Forum Post: Now is the time to demand Glass-Steagall
Posted 13 years ago on Nov. 20, 2011, 5:06 a.m. EST by riethc
(1149)
This content is user submitted and not an official statement
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 banker run government! 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
Confront the current members of Congress who, in 1999, voted for the repeal of Glass-Steagall. Demand that these Wall Street owned representatives in Congress reinstate Glass-Steagall NOW!
SEE: The Congress that Crashed America http://home.ptd.net/~aahpat/aandc/congcrash.html A compilation of current members of Congress who, in 1999, voted to repeal Glass-Steagall.
There are links for contacting Congress.
Nationalize the banks. We're going to do it anyway when the $600 trillion derivatives time bomb explodes.
Yes! And any thoughts on this first step? They asked me... http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/
No idea how to go about it, but it seems inevitable. Iceland did it after their banks went bust.
We don't need to nationalize the banks. The Glass-Steagall Act MUST be reinstated and the enormous investment banks MUST be broken up. This is merely the first step though. In addition criminal charges for negligence must be filed against those executives of the firms that were responsible for destroying our economy. The irresponsible acts of these massive firms caused thousands of Americans to lose their homes and life savings and they profited off of these acts. Their banks were deemed too big to fail and so they were saved. Well I say that this is wholly inappropriate for any business, much less a financial institution, to be such a big part of the market that it would be too devastating to the economy to let said business fail. This MUST end!
Now this is something I can really support!!
I support restoring glass steagall
Do any of you know what bill clinton did with the pen he used to sign the bank deregulation bill?One hint citibank!!
Yeah, Citibank was already completely crossing the boundary between investment and commercial banking before the bank deregulation. It actually had to break that part of its business up by the end of 1999, but guess what happened instead? G-L-B... bastards totally planned it.
Too late.
How so?
They have made off with the money. The financial system is in tatters, about to really fall.
Locking barn door. Horse long gone.
It is about breaking up the banks. After that, further reforms will be necessary, but without it, the financial industry will continue to block any reform that would cut into their profits.
Example: The Dodd-Frank: Even though its reforms don't do much, it is under attack by the financial industry even now after it has been passed.
Nice job, please let me know what you think of this OWS Proposal? http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/ Cheers riethc, let's get America on the same page!
I have signed the petition and I wish more people would do so. Please go to www.getmoneyout.com. This is for the good of all people the left and the right. It is repulsive to see that politicians are bribed to no end!!!
Amen Brother!
Even if the two bills pass, the president has to sign them into law, which is problematical since the president, like those before him, are in the tank for Wall Street. Trying to override a presidential veto may be a bridge too far. That's why the Wall Street bankstas keep laughing their tails off. Nonetheless, #OWS should demand the restoration of Glass-Steagall from now into eternity. Wall Street fears the restoration of Glass-Steagall and the enforcement of the Securities Exchange Act of 1934 that prohibits market manipulation more than anything on the planet.
Yes, I agree with everything you said. I would just mention that once Glass-Steagall reaches the floor of Congress, it'll a whole new ballgame.
It only shows how tightly the banks control our congress and our president for Glass-Steagall not to have already been reinstated. We're talking about pure evil.
I agree Glass-Steagall re-instatement would be a great and wise victory for this movement. We need to leverage our power!
==============Power to the 99%========================
Agreed. Should be a major focus of OWS movement.
Agreed. We need to make sure it's strong and permanent this time. We don't want to be marching in 30 years.
Of course I'm totally on board with this!
Totally on board with this!
The Clintons are no friends of America, the root cause of the too large to fail issue, and the vision that everyone should own a house (not a home) was penned by Bill Clinton.
http://thestrangedeathofliberalamerica.com/bill-clinton-glass-steagall-and-the-current-financial-and-mortgage-crisis-part-two-of-an-indepth-investigative-report.html
It's not that simple. Clinton stupidly went along with Greenspan and other leading economists of the time. When he signed Grahm-Leach-Bliley he was under attack about the Monica Lewinsky scandal and it was unlikely that his veto would hold up if G-L-B returned back to Congress.
Agree.
((((Glass Steagall will divide them!))))
