Forum Post: Re-instate Glass Steagall and break up the "Too Big to Fail Banks"!!!

Posted 13 years ago on Oct. 25, 2011, 4:47 p.m. EST by jeivers (278)
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Glass-Steagall Act of 1933

The Glass–Steagall Act of 1933 was passed in reaction to the collapse of a large portion of the American commercial banking system in early 1933. One of its provisions introduced the separation of bank types according to their business (commercial and investment banking). In order to comply with the new regulation, most large banks split into separate entities. For example, JP Morgan split into three entities: JP Morgan continued to operate as a commercial bank, Morgan Stanley was formed to operate as an investment bank, and Morgan Grenfell operated as a British merchant bank.

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[-] 1 points by Shelley76 (3) 13 years ago

Robert Reich : Obama should call for Glass Steagall, but won't because he is owned by them.

http://robertreich.org/post/11930107240

and 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