Forum Post: Someone inside an investment banking firm just gave us a hint...
Posted 13 years ago on Sept. 27, 2011, 8:40 p.m. EST by GandhiKingMindset
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I just received a message from someone I know on the inside at one of the big investment banking firms we all know. Here's what he said:
If you really want to drive the higher ups in my office and others absolutely nuts, start speaking relentlessly about reinstating Glass-Steagall and Congress passing H.R. 1489.
He said if we put this on a ton of signs, talk about it relentlessly to the press, chant it like a mantra, we'll literally give the guys on the top floors in the corner offices of these giant investment banking firms a coronary.
http://en.wikipedia.org/wiki/Glass–Steagall_Act --- Wiki entry summary: The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. Most economists believe this repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks owned or created by the investment firms.
http://www.govtrack.us/congress/bill.xpd?bill=h112-1489
For full list of suggested demands for DC, please click here: https://occupywallst.org/forum/specific-demand-and-action-list-for-washington-dc/
I have no idea who you are GandhiKing... but you and Chef are the only ones making sense here. Taking your demands to Washington D.C. is the only answer. It is the only thing that will work. It is the only thing that has ever worked. And I like your 'first draft' of demands. Wall Street occupation will only piss off the community of NYC. Take your demands to Washington D.C.; and THEN things will really start to happen with this movement.
Reinstating Glass-Steagall and Congress passing H.R. 1489 is only the beginning. We also need to make laws limiting lobbying! This is one of the most important things that must be done. We also need to restrict former industry employees from accepting government posts that regulate that same industry they were employed in. i.e. restricting pharmacutical executives from holding posts in the fda!, agriculture feed and pesticide industry exec. from holding a post in the usda!!
Chef and GandhiKing combine your LIST of demands and circulate it on the streets. Publish it as a 'working document'. Get these people focused on something tangible that the D.C. Bureaucrats will have to discuss with you. Even the list of demands you have right now are worthy of Prime Time television debate.
Yes! Chef and GandhiKing need to join together and represent this movement. Finally, we have two people with SPECIFIC demands that make a helluva lot of sense. What you are proposing is actually FEASIBLE. Good job.
Enlightening article, and I agree this is a really big one. Would suggest people read that wiki article!
great tactical .. prolly one of the best i have seen so far, and ultimately very true. The deregulation is bread and butter for these evil con scammers. However. Occupying wall street still isn't as good as a viral information revolution and so far, thats not happening. https://www.facebook.com/note.php?note_id=10150409084095833
HR.1489 is an important rule and should be supported. We can create hundreds and even thousands of complex regulations but still people will find loop holes to make money. What we need to do is curtail every human's greed to hoard money. As long as greed is not chained, no amount of regulations will stand the force of greed. Simple way of curtailing greed is have top income tax rates for all individuals at 90% just like between 1950 to 1980s in the United states. If somebody somehow makes excess money, they have to let go excess money to the government. Now since the government is democratic, it is obliged to spend this collected money on the poor and the needy. This solution will to a large extent solve the problem of greed, provided we elect honest people as our representatives.
Please read my blog below, http://littleg-ideas.blogspot.com/2011/09/how-to-curtail-greed-in-democracy.html
reinstating Glass-Steagall and Congress passing H.R. 1489.
Great stuff! #occupymia
This is the message we all need to focus on. All other topics are supplementary