Forum Post: Literate People Only
Posted 13 years ago on Oct. 17, 2011, 9:51 p.m. EST by riethc
(1149)
This content is user submitted and not an official statement
I titled this polemically because I see that we have a massive intellectual vacuum on this forum being filled with complete nonsense. If you do not understand the concepts in this article, please leave questions in the comments. We need people who know what this is, and what it means: Literacy Wanted
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
On some other posts I have listed this as what I think should be OWS' top three demands:
Get money out of politics with publicly funded elections.
Reinstate Glass Steagall.
Repeal the Bush tax cuts for the wealthy.
Sounds like a logical plan
Think this is already on the radar for the 99% Declaration working group, but bump anyway.
On the radar is good, but this should be the central demand. All the rest can only come after we do this.
I think the best candidate for the central demand is in the vein of Get Money Out of Politics. It seems to me that, if that's accomplished, Glass-Steagall is a walk-in.
http://www.getmoneyout.com/
But if it happens in the other order, you won't see me crying tears.
I agree with this as well, of course. I only see the financial system teetering on the edge of collapse, and see a need for Glass Steagall immediately.
Finally, Thank You.
Someone else here is speaking my language.
Hurray!
Throw in Brooksley Born + you've got my vote!!
I agree.
Bump!