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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 with 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.

Leave a comment Comments → 3
  1. The GOP’s constant push for deregulation has ruined this country, couple it with their push for wealth redistribution through prizatisation and we end up broke and in the worst recession since 1929. also caused by, the republicans.

  2. Vox_clamantis_in_deserto says:

    ”… wealth redistribution through prizatisation [sic]… ”? LMAO, what next, co-opt the Ryan budget proposal?

    You know that wealth distribution resulting from privatization has worked pretty well in places like… oh, say Russia, China, Eastern Europe, etc, etc, etc.

    As for Glass-Steagall, liberals are fond of the notion that its dilution in both 1980 (under Carter) and 1999 (under Clinton) led to the financial crisis of 2008, while conveniently ignoring the effects of such other influences as adoption of mark-to-market accounting, implementation of the Basel Accords and the rise of adjustable rate mortgages.

    The jury is out on whether restoring certain provisions of Glass Steagall will be beneficial to consumers, but the bill’s sponsor/ co-sponsor list makes for some pretty suspicious reading:

    Jim McDermott (D-WASH)

    Lynn Woolsey (D-CALIF)

    Reps. James Moran (D-VA)

    John Conyers (D-MICH)

    Jesse Jackson Jr. (D-ILL)

    Walter Jones (R-NC) –
    (This is the same Walter Jones who signed on as a co-sponsor of legislation introduced by John Conyers to establish “a national commission on presidential war powers and civil liberties”, which was