to march on DC
Excellent post. The problem is the #OWS doesn't want to publish its demands. Instead, it keeps saying "We are our demands", which is a nonsensical bullshit slogan. No demands = No achievements.
well. we have to change that, that's not why we are here, right?
I'm glad every time I see this thread pop up again.
right on partner, you made my night!
Here's another bill in House: force your senates and congressman to support this bill (this one has 48 co-sponsers).
H.R.1489 -- Return to Prudent Banking Act of 2011 (Introduced in House - IH)
HR 1489 IH 112th CONGRESS 1st Session H. R. 1489 To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called `Glass-Steagall Act', and for other purposes. IN THE HOUSE OF REPRESENTATIVES April 12, 2011 Ms. KAPTUR (for herself, Mr. MORAN, and Mr. JONES) introduced the following bill; which was referred to the Committee on Financial Services Cosponsors (48)
Thanks Phillip. I hope to meet you at:
"The Million People March to Capital Hill to Reinstate The Glass-Steagall Act and to Finally Close The Enron Loophole"
And considering we need a strong central focus/goal, does that name work for you?
Perfect! This will get their attention.
Great. I needed to hear it from someone who is obviously in clue with new bills on the Hill's floor, especially with what's going on with REINSTATEMENT of G-S Act. Please stay with us, we need your input Phillip!
The Bill has already been submitted: force your congressman to vote for this bill:
H.R.2451 -- Glass-Steagall Restoration Act of 2011 (Introduced in House - IH)-- IN THE HOUSE OF REPRESENTATIVES
July 7, 2011 --Mr. HINCHEY (for himself, Mr. CONYERS, Mr. INSLEE, Mr. DEFAZIO, Ms. WOOLSEY, and Mr. CAPUANO) introduced the following bill; which was referred to the Committee on Financial Services
great. please POST it! You are the man
who's coming to WDC to join your movement...
Let's now get focuse on a plan to March to Capitol Hill and take our government back
power to the new 99% party!
who wants to help plan a march to Capitol Hill?
I love to see all these concrete ideas. I now know all the problems and have been searching for solutions that can actually be implemented. Thanks!
hi Banjarama, thanks again for this comment on "I now know all the problems.." it's why I posted this info; so everyone could quickly get on the same page. And your response here made it all worth while...cheers
Thank you! And they will be implemented once again. After all, we own this country, not the lawmakers! After all, we have the power to vote them out of office!
After we get this accomplished. Here's how we can keep them working for us:
Another Big Dream:
Today Congress we the people are here to start the wheels of governing turning in a different direction. It’s pretty obvious to us that our voices have been lost in the rambling of lobbyist's hard cash throughout the Halls of Justice.
So Congress we are here to take back our government and restore its fundamental principals to the American people. That this government is for the people, and by the people, and not by the rich people anymore.
Here’s how we plan on accomplishing this: First, ladies and gentlemen of the US Congress, we are setting up a nationwide interactive website devoted to understanding (if possible) why you vote on a particular issue, and if that vote benefits the American people the most? or one of your campaign contributors? After every vote in Congress, the American people can now see what you are thinking, or not. How? These results will be broadcasted nightly on all of the major networks and on the web.
Secondly, to maintain an even playing filed, we will next enact campaign contribution limits on a maximum of $100 for any person or corporation or so forth; so hopefully now we have an even playing field, which now the lawmaker will hopefully pick what’s right for the American people, verse big business!
Next, it gets better, we are introducing a bill that would require all lawmakers to take a lie detector test if they are asked why they voted on a particular bill (I know it's pretty out there-- but would make a good movie).
I’m sorry to say Congress that it has come down to this, but when you deal with children, sometimes you are forced to act according.
Thanks you for your time.
This is the first logical recommendation I have heard. In 1933 our government knew the threat of banks and institutions that were too big to fail and vigorously opposed what our government of today passionately embraces. It seems we will never learn from history and, frankly, this paradigm shift of policy should scare the hell out of the 99%.
and it's not brain surgery! we can do it! thanks for this post.
anyone on board for march to the hill!
Amen Brother! I watched "Inside Job" last night. Holy Smokes! You are spot on with your recommendations. When is the march?
how about January March! Knock it out soon.
thanks for this. The march is my dream, just me and you now, let's get it done!
Yes. The how and when are next. If anyone wonders why OWS has appeared just mention this act. It encapsulates many erroneous anxieties the country suffers at the hands of banking crooks.
makes you wonder who is running the show, Great point, thanks for posting it.
who wants to march to capitol hill next?
Cheers to the 99% Party!
This is a great idea. Be sure to call them out on thier part of it's repeal. This is specific and well documented. Now to get people behind it.
I hope this is the OWS's next agended, they have many good ones, but I feel this is our best bet for a great start to get something majorly accomplished. Next is a 99% Party to take on the R&D and Teas....
any thoughts here? this should sum it up in 3 1/2 minutes. See link. I feel it's all about education, we have to understand how we got here: Greed. Even Alan Greenspan, former Chariman of the Federal Reserve, finally admitted in 2008 that he forgot to factor in the "Greed Factor" into his free markets equations...
http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
OK. Now here is another good starting point. Lobby to bring back the Glass-Steagall Act of 1933. How? Do this by face-book and twitter to contact the President, members of the senate and congress directly in an open forum. Copy all of these e-mails to every media group. Why face book and twitter? Because it is an open forum to the Public. This way it can clearly be seen who is listening in government and whether they are working for us or against us. Why copy to the media? Because they need to know that we do have concrete agendas. Track these individuals in government that are obviously working for ( or are in the pocket of ) wallstreet, Oil, Pharma, Banks, etc. We don't need to wait for an election to make a change in government. Start recall proceedings on all senators or congressman who are not working for us but who are obviously in someone's pocket. Whether the recall fails or succeeds it puts them on notice as well as speaks to the rest of the 99% that here is how we start to move forward this is how we begin to retake our government. The next election may then be more interesting.
How about instead, educate the public and get people to flood the streets in protest.
Fuck lobbying congress through Facebook.
Yes educating the public is always a good thing. Getting people out to demonstrate is also a good thing. Ignoring or bypassing valid forms of protest not a good idea. To ignore lobbying/protesting over the internet by use of social media ( facebook and twitter ) you then throw away part of your teaching tools. Besides when it all is said and done it will be political action that heals or continues to destroy our society. WE THE PEOPLE need to stand-up speak out take part in our legal system to make positive change.
Spread the word advocate for change.
Contact the White house: http://www.whitehouse.gov/contact
Contact the senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
Contact Congress: http://www.contactingthecongress.org/
Contact the house of representatives: http://www.house.gov/htbin/findrep?ZIP=55433
Contact the Supreme Court: http://www.supremecourt.gov/
Well, since we don't live in a 3rd world country (at least not yet) let's try the civil aproach first, Cool? It's always the best remedy: win them over with Education to either do the right think, or...lol.
The civil approach is to protest at this point.
Hey DKAtoday, maybe use this for our facebook blog? See below. I'm not on, so could use your help partner. Need a jump start.
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"
Anything I can do to help get the word out. What did you have in mind ? How may I assist you?
Thanks DKAtoday. To start with it would great if you post this site on facbook, twitter, etc. the more the merry. http://occupywallst.org/forum/lets-get-focused-and-bring-back-glass-steagall-act/
Next goal is a site for the MARCH to The Hill, which, once this gets out more, it should come together better.
OK. Done deal. I will include it in my posts as a very good way to get started.
Great! please let me know if you get some good feedback. Of course, I may see it here too. I'll be in touch. Thanks DKAtoday!
Your welcome. The main thing to do is to continue spreading the word. Share with friends and family as well as with all you have not yet met and they can do the same with theirs.
Advocate for change and provide each-other with support by being involved and by providing such starting points and guidance destined to encourage positive growth in the movement for change.
KAtoday how are you? Fyi, after what happened to Scott Olson, I decided to step it up and start a new site called: http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
It has the same content as the other, plus a little more to come. Question/favor? Do You think it's okay to have to similar sites with similar content? or should i change Let's get Focusand Bring Back GS Act to the Million March to Hill name? or just leave it alone? Delete the old one? Did I screw up? thanks
Repetition/redundancy is OK. The more sites someone can stumble across the better. The more sites carrying the same or similar information, then the more likely they are to be found. The main thing may be in the titling of the page as people will find site by using search words? I am also new to much of this Facebook or wiki spaces and am also learning as I go. Hope this reply helps Howtodoit.
Hi, that helps a lot. Thanks DKAtoday
I guess I need to finally join Facebook, etc. but for now, I really appreciate and need your guidence.
Hey DKAtoday, nice post. These are the type of things that need to be done and should be the focus of the OWS leadership. They are certainly wired to do it -- look at this website. Take Care
Thank you. Spread the word.
That's how you do it!
Thanks for your reply.
Spread the word.
Contact the White house: http://www.whitehouse.gov/contact
Contact the senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
Contact Congress: http://www.contactingthecongress.org/
Contact the house of representatives: http://www.house.gov/htbin/findrep?ZIP=55433
Contact the Supreme Court: http://www.supremecourt.gov/
thanks partner. we need this great info for this blog. perfect! please send out anything you read here. Thanks.
done
Will do, thanks for the informative links.
not as important as an article 5 convention and a new political party. while it is a serious core issue, if all we did was this, it wouldn't be enough by a long shot.
your right, this is what wall stret fears most
iTA G/S and uptick rule
let's get educated about this mess, it's really simple...
This should be OWS' agenda or at least a big part of it.
it's all about edication to the root of the problem
I think is it! let's keep them aware!
FIRST PRIORITY bring back Glass-Steagall Act of 1933
my thoughts, excally
No, constitutional ammendment - minimally.
The Game is Already Over
nothing is over. Power to the Peaceful!
I believe that too, the cat is out of the bag. Now it's all about education, so people understand why we are here! Deregulation, that's it.
we also need to write and call our congressman, keep on them, they do listen to large groups
The Hill is next...
It's a good start, but not the entire fix.
I agree, but still a big start in the right direction...
Agreed. We also need to get money out of politics. Money does not equal speech.
Let's do that too
rebuild the walls of regulation to 1999, the kick-off point
we could learn a lot from 1929
yes, and we need to remember the Sherman Anti Trust Act!
yes!
Thanks for your post. GS is their biggest nightmare and the call for reinstatement can not be repeated enough.
thanks for your support
glass steagall is insuffiicent. we will need an article 5 convention and then to put fire under that we must start a new political party.
the (99)other1 percent party. lol.
or just the 99 percent party, but, anyhow, we have to reach the rest of the population and engage them in meaningful argument.
that can only be done systemically two ways. glas steagl is important but not as by like.. a factor of ten.
By the time Glass Steagall was repealed, the banks had been figuring out ways around it for years.
correct. frankly the only way out is to remove the oligarchs from power. kick them all out of government. let them keep their money, and etc, but kick every last millionaire / billionaire out of government and then make a new lot of laws that bars the rich from even serving in office.. let alone using a system of legalized bribery to run the country.
that's next
yes, but now education is taking over...
Granted. The kids are learning the history of banking in this country, and that's something. It's definitely a start.
Thanks. you hit the nail on the head! For the past few years, the reporters who have wrote about this crazy financial de-regulation mess always say that most people don't understand it; so we have to educate them, and it's really simple, take a history lesson, Reinstate the Regulations we had from 1933 to 1999. Have a good night.
Straight to the heart of it. We were lulled like a sleeping cat. Big Money and government stroked us, fed us, and let us lay in the sun. We are now waking up to what has happened and have no way to understand it easily. If we know, we must educate. If we do not know, we must seek the knowledge to free ourselves. We have been bound and oppressed by ignorance, now is the time for education and enlightenment!!!
Straight to the heart of it. We were lulled like a sleeping cat. Big Money and government stroked us, fed us, and let us lay in the sun. We are now waking up to what has happened and have no way to understand it easily. If we know, we must educate. If we do not know, we must seek the knowledge to free ourselves. We have been bound and oppressed by ignorance, now is the time for education and enlightenment!!!
perfect! thanks again!
Investment banks (taking an ownership position) were allowed to merge with commercial banks (lending banks) after the repeal of Glass Steagall. A conflict of interest. Lending banks shouldn't be able to speculate and make bad bets. They should only be lending banks.
Plus when they repealed it, it did away with position limits.
So now banks operate like secret casinos with no discipline. No position limits.
Bring back Glass Steagall. Separate these entities and stop the speculative bleeding.
sounds good, but not one tenth as important as an article 5 convention and a new political party.
well, at least it's great frame work for what's to come, let's take a history lesson from 1929. thanks for this ")
this is very much like 1929. the difference is we can act to prevent theworst, and, this could be a million times worse than the great depression. entropy and corporate oligarchy are sucking humanity into a death trap. there are any one of 20 different doomsday clocks ticking... peak and then gradually going towards NO oil, or coal (finite supply) means our current system is a bubble that MUST POP. our current economic and political system is indeed stresssing that bubble like a blunt pointy thing.
I hear you! thanks
Not, by far, the only thing that needs to happen. But, I do think perhaps the most important. Bringing back what I think was called "The Public Utility Holding Companies Act" (correct me if you know better) would important, also.
yes, another layer, like glass-steagall that saved us from the great depression http://en.wikipedia.org/wiki/Public_Utility_Holding_Company_Act_of_1935
yes, this is just a start, but l feel the first thing that needs to be done, then your excellant idea!
Think we pretty much agree on that. This is a little tougher: Propagating the idea that the corporation isn't the solution, it's the problem. Run business like a government.
with proper Wall Street Regulations, that's the right thinking.
As an, apparently, PAID TROLL, I agree with this suggestion.
God Bless.
right on!!! see you on 6/16/12!
Wayne Rogers agrees with you. Great short video that sums it up
http://finance.yahoo.com/blogs/breakout/wayne-rogers-occupy-wall-street-misguided-save-america-122420603.html%20?sec=topStories&pos=6&asset=&ccode=
thanks again for this link happybanker. 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!
Thanks happybanker. Nice to hear Wayne has the same goals.