DON’T SIT ON THE SIDELINES! JOIN THE FIGHT!
It is time we cancelled Wall-Street’s bailout and got the taxpayer’s money back. Just impose Glass-Steagall and get $15-17 TRILLION back—so that we can start rebuilding our nation, starting with saving the cities and states.
The bailout started in 2008 has never stopped. The Federal Government, including the Federal Reserve, is still pouring trillions of dollars into supporting a bankrupt banking system and its extensive gambling debts. The Fed is providing money to the banks in exchange for worthless toxic assets, dispensing money thru “quantitative easing,” guaranteeing virtually every mortgage issued through Fannie and Freddie, and providing essentially no-interest loans to the banks! THIS MUST STOP! Get your Representative to join Marcy Kaptur and her bipartisan co-sponsors in bringing back the Glass-Steagall law.
Text of Rep. Marcy Kaptur's 'Dear Colleague' letter on Glass-Steagall
April 26th, 2011 • 8:29 PM Reinstate Glass-Steagall
Cosponsor H.R. 1489, “The Return to Prudent Banking Act”
Dear Colleague:
I am writing to request your support for H.R. 1489, “The Return to Prudent Banking Act.” I recently reintroduced this legislation to strengthen our financial system by reinstating Glass-Steagall.
In response to the failure of thousands of banks across the country, Congress enacted the Banking Act of 1933, commonly known as Glass-Steagall, during the height of the Great Depression. This statute safeguarded the American economy for decades by legally separating commercial and investment banking. Such a common sense system provided greater security to banking deposits in commercial banks. Additionally, investment banks were only able to leverage their own funds, limiting the systemic risks of the American citizenry. For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm Leach Bliley Act unwisely completely ended this important financial regulation in 1999.
With the repeal of the Glass-Steagall Act over a decade ago, the U.S. economy was exposed to an intolerable level of risk, and the recent financial crisis was certainly exacerbated by the removal of these safeguards. I believe that we must limit the potential for future economic collapses by returning to a more prudent banking system in which banks must once again choose between investment activities or commercial lending. If you would like more information or would like to become a co-sponsor of H.R. 1489, please contact John Brodtke in my office at john.brodtke@mail.house.gov.
Sincerely,
MARCY KAPTUR
Member of Congress
Can you identify all 4 portraits? (send to: pappajohn15@gmail.com)
S&P Did the Same Thing to the UK, To Help the Tories Impose Cuts
April 19, 2011 (LPAC) -- S&P's downgrade of the United States'
sovereign credit is a repeat of the game the firm played in the
UK to help the Tories get elected and implement the vicious
budget cuts once in power. On May 21, 2009, S&P announced that
the outlook on the UK's long-term sovereign credit rating had
been lowered to a negative outlook, warning that the AAA credit
rating may also be lowered -- just as S&P did to the U.S. on
Monday. The Tories and candidate David Cameron used this
downgrade to get themselves elected, in good "Tea Party" style,
promising to cut the budget to "save the UK." As soon as Cameron
became Prime Minister, he announced sweeping and deep budget
cuts, and S&P immediately lifted the rating cut.
A spokesman for Chancellor of the Exchequer George Osborne
today bragged of this dirty deal. "S&P did the same to the UK
before the election but revised us back to stable following the
spending review, because we had a credible deficit plan," Osborne
said, adding that "Labour's more cautious approach to cutting the
UK's deficit was way out of step with world opinion." [MOB]
sovereign credit is a repeat of the game the firm played in the
UK to help the Tories get elected and implement the vicious
budget cuts once in power. On May 21, 2009, S&P announced that
the outlook on the UK's long-term sovereign credit rating had
been lowered to a negative outlook, warning that the AAA credit
rating may also be lowered -- just as S&P did to the U.S. on
Monday. The Tories and candidate David Cameron used this
downgrade to get themselves elected, in good "Tea Party" style,
promising to cut the budget to "save the UK." As soon as Cameron
became Prime Minister, he announced sweeping and deep budget
cuts, and S&P immediately lifted the rating cut.
A spokesman for Chancellor of the Exchequer George Osborne
today bragged of this dirty deal. "S&P did the same to the UK
before the election but revised us back to stable following the
spending review, because we had a credible deficit plan," Osborne
said, adding that "Labour's more cautious approach to cutting the
UK's deficit was way out of step with world opinion." [MOB]
'Thieving and connivance'
In response to the letter “Left vilifies rich” in Sunday's Forum, the writer was correct about one thing — and only one. He stated, “I don't get it.” And truly, he doesn't.
It was hedge fund managers (and other Wall Street executives) who ruined the lives of millions of American taxpayers and nearly caused the total collapse of the world economy through their thieving and connivance.
These people aren't simply denying food and shelter to widows and children; they're stealing it from them.
It would take a pure idiot to wish for more of the same — unless, of course, you were one of them.
SCOTT B. PULLIAM
Taylorsville, Ky. 40071
published in the Louisville Courier-Journal, April 19, 2011
It was hedge fund managers (and other Wall Street executives) who ruined the lives of millions of American taxpayers and nearly caused the total collapse of the world economy through their thieving and connivance.
These people aren't simply denying food and shelter to widows and children; they're stealing it from them.
It would take a pure idiot to wish for more of the same — unless, of course, you were one of them.
SCOTT B. PULLIAM
Taylorsville, Ky. 40071
published in the Louisville Courier-Journal, April 19, 2011
Glass-Steagall Reintroduced in Congress
April 13, 2011 (EIRNS)—Three Members of Congress—Reps. Marcy Kaptur (D-Ohio), Walter Jones (R-N.C.), and James Moran (D-Va.)—today took the lead and re-introduced into the U.S. Congress the most important piece of legislation possible—a reimposition of the Glass-Steagall principles enacted by President Franklin D. Roosevelt in 1933.
H.R. 1489's official summary reads: "To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act,' and for other purposes." Its short title is "Return to Prudent Banking Act of 2011." Section 2 of the bill is headlined "Glass-Steagall Revived," and reads "...wall between commercial banks and securities activities re-established."
This long-overdue action sets the stage for a dramatic escalation of the battle to restore Glass-Steagall, which has been led by Lyndon LaRouche and Lyndon LaRouche PAC over the last three years. On the eve of the reintroduction, LaRouche said that if we can ram the bill through, "this will rout the enemy! Even threatening to do it, will put the enemy off balance. If we don't do it, we're finished."
The 'enemy,' of course, is the British imperial financial system, which successfully threatened the Obama Administration in May 2010, to prevent a pending vote on restoring Glass-Steagall at that time. The British see the reimposition of Glass-Steagall, which will effectively wipe trillions of dollars of gambling debts off the account of the Federal government, as a death blow to their system—and, LaRouche argues, it will be. But that will be no loss. The U.S. population doesn't need Wall Street—nor should it continue to suffer under an insane President who serves Wall Street, Barack Obama.
H.R. 1489's official summary reads: "To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act,' and for other purposes." Its short title is "Return to Prudent Banking Act of 2011." Section 2 of the bill is headlined "Glass-Steagall Revived," and reads "...wall between commercial banks and securities activities re-established."
This long-overdue action sets the stage for a dramatic escalation of the battle to restore Glass-Steagall, which has been led by Lyndon LaRouche and Lyndon LaRouche PAC over the last three years. On the eve of the reintroduction, LaRouche said that if we can ram the bill through, "this will rout the enemy! Even threatening to do it, will put the enemy off balance. If we don't do it, we're finished."
The 'enemy,' of course, is the British imperial financial system, which successfully threatened the Obama Administration in May 2010, to prevent a pending vote on restoring Glass-Steagall at that time. The British see the reimposition of Glass-Steagall, which will effectively wipe trillions of dollars of gambling debts off the account of the Federal government, as a death blow to their system—and, LaRouche argues, it will be. But that will be no loss. The U.S. population doesn't need Wall Street—nor should it continue to suffer under an insane President who serves Wall Street, Barack Obama.
Don’t Be Distracted!
All you hear on the news is that the budget must be cut at every level --local, state and federal. But the only reason the government coffers are empty is that the “too big to fail” banks have gambled away hundreds of billions and the federal government foolishly bailed them out …. with taxpayer dollars.
The same Wall Street financial elite that financed , orchestrated and profited from the lack of regulation and oversight that lead up to the crash, are now financing the distraction – blaming unions, police, firefighters, students, teachers or anyone else they can find for the mess that Wall Street created! We are all the victims of the problem, not the cause!
The Glass-Steagall Act, passed in 1933 at the height of the Great Depression, was an instrumental tool of the recovery, and worked to keep the ‘banksters’ out of our system for 65 years. It was repealed in 1999, allowing speculators to invade the system, ballooning the derivatives market, inflating the giant bubble until the 2007-2008 crash that brought the United States and the world to the brink of financial collapse.
It is past time to reinstate this common-sense solution to the banking mess, getting speculative ‘casino’ investors out of commercial banking and returning to a system of productive banking that supports and enhances our standard of living, instead of stealing the savings & jobs of millions of Americans.
Federal and state officials from both sides of the aisle are reluctant to confront the powerful elite that paid for the repeal, but many are starting to understand how important the legislation was and will be to our recovery. In Kentucky, Louisville state Senator Perry Clark again introduced a Glass-Steagall reinstatement resolution in the 2011 session of the General Assembly. And, on the federal level there are six LaRouche Democrats running for Congress on the vital Glass-Steagall issue. Check out their information at LaRouchePAC.com.
And visit Glass-SteagallNow.com for more information and breaking news on the regional campaign to reinstitute this vital solution to the financial challenge facing the nation.
Don’t Sit on the Sidelines! Join the Fight!
Call:
Peter Visclosky 202/225-2461
Andre Carson 202/225-0411
Todd Rokita 202/225-5037
Dan Burton 202/225-2276
Mike Pence 202/225-3021
The same Wall Street financial elite that financed , orchestrated and profited from the lack of regulation and oversight that lead up to the crash, are now financing the distraction – blaming unions, police, firefighters, students, teachers or anyone else they can find for the mess that Wall Street created! We are all the victims of the problem, not the cause!
The Glass-Steagall Act, passed in 1933 at the height of the Great Depression, was an instrumental tool of the recovery, and worked to keep the ‘banksters’ out of our system for 65 years. It was repealed in 1999, allowing speculators to invade the system, ballooning the derivatives market, inflating the giant bubble until the 2007-2008 crash that brought the United States and the world to the brink of financial collapse.
It is past time to reinstate this common-sense solution to the banking mess, getting speculative ‘casino’ investors out of commercial banking and returning to a system of productive banking that supports and enhances our standard of living, instead of stealing the savings & jobs of millions of Americans.
Federal and state officials from both sides of the aisle are reluctant to confront the powerful elite that paid for the repeal, but many are starting to understand how important the legislation was and will be to our recovery. In Kentucky, Louisville state Senator Perry Clark again introduced a Glass-Steagall reinstatement resolution in the 2011 session of the General Assembly. And, on the federal level there are six LaRouche Democrats running for Congress on the vital Glass-Steagall issue. Check out their information at LaRouchePAC.com.
And visit Glass-SteagallNow.com for more information and breaking news on the regional campaign to reinstitute this vital solution to the financial challenge facing the nation.
Don’t Sit on the Sidelines! Join the Fight!
Call:
Peter Visclosky 202/225-2461
Andre Carson 202/225-0411
Todd Rokita 202/225-5037
Dan Burton 202/225-2276
Mike Pence 202/225-3021
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