Forum Post: The Day the Glass-Steagall Act was Shattered by the GLB Act: Senator Byron Dorgan takes the Senate Floor and tries to Save the G-S Act...Before WE March, Let's ALL get on the Same Page--A History Lesson & Call to Action...
Posted 8 years ago on Nov. 11, 2011, 5:05 p.m. EST by Howtodoit
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November 4, 1999, the day America's current "Financial Nightmare" began: The Senate approves the controversial Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999 http://banking.senate.gov/prel99/1104grm.htm --One that Wall Street reportedly spent billions to make sure it past!
And hats off to Senator Byron Dorgan for standing-up against its passage by trying to SAVE the Glass-Steagall Act for us--especially since he knew his odds were 8 to 90. http://www.govtrack.us/congress/vote.xpd?vote=s1999-354 Also thanks to the other Senators who voted Nay. Either way, Byron did predict what was to come; which before 1999 was called something like a Corporate Meltdown; and is now commonly referred to as "Too Big Too Fail."
After all, as we are learning now, we can't Fix Wall Street and Create more Jobs until we make Congress break-up the Big Financial Giants; so then, they'll have to release the Trillions of Cash they are sitting-on into the Economy--instead of them using that cash for Risky and now Legal Speculative Investments--make sense? At least, that's what many scholars say: It's time to Close Down the Wall Street Casinos! Time to break-up the Financial Giants into something that's more manageable, and more importantly, transparent! How? By taking a History Lesson from 1933 with the Glass-Steagall Act; after all, at that time, it was a Big Part of how they Fixed the Problem for Future Generations. What was the key to its success? The Glass-Steagall Act mandated Congress to break-up (or separate) the Big Financial Giants into Banks, Insurance companies, and Investment companies--and it worked fine until 1999. So in a sense, since 1999, we have been living under same Deregulatory Framework that caused the Great Depression. Which makes me feel that the Corporate Bailouts in 2008, were just a tremor of what's to come if we don't get a handle on this--and soon!
Before we March for the Glass-Steagall Act, first let's all get on the same page; learn how our Financial Nightmare started...and the History of the Glass-Steagall Act; after all, education will unite us even more. Here's a one for the Senator too...(this sums it up well; the Day it all started):
Senate Floor: 11/4/99 2:04 pm
Full Speech: http://billmoyers.com/content/a-senators-prophetic-words-then-and-now/ or condensed...
"Byron's Crystal Ball" (or how he likes to put it: "Common Sense.") http://www.youtube.com/watch?v=w2nZbo8SKbg&NR=1
FRONTLINE: "The Warning" In 1998 CFTC Chair Brooksley Born "Sounds the Warning on Deregulations" and Alan Greenspan, Robert Rubin, and Larry Summers are Furious About It! http://occupywallst.org/forum/the-warning-frontline-show-former-cftc-chair-brook/
10 Years Later: The Rachel Maddow Show--The Senator Reflects http://www.youtube.com/watch?v=Q_hbezbsJ8s&feature=related
10 Years Later: The Dylan Ratigan Show has Fun "Celebrating" Gramm-Leach-Bliley Act's 10 Year Anniversary. http://www.youtube.com/watch?v=apeuxk78-a0&feature=related
Jan 2012 PBS/Bill Moyers & Company:
Author/Journalist Gretchen Morgenson on how we got into our financial mess and who's to blame. And why the Dodd-Frank Act is not a fix: http://billmoyers.com/segment/gretchen-morgenson-on-industry-influence/
Reagan budget director David Stockman on "Crony Capitalism." The revolving door between Wall Street & D.C. http://billmoyers.com/episode/crony-capitalism/
Byron Dorgan on Making Banks Play by the Rules; Glass-Steagall: http://billmoyers.com/segment/byron-dorgan-on-making-banks-play-by-the-rules/
Former Citigroup CEO John Reed on how merger of Citicorp & Travelers Group brought down the Glass-Steagall Act: http://billmoyers.com/segment/john-reed-on-big-banks-power-and-influence/
Glass-Steagall Act Crash Course: http://www.youtube.com/watch?v=A7BUmXUV0kw&feature=related
Who Repealed the Glass-Steagall Act? (signed by President Clinton into law on Nov 12th): http://www.youtube.com/watch?v=x0k2PmF-o5Q&feature=related
Let's start our fight TODAY to Reinstate The Glass-Steagall Act! And to Close All Loopholes for Oil Speculators by Reinstating our old CFTC Act of 1974 too! Tell them: http://www.cftc.gov/index.htm
And here's WHEN we will Complete Our Goal (I hope): June 16, 2012, the 79th year anniversary of Glass-Steagall Act...
The Marches to REINSTATE the Glass-Steagall Act & to Close All Loopholes for Oil Speculators: http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/ Let's get Focused--We don't need to REINVENT the Wheel--This will Reinstate the Important Regulations we had from 1933 to 1999--Before Congress SHATTERED them! Let's make the March into "The Financial Woodstock for Wall Street Reform!"
However, besides the WDC March, I feel the best way--and maybe only way--for this to Work, is to also have Marches held in every City/Town and around the World on 6/16/12, and then keep it up until Congress Listens--and if they don't, you what to do with your Vote, Next...But why wait for 6/16/12? Let's start Today & hold the Final March even sooner!
Here's my Proposal on "How to Accomplish the Marches for the Return of the Glass-Steagall Act & to Close All Loopholes for Oil Speculators." http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/
Here's a Great way to get the word out on "The Marches for Return of the Glass-Steagall Act of 1933 & to Close All Loopholes for Oil Speculators"--Celebrities! And I'm letting them all know. http://occupywallst.org/forum/heres-a-great-way-to-get-the-word-out-on-the-march/
And I should point out here that I'm an Independent, nothing said or posted here was swayed by any affiliations, except for the school of common sense.
I just saw an opportunity here with this OWS Forum to hopefully help more people understand how and why we got into this financial mess, and one possible way to fix it. That's all. God Bless America!