Glass-Steagall Activists Have More Fun

Discussion in 'Media' started by hvactec, Jul 21, 2011.

  1. hvactec
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    In the midst of some of the worst panic, fury, and confusion seen in the U.S. Congress since the 2007-2008 blow-out, Rep. Walter Jones, Republican from North Carolina and one of the initial co-sponsors of Marcy Kaptur's HR 1489 Glass- Steagall bill, yesterday sent out a "Dear Colleague" message to every member of the House of Representatives which anyone can understand. Under his official letterhead, a bold headline reads: "Build a Chinese Wall Between Las Vegas and George Bailey," illustrated by a picture montage of Las Vegas casino showgirls (in color), George Bailey (Jimmy Stewart, the community banker in "It's A Wonderful Life"), and the Great Wall of China. The letter reads: "You don't Get FDIC Insurance, Access to the Federal Reserve Discount Window or Taxpayer Bailouts When You Gamble. Neither Should Too Big to Fail Banks. Reinstate Glass-Steagall. Please cosponsor H.R. 1489 — The Return to Prudent Banking Act." Signed: Walter B. Jones.

    Earlier, the Library of Congress's official site, Thomas.loc.gov (after Thomas Jefferson), reported that Massachusetts Democrat John Tierney has signed on as the 28th co-sponsor of H.R. 1489, another ranking Democrat deciding to defy President Obama, his would-be Massasschusetts barnyard bully, Barney Frank, and their vaulted financier lords.

    News then came from LaRouche Slate Candidate Dave Christie, that the Democratic Party of the 11th Legislative District of Washington state Tuesday night unanimously passed a "Resolution Urging Congress to Reinstate the Banking Act of 1933 (Glass Steagall Act)," the fourth LD Democratic caucus in the state to demand support for Glass Steagall. This feisty resolution commends Washington's Rep. McDermott for co-sponsoring H.R. 1489 and Senator Cantwell for proposing amendments to reinstate GS in 2009, and states, "therefore be it resolved that the 11th LD Democrats strongly urge Senator Cantwell to reintroduce her amendment to the Banking Inegritity Act (S.2886), and urge Senator Patty Murray to endorse it also; and ... strongly urge all other members of the Washington State Congressional delegation to co-sponsor H.R. 1489." The resolution mandates that copies of their resolution be sent also to President Obama, Senate majority leader Harry Reid and House minority leader Nancy Pelosi.

    And from the outreach side of the fight, Bob Chapman's "International Forecaster" newsletter, well-read in some conservative/gold-bug circles, included the following in a piece denouncing Bernanke's call for QEIII at Congressional hearings last week, which will be familiar to followers of LPAC's website:

    "But on more fundamental Constitutional grounds, an attempt to repeat this in a QEIII would be barred and the QEII effects could be reversed by immediate passage of legislation restoring the Glass-Steagall Act through both Houses of Congress. Under Glass-Steagall, not only were commercial banks separated from various kinds of securities-speculation and insurance firms. The Glass-Steagall principle is that only those commercial banks, thus separated, in the Federal Reserve System U.S. banks are eligible for Federal support in the form of discount window and special lending, deposit insurance, and other protective regulation. All the big European banks are famously 'banking supermarkets' stuffed with investment banking arms, speculative hedge funds, insurance divisions, money-market funds, etc.

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