Letters to the Editor

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BANKS: Support ‘return to prudent banking’ bill

Letter by Pauline B. Harry, Kent on May 19, 2011 at 11:19 am | 3 Comments »
May 19, 2011 11:19 am

Budget cuts and more budget cuts! Are we living so high off the hog that the greatest good is the greatest cut? Do Medicare and Medicaid have to be shredded as Obama and the Republicans compete over who can wield the biggest chain saw?

The answer is no! The solution is HR 1489, otherwise known as the “return to prudent banking bill,” also known as the return to Glass-Steagall.

Obama and the leadership of both parties have only one agenda: Bail out the banks. That is why budget cuts will accelerate at the national and state level until either the social fabric of our society collapses into anarchy or we stop bailing out the banks and again restore credit to our communities, businesses and government services.

HR 1489 does just that by establishing a firewall between commercial banking and investment banking. Only until that is done will the people of this nation be free of the incredible debt burden being imposed on them by the banks and their toxic financial assets. This debt burden is private debt and is equal to, if not greater than, the entire debt of the U.S. federal government.

If your member of Congress is not yet sponsoring HR 1489, it is because you probably didn’t know about it and have yet to make the call or visit to him or her.

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