Posted 4 years ago on May 2, 2012, 9:20 a.m. EST by SingleVoice
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For any revolution to work, solutions are as important as protests. Protests are great for drawing attention to the problem, but then it’s time to draw attention to solutions. We have many problems so we need to start with the core one and then move on to the others.
The discrepancy of wealth is mostly due to the policies put in place by people of power wanting more power, and not wanting to give up any of that power. The object of our protests should be the people making the decisions and policies that got us here. The real issues are not being addressed by the people that are in power.
History gives us plenty of lessons in this regard. The events leading up to the crisis of 2008 are very similar to the events leading up to the crash of 1929 - record stock prices, record land and real estate prices, record debt from extensive credit. That bubble burst too.
After the crash of the stock market in 1929, congress put into place a law to separate a depositor bank from an investment bank. The 1933 Banking Act (Glass-Steagall) established the FDIC to insure depositor’s money in banks but also limited depositor banks from gambling with depositor’s money in securities on Wall Street. This kept investment banks and depositor banks as separate entities. The Banking Act also regulated speculation. We never had a major financial crash since then until...
In 1999, the Congress repealed the 1933 Banking Act (Glass-Steagall) and it was signed by President Clinton, permitting Wall Street investment banking firms to gamble with depositor’s money held in affiliated commercial banks. This is the start of "too big to fail" and what led up to the financial crisis.
The other important thing to note is that leading up to this repeal, money from Wall Street was pouring into campaigns to elect and re-elect politicians who would go along with this repeal. Also, politicians who had been in power for decades made money from inside trading and pushed to repeal this important law.
Why has the congress NOT put Glass-Steagall back on the books and demanded the separation of investment banking and depositor banking. Because they won’t give up the power they have and the money they put in their own pockets.
Congress and Wall Street have all the power. It is the corruption in Washington pushed by the money of Wall Street that is the problem and one way to correct this particular problem is to get congress to re-instate the Glass-Steagle Banking Act and WE need to replace every congressman/woman, Republican, Democrat and Independent that has been there more than 5 years because they are the ones that got us here. Why do we have lifetime politicians in office for 40 years or more that make policies to benefit themselves and hurt the rest of us. We must get rid of the corruption in Washington that feeds on the power of Wall Street money.
Let’s start there and then move on through the list of things that need to change.
– One American Voice