The Only Way to Save the Economy: Break Up the Giant, Insolvent Banks
http://www.washingtonsblog.com/2011/10/the-only-way-to-save-the-economy-break-up-the-giant-insolvent-banks.html
The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion:
(1) Nobel prize-winning economist, Joseph Stiglitz
(2) Nobel prize-winning economist, Ed Prescott
(3) Former chairman of the Federal Reserve, Alan Greenspan
(4) Former chairman of the Federal Reserve, Paul Volcker
(5) Former Secretary of Labor Robert Reich
(6) Dean and professor of finance and economics at Columbia Business School, and chairman of the Council of Economic Advisers under President George W. Bush, R. Glenn Hubbard
(7) Simon Johnson
(8) Former 20-year President of the Federal Reserve Bank of Kansas City, who was today nominated to be FDIC Vice Chair Thomas Hoenig
(9) President of the Federal Reserve Bank of Dallas, Richard Fisher
(10) President of the Federal Reserve Bank of St. Louis, Thomas Bullard
(11) Deputy Treasury Secretary, Neal S. Wolin
(12) The President of the Independent Community Bankers of America, a Washington-based trade group with about 5,000 members, Camden R. Fine
(13) The Congressional panel overseeing the bailout
(14) The head of the FDIC, Sheila Bair
(15) The head of the Bank of England, Mervyn King
(16) The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz
(17) Economics professor and senior regulator during the S & L crisis, William K. Black
(18) Leading British economist, John Kay
(19) Economics professor, Nouriel Roubini
(20) Economist, Marc Faber
(21) Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales
(22) Economics professor, Thomas F. Cooley
(23) Economist Dean Baker
(24) Economist Arnold Kling
(25) Former investment banker, Philip Augar
(26) Chairman of the Commons Treasury, John McFall
Brilliant list there. Let's get it out to the world.
Concur
Thanks for the post and the link to the cpsan clip on UTube. This issue is sooooo important right now. Especially with all the programmed/high frequency trading going on right now. We may see another huge crash in the market within the next 6 - 12 months and we'll be back bailing out banks one more time.
I agree we need Glass steagall back! Banks are too big to fail and that is why we have to bail them out, they are both investment banks and savings and lending together. This is wrong because if a bank goes under because of its investment side the FDIC has to foot the bill for each savings account...the FDIC is our tax payers $$$. If we split the 2 functions (investment banks & Lending institutions) we are saving ourselves the trouble of bailing them out again @ our taxpayers expense. As long as we practice capitalism our government must regulate banks and business, unregulated capitalism will eat itself alive. This is a proper role of government and the soverign people to draw boundaries around business. As for the Fed, it has rules and furthur regulation has been made in the Dod Frank legislation. The Fed is necessary, we need monetary policy, not gold standard. Gold standard is insufficient to meet the needs of the nation.
to RIETHC - and all other demanders -
If Mr. Jones went to Dr. Smith doctor and he told Mr. Jones - you have a melanoma and I DEMAND that it be cured -
Mr. Jones would run away from Dr. Smith like a plague.
Where do you think middle America is now - .............................................down the road with Mr Jones.
STOP DEMANDING - AND START PLANNING
1) target ( republican especially ) congressmen and senators
2) create a letter writing, phone call, email campaign
3) meet with key supporting legislators to get advice
4) meet with local organizations to gain support (especially unions)
FIND YOUR REPRESENTATIVE & SENATOR’s CONTACT: https://writerep.house.gov/writerep/welcome.shtml
http://www.house.gov/
http://www.senate.gov/
Then, to “grass roots” it, get at least four of your friends to also email their congressman – and get them to “grass roots” this through repeated generations –
till Washington is covered in grass!
Have you seen the movie DALLAS ?! Do you want to get rid of cunning people (J.R.)!? Do you think you can buy, with dirty money, a house or a yacht !? If so, vote for the petition: http://wh.gov/jkl
Get big money out of politics.....Severely restrict lobbyists.
Those are the only issues for now. Without them, everything else is hopeless.
I agree that lobbyists need to be strongly reigned in and SuperPACs have to completely illegal. I think leading up to the next election, this must be done. But for now, we need immediate action on the financial system.
Below is a list of Congressmen that have sponsered reinstating Glass-Steagall:
Congressional Co-Sponsors to Marcy Kaptur’s HR1489. (By date of signing)
Current List of Congressional Co-Sponsors Rep. Maurice Hinchey’s H.R. 2451
Republicans were against bailouts but appear to like Glass-Steagall. This appears to be a contradiction since the repeal of Glass-Steagall led directly to greedy bankers needing to be bailed out.
Not that it matters, but the list is mostly Democrats.
If citizens are protesting peacefully in defense of the constitution, or for an article 5 convention, because congress has been so unconstitutional, with so much damage, its basically criminal; that law enforcement will be reduced to making shameful displays of monitoring the obviously MORE lawful protestors.--
Or, who sent these protestors to do this stuff on this premise? Where's the accountability? Is this going to be allowed to escalate or is sensible strategy going to be developed?
I agree with the post and support OWS. But if you want to get any of this done, you need to rally around a charismatic leader. http://occupywallst.org/forum/ows-is-becoming-increasingly-unpopular-heres-how-t/
[Removed]
This is all backwards. Regulating banks is the cause of the problem, not the solution. Better to eliminate all banking regulations & shut down the Federal Reserve System.
I know the tea party and OWS seem to be on opposite sides of the fence, and probably will be on many subjects but what if we could come together on a few things. American citizens bank deposits are insured by the American tax payer thru the FDIC. IMHO if the tea party wants unregulated banks you could start them right now ----------just find someone you trust and let them hold you money, so far no one is doing that. Would I like to see the fed books opened up ----------------yes, can we agree on that ? Really really Darren it was the breakup of Glass/ Steagall that allowed banks to trade derivatives combined with excessive leverage by the fed that caused this crisis. I will ask you to research the following wall street products CDO's CDS's and futures and decide if you want your new tea party bank gambling on those with your money. Remember the tea party was started by Rick Santelli a guy who works on a derivatives trading floor
Actually you are wrong on the tea party. Here is Ron.Paul explaining why he voted against repeal of Glass-Steagall.
http://www.youtube.com/watch?v=eIC8E9Q2pTs
Ron.Paul is a LIAR!
And Ron-Paul is lying.
Ron.Paul DID NOT VOTE AGAINST REPEAL OF GLASS-STEAGALL.
Coward that he is he abstained from voting.
Here is my presentation of the actual vote tally: http://home.ptd.net/~aahpat/aandc/106st.html
And here is the official Roll Call Vote: http://clerk.house.gov/evs/1999/roll570.xml
Don't give me no stinkin Ron.Paul LIES!
http://www.govtrack.us/congress/vote.xpd?vote=h1999-355
That July 30, 1999 vote does not count. It is not the final vote. The final Nov. 4, 1999 vote is the only one that counts. It is the vote that passed the bill and made it law.
Any other vote before the final vote is bullshit. Posturing. He voted against it before he abstained from voting against it.
You said he lied
Ron.Paul lied.
He did not vote against repeal when the vote mattered. for you to say that he did not lie is disingenuous and dishonest. Just as dishonest and disingenuous as Ron.Paul.
I don't care how Ron Lawl voted. No offense to the Paulites.
I know Ron and I actually like his ideas a lot of the time. I just remember the day when Rick Santelli's rant started a big movement that became the tea party -----------Ron was around way before that. He's right about derivatives for sure and Glass/Steagall, so there's some agreement !!!! Where I part ways with Ron is I like the fractional banking system but I want the deposits I insure to be protected from the wall street gambling addiction. I'm actually a fiscal conservative which these days is referred to by the right as a crazy commie dirty hippie socialist.
[Deleted]
Whatever about the warmongering Tea Party, I'm not one of them. What drove the crisis was the Federal Reserve's monetary pumping. They caused the bubble that burst. CDOs & CDSs are all part of the regulated & licensed financial landscape. Again, it all goes back to the govt's intervention. The 1% is nothing without it.
You are right about the fed letting banks overleverage for sure Get this through your head CDO's and CDS's are part of the deregulated financial land scape. If you need to blame a democrat you can because Clinton signed it into law -----------Greenspan was one of the main characters It was not cause by regulation it was DEregulation this whole "government intervention is the problem " mythology is put in place by big money so they can keep picking our pockets The Commodity Futures Modernization Act of 2000 (CFMA) http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
"the major dealers of those products (banks and securities firms) would continue to have their dealings in OTC derivatives supervised by their federal regulators under general “safety and soundness” standards." This is from the wiki entry you posted a link to. Where's the deregulation?
And the Bush administration did a great job of looking after them. right ? AIG is one place. That's just the law that deregulated derivatives there's also the repeal of Glass/Steagall that allowed banks and insurance companies to have proprietary trading divisions ---the one at AIG is where they lost the billions. That puts the taxpayer, our bank deposits, and the FDIC on the hook for the gambling losses at banks. Convenient for the banks they dump their losses onto the taxpayer never have to face reality. I know you and I are on the same page there but you would say let them go bankrupt. Can you really imagine this country with City, Bank of America, Wells Fargo and all those comunity banks all bankrupt and all those bank deposits gone ? Why not just re-separate the investment banks from the retail banks thru Glass/ Steagall ? It worked for 50 years.That way the gamblers are on their own win or loose and our bank deposits are isolated from all that.
Why not end FDIC, the Federal Reserve, ad nauseum? Let's let market discipline & competition give us a sound banking system. G/S was just a band aid. The problem is central banking.
We know what America looks like with no fed and no central bank ----that's why we made both of those entities. We also know what America looks like when the investment banks were not part of the welfare system. As soon as investment banks became part of the welfare system they started making leveraged products that would explode and take down the economy. It was Wall streets leveraged financial products that caused the crash in 1929 . To answer your question ---America is not going to get rid of the fed and FDIC ,the percent of people fighting for that is to small. Wall street will use your anti GOV stance to keep from getting regulated and kicked off the FDIC welfare program. If OWS and the tea party at least could bring back Glass/Steagall we could accomplish something good for the country and get at least one corporate sector into the "Free market" get them off our backs and let them go BK if they fail
It was the Fed's monetary pumping that lead to the crash of '29. The bust always follows the boom. It always goes back to the govt.
Wall St has been using the left's pro intervention stance to get control of the economy. They love regulation, the regulators work for them. Stop being played. Take away their power by helping implement a free market.
This is a simplistic view. Who contols the fed reserve. Trust me, this is way beyond dems and republicans. The investment banks influenced policy. A few benefited, but the system ate itself. Your post defies the logic of good research and intelligent thought. Unrestrained one percenters, i.e. the ultra rich and isolated individuals are only looking out for themselves. Checks and balances need to be restored. Power corrupts.
The banks asked for handouts because the sale of unregulated derivatives, cdos, et al. Blew up their balance sheets. The lobbyists from the corporate backing put tremendous pressure on the fed reserve amoung others to fix their mess. Social capitalism to keep the one percentors in power and rich...the Euro is done, the media will try to spin it. But euro zone collapse is because of unrestrainted derivatives trading.
The crisis is starting over again and the banks will try to put the hook out to gov. But theirr isn't 4 trillion or the probable 75 trillion needed this time unless the dollar is undervalued via inflation. CEOs in the coming months will continue to collect their million dollar bonuses, while average people continue to loose their homes and their jobs. The decaying empire will continue to take some last desaparte attempts; BUT the the spirit of dignity and denceny of the human condition rings true; it trumps rotten greed, and so it beings, he awakening of this debate and these issues are here to stay. I champion a better society and it starts with ows. Occupy together!
Checks & balances are a joke. They're about govt not private companies anyway. what's needed is market discipline based on competition. Regulation is exactly the opposite. It stifles competition. Power, like the power that the govt has to regulate, is corrupt.
Here's an intelligent thought based on serious research for you & Demcapitalist:
"During both his terms, President Bush outspent every one of his recent predecessors. In his first term, he increased spending on regulatory agencies by $8.3 billion, almost doubling what President Clinton—the second biggest spender—spent during his second term.
The data also show that, adjusted for inflation, expenditures for the category of finance and banking were cut by 3 percent during the Clinton years and rose 29 percent from 2001 to 2009, making it hard to argue that Bush deregulated the financial sector." http://reason.com/archives/2008/12/10/bushs-regulatory-kiss-off
But wheres the evidence that markets correct. Look this is fact, assume their were no regulations then, monoplies form. How is this any different than the few select people reaping the benefits because they control the game. Communslon ate itself because power was concentarated in the state. Its no different here. I am not socialist, I just don't support concentrating power into the hands of a few thousand people who are billionaires. I don't trust human narlture in the sense that it seems as though its all about I'll take the money and run. Look around. I am safe, I earn over 100k as a doctor. If your in finance, a celebrity, or specialized degree'd individual, your doing ok. But its no secret that our economy is shuttered. There is no back BONE to our economic structurw. A Few years ago the state of NY put out bids to build subway cars...there were no firms or factories to build them. The contract went to a canadian firm. Pathetic. Thats not perfect market balance; where those jobs could have been provided by 30,00 workers here in the US for example. Thats an example of profiteering and robber barrons. Not everyone can be a derivatives trader or celebrity or invent an app for apple or write a famous book. Those people deserve a fair wage. They also deserve a shot at advanced education. Why do you think people are protesting? In the 60's the common "man" did have job. Wake up, look around those people cant find decent means to support themselves. Also, I am ok with rewarding performance with big monet, but do time and time again bankrupt firms and hello, banks asking for handouts still pay their ezecutives millions of dollars in bonsuses? Thats not perfect market dysregulation working things, thats a good ol' boy system paying off its own. Thats what we need to fix. The irony is these steps would srengthen output. We are not a production economy. We arw consumption economy and the people have rub out of money because all the jobs and infrastructure has been shuttered, thats why the system is imploding. Europe is imploding largely because of US debt practices are running unconteolled pushed by US banks. Thats profiteering. Also, I would suggest that unleaa you are shorting European securrities or are in the in, drop your investments...
Doc4the99,
Where's your evidence that free markets lead to monopoly? Every time someone has made this claim to me before they cite instances of govt intervention. Like your example about the subway cars. Public transportation is a monopoly rammed down our throats by govt force. It is not a free market situation.
You talk about education, another govt enforced monopoly. At the lower levels there are the govt indoctrination centers (public schools). At higher levels there are govt universities along side "private" institutions accredited by state controlled agencies. No free market here but plenty of monopoly.
Banks & financial institutions are regulated by the Federal Reserve, the treasury, the Comptroller of the Currency, the Securities & Exchange Commission, & state level regulators. Let's not forget Basel III which will start slowing economic growth, "An OECD study [2] released on 17 February 2011, estimates that the medium-term impact of Basel III implementation on GDP growth is in the range of −0.05 to −0.15 percentage point per annum." http://en.wikipedia.org/wiki/Basel_III#Macroeconomic_Impact_of_Basel_III Of course, Basel I & II were in place long before the present crisis. They didn't do much good.
In a free market in which there are few to no restrictions on entry monopolies can't last. My experience teaching English in Venezuela was like that. I started my own company giving classes to corporate managers & employees or private classes to professionals/ business owners. I worked out of my house giving classes at the customers offices. No licensing or regulation. There were a few big players like Berlitz, but most of my competition was from other independents like myself. It was an almost perfect free market that worked.
Eurozpne debt crisis has basically been caused by goldman sacs cooking greece's books several years ago. Yeah the markets are operating in harmony unregulated.
If you mean cooking the Greek govt's books there's no connection to any free market.
Explain how that is not an example if of regulations working...
To me this is the exact definitiin of what happens when markets are left to their own devices. Read adam smith lately? He agreed with restraint. Shocking, i know
http://peterlbrandt.com/mf-global-proof-that-the-u-s-government-is-not-able-or-willing-to-protect-investors/
No, I prefer Mises:
"Interventionist measures lead to conditions which, from the standpoint of those who recommend them, are actually less desirable than those they are designed to alleviate. They create unemployment, depression, monopoly, distress. They may make a few people richer, but they make all others poorer and less satisfied. If governments do not give them up and return to the unhampered market economy, if they stubbornly persist in the attempt to compensate by further interventions for the shortcomings of earlier interventions, they will find eventually that they have adopted socialism."
http://mises.org/etexts/mises/interventionism/section8.asp
This is nonsense and illogical
Please explain
Ok banks bet against morgages in non regulated complicated financially engineered exotic instruments. They guess wrong, then they beg the fed for a socialist bailout (not free market, socialist capitalism). Companies that are bankrupt , have ceo's walking away with million dollar non taxabke bonsues and the regular losses his house. Thats not pay for performance. Thats robbery. All you're citing is archaic, academic, circular logic. Speak with clarity. I think ows is sick of that crap.
Thats straight up crap info u provide BELOW. It wasnt until clinton and beyond that the banks were heavily deregulated. And look what happened. What i state is fact. I am tired of these lies. Either get your facts straight or go back to trading CDOs. I have 250,000 worth of eductiom and, i am tired of hearing this spin. Get your facts straight.
Let's look at the banks, they are part of the Federal Reserve System, a banking cartel created by the govt. Mortgages are heavily regulated, interest rates determined by the Fed. The exotic instruments are regulated the left wing mythology not withstanding: http://www.thefreemanonline.org/featured/did-deregulated-derivatives-cause-the-financial-crisis/ Of course, a socialist bailout is not, as you state, free market either. The CEOs aren't operating in a free market. So where is this alleged circular logic? The govt intervenes in the market & causes problems. It then tries more interventions, including more regulations, to try to fix the mess. The problem is that each "solution" only makes things worse. That's how we got into the mess we're in today. Regulation started during the progressive era over 100 years ago & they still can't make it work. It's time to move on to free markets already.
I have an econ degree from northwestern university and a phd from ucsd. I am here to defend ows from the likes of mumbo jumbo. Paying losing ceos to ship jobs to china, while china is on the verge of down grading us debt, which they own 30 percent of -- is a direct result of a a few dozen billionaires thinking they could create money out of thin air. It doesnt work, the euro zone is collapsing because of goldman's pratices. And the cops via bloomberg can beat every last brearh out of me, but i am not living in a country controlled by isolated ultra rich fools. Thomas Jefferson and the spirit of the founding fathers would be right here protesting. This country is hi jacked no longer. The masses have awoke. I personally point to Bloomberg as I dont serve in the army as officer to see cops on mayors orders beat civilians . Pathtetic. Keep sending me your circular logic until your head spins. Meanwhile your freedom of speach is being stolen.
Oh, how you are so poorly misled.
Keep being played by the 1%. It is through the govt & its regulatory system that they get over on the rest of us.
Yes it is and that's why we need to put Glass/Steagall back in place, to separate the wall street gamblers purse from the bank deposits of American citizens. I'm a little tired of financing their addiction with my tax dollars.
Why not advocate the end of stealing....I mean taxation then? G-S isn't going to stop them from getting over on us.
A basic principle of Glass-Steagall is that you don't gamble with other people's money (deposits). If you think it's OK for people to play craps with your ATM card, by all means, do not support Glass-Steagall.
I like thing like roads bridges schools police firemen the post office and the reserve banking system insured by the FDIC I guess that makes me pro tax. I just don't want wall street to gamble with my money. If I want to use that money to trade derivatives I'll do it my trading account and I will accept responsibility for losses and won't expect a taxpayer bailout. The reason I put it in a bank is so it will be safe from high stakes gambling not to give wall street a bigger pot to play poker with.
So it's OK with you to steal people's money if it goes to build roads? How about if it goes to paying for people that brutalize minorities & non violent pot smokers? Oh, that's right you already said you like the police. Let's hope they treat you well at the Occupy near you.
Well not each cop individually ---lol That's why I also like laws and the court system and the constant battle to try to keep them honest. Your obviously an anarchist ----------it's a valid political position. Good luck with it.
Good luck with your constant battle.
and yours
Why are u posting here?
What's the matter? You can't handle a little debate?
touché
You two realize the problem is beyond our borders, beyond our little song and dance two party system-a 500 yr old consolidation of power through international banks (primarily in London). There's no magic bullet, but understanding the root cause is essential. http://www.gemworld.com/USAVSUS.HTM a decent place to start.
Doesnt mean i cant protest well i can protest and get beat by cops this a democracy
Cute:). This is a REPUBLIC being killed by democracy and people shouting for the complete removal of their remaining liberties as they beg for yet more mob rule. You know better-I've read your posts
Fool