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Forum Post: Thousands sign Glass Steagall petition over night! Media joins in!

Posted 8 years ago on May 16, 2012, 1:12 p.m. EST by arturo (3169) from Shanghai, Shanghai
This content is user submitted and not an official statement

Monday's endorsement of Glass-Steagall by Massachusetts U.S. Senate Democrat candidate Elizabeth Warren, has met with huge media coverage, and her Glass-Steagall petition request exceeded its goal of 50,000 signatures, in less than 24 hours!

The petition was posted yesterday at BoldProgressives.org, and sent to 900,000 subscribers, with an objective of getting 50,000 signatures soon. However, there were 52,000 as of this morning, and still coming in strong.

The media coverage is extensive. Some are giving prominent coverage to the "issue," but others are endorsing Glass-Steagall outright. A sampling:

WASHINGTON POST. There is an interview of Warren by Ezra Klein posted this morning, in which she speaks of Glass-Steagall, in response to Klein's palaver about the "complexity" of the Volcker Rule:

Warren: That's the strongest argument for a modern Glass-Steagall. Glass-Steagall said in effect that hedge funds should be separated from commercial banking. If a big institution wants to go out and play in the market, that's fine. But it doesn't get the backup of the federal government. If it's too complicated to implement the Volcker rule, do you say we give up and let the largest financial institutions do what they want? Or do you say maybe that's the reason we need a modern Glass-Steagall?

Klein: Do you support a modernized Glass-Steagall law?

Warren: Yeah! I've talked with Sen. Maria Cantwell from Washington State. She's been working on that, and I think the debate should be on the table."

BOSTON GLOBE Wide coverage is given to Warren's move for Glass-Steagall, and also to her call for Jamie Dimon to step down.

DOW JONES MARKET WATCH. David Weidner, the Wall Street reporter for MarketWatch, writes an opinion piece, saying, "So, rather than slap more ineffective and easily gamed rules into the system, let's just divide the system. We the people will keep our traditional banking — the monetary and economic side of the equation. We'll let casino capitalism run wild on the other side. Let's bring back Glass-Steagall..."

PITTSBURGH TRIBUNE REVIEW. An editorial in today's Pittsburgh Tribune-Review, owned by Richard Mellon Scaife of the Mellon banking family, says "the better solution is to return to a very commonsense past regulation — Glass-Steagall... [which] served this nation quite well for decades until its provisions began to be watered down in the 1960s and then eliminated in 1999..."

REUTERS. A Reuters editorial, by James Saft, says, "The Volcker Rule won't be effective; it is impossible to distinguish hedges from speculation and either can blow up banks. The better alternative is to end the policy of too big to fail, preferably while at the same time forcing all banks out of the business of market speculation through a revival of the kind of Glass-Steagall-like policy which encouraged a small and useful financial sector for decades, forcing those that want government insurance to act like utilities, taking deposits, processing payments and making simple loans."

NEW YORK TIMES. A letter to the editor, from Paul Immerman, securities lawyer, states: "The recent JPMorgan Chase trading losses highlight the need to re-enact Glass-Steagall and separate trading and securities activities from the deposit-taking and lending functions of commercial banks... It's time to ignore the hollow claims of bankers [specifically JPMC's Jamie Dimon] who lobby for less regulation and impose real reform by admitting that repealing Glass-Steagall was a mistake. Only by re-enacting Glass-Steagall and prohibiting all trading activities by commercial banks can we avoid another meltdown and taxpayer-funded bailout."

CNN. There were at least 12 calls for re-instating Glass- Steagall, among the 100 comments sent into a CNN posting of an article "How big is Obama's Wall Street problem" from the Jack Cafferty Show, about JP Morgan Chase, even though Cafferty never mentioned Glass-Steagall at all.


HILL BLOG. The Washington DC-based 'Hill Blog' says that, together, Warren and Ron Paul (who voted against Glass- Steagall's repeal in 1999) could "change the world."

Boston Globe Buzzfeed and other blogs are jangling on this too, plus coverage on Slate.com, the International Business Times, the American Banker, and many more.




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[-] 3 points by occupybrains (30) 8 years ago

This is needed. And Clinto should be forced to apologize.

Remove his allowing for credit defualt swaps too.

[-] 2 points by arturo (3169) from Shanghai, Shanghai 8 years ago

Interesting point. I've also heard it said that this could force the Clintons to realize the error of their ways.


[-] 1 points by arturo (3169) from Shanghai, Shanghai 8 years ago

Could be, but I can't say for certain the extent to which they were either evil or ignorant.

[-] -1 points by occupybrains (30) 8 years ago

He's a Bush guy. Mena/Iran. Its no coincidence that a yokle from Arkansas comes into the Presidency and beats teh former head of the CIA.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 8 years ago

I understand you perspective and am not certain that I disagree, but I have heard other things about both him and her and am not sure what to think.

[-] -1 points by occupybrains (30) 8 years ago

Research Mena Airport and Iran Contra. Its no secret the CIA was flying in tons of cocaine. And its no secret that he was friends with the Bush's. So where did the connection begin?

[-] 1 points by arturo (3169) from Shanghai, Shanghai 8 years ago

Where do you think it began? Perhaps some occult society?

[-] -1 points by occupybrains (30) 8 years ago

Probably some Ivy league thing, but i think the Mena thing was the go ahead that Bill was willing to play ball and could keep his mouth shut. hence, a great president.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 8 years ago

The rumor is that they're both Illuminati, members of ancient family occult traditions.

But Bill had a good economy for us, more or less, yes he did make critical mistakes. Hilary I think often has good intentions, but she is generally under intense pressure, and I heard that she may have been threatened with murder if she doesn't play along with the current regime.

[-] 3 points by Nevada1 (5843) 8 years ago

Everyone should see this.

[-] 3 points by arturo (3169) from Shanghai, Shanghai 8 years ago

Glad you think so, be sure to tell people.

[-] 2 points by SparkyJP (1646) from Westminster, MD 8 years ago

A reinstatement of the Glass-Steagall Act would be preferable to a new one, because if they rewrite it, lobbyists and K Street will turn it into a paper tiger.

That being said, I think it's important to revisit how we got where we are today, and HOW they disemboweled Glass-Steagall in the first place.......... just for future reference. This interview is very revealing:

Bill Moyers talks with former Citigroup Chairman John Reed about his role in bringing down the Glass-Steagall Act.


[-] 4 points by arturo (3169) from Shanghai, Shanghai 8 years ago

Thanks, I'll check it out. And I agree that a reinstatement would not only be preferable, but necessary, if it is going to accomplish what it is intended to accomplish.

[-] 2 points by occupybrains (30) 8 years ago

I agree reinstate the whole thing, untouched

[-] 2 points by forjustice (178) from Kearney, NE 8 years ago


[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago


Forum Post: NYPD loses an Occupy Wall Street trial


Posted 36 minutes ago on May 16, 2012, 2:34 p.m. EST by TrevorMnemonic (2827) This content is user submitted and not an official statement

This case could have been a slam dunk for the NYPD, had it not been for one thing: the video showing police claims of disorderly conduct during an OWS protest to be completely untrue.

Hundreds have been arrested during the Occupy Wall Street protests, but photographer Alexander Arbuckle’s case was the first to go to trial – and after just two days, the Manhattan Criminal Court found him not guilty.

Supporters of the OWS protest movement have already hailed the ruling as a major legal victory.


[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Now this is funny.




The irony of the case, however, is that Arbuckle was not a protester, or even a supporter of the Occupy movement. He was there to document the cops’ side of the story.

Would that be the NYPD version of taking friendly fire?

[-] 4 points by JadedCitizen (4277) 8 years ago

This is the seventh largest army in the world were talking about, right. Bound to be some casualties.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Wonder what the Watch commanders butt looks like right about now.


But But but Mr. Mayor sir we was only..........

[-] 2 points by friendlyopposition (574) 8 years ago

Signed :)

[-] 2 points by XenuLives (1645) from Charlotte, NC 8 years ago

Awesome news!

[-] 1 points by Nevada1 (5843) 8 years ago

Please sign (tonight) this also:


We have momentum going with court ruling, Now lets shame Congress into ending this totally.

[-] 2 points by SparkyJP (1646) from Westminster, MD 8 years ago


[-] 2 points by Nevada1 (5843) 8 years ago

Thank you Sparky. We are making progress this week.

[-] 1 points by SparkyJP (1646) from Westminster, MD 8 years ago

Yeah ......... I think so too. Keep up the good work!

[-] 1 points by Nevada1 (5843) 8 years ago

Signed, Excellent