Posted 5 years ago on Oct. 12, 2011, 7:43 p.m. EST by Wallstreetitsover
This content is user submitted and not an official statement
That's how we do it, by numbers, that's one thing elected officials fear worst. Either way, I feel this should be part of our platform:
We are here Congress because we want to bring BACK the Glass-Steagall Act of 1933 http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wX which saved our country from the Great Depression, and also CHANGE the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 which deregulated energy markets and allowed such scams as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 400 bucks plus for a kilowatt hour...They all when to jail for this. But, the Enron loophole is still not closed, allowing speculators, for example, to resell barrels of oil over and over again before it reaches the gas station owner. It's basically, legal gambling at our expense. What were those lawmakers thinking then?
My letter to Congress:
This financial reform movement has been a dream of mine since 2008, after hearing the Congressional Hearing on Energy Reform and on how Financial Deregulations hurts the hard working Americans, and turns undeserved brokers/executives into overnight Millionaires!
So I feel (and many others) that only way we can get back on safe financial footing again is to close the Enron Loophole, created for energy/oil speculators, and bring back The Glass-Steagall Act of 1933, which prevented the current banking and insurance loopholes/scams. After all, it worked great until late 90's, until when Congress threw it out. Since then, like prior to 1933, we are experiencing what our country went though then, total Wall Street Greed with no Penalties, its all legal Gambling now...thanks to the architects of our new system in 1999, President Clinton and Rep Senator Phil Gramm. Think about where we are now, it all started in 1999 with the subprime loans Gramm was preaching on Senate floor. http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
And for the Free Trade Movement, bringing back the Glass-Steagall Act will not hurt our financial markets or hinder Free Trade, as the GOP rhetoric claims, instead with this back in PLACE bankers can still make millions a day, but not the trillions as they do now on the accounts of hard working Americans.
Bankers need more regulation, not less. Don't let the Bankers new Game to charge for debit cards as the results of the Dodd/Frank Wall Street Reform and Consumer Protection Act surprise you. Right after it passed, we have the banking lobby on national TV saying that "we" will pay for it, after we bailed them out, What nerve! So this is their response to having it their way since 1999: We have have to find a way to give out Executives their way out of line bonuses: Bingo, charge for debit cards! This is the banks throwing their influence over our Elected officials, that are suppose to work for us, after all we voted for them to do the right thing, which doesn't include the banking lobbyist agenda....
Let's get focused and bring back Glass-Steagall Act of 1933, they got it right 1933, we don't need to reinvent the wheel because bringing this Act back will create an even playing field once again....and let's finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the banks and oil companies! The writing is on the wall.
Why we need Glass-Steagall to be reinstated:
Why are oil prices high?
Rolling Stones Reporter: Truth about Goldman Sachs--they have cornered the markets, why? Enron Loophole and repeal of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw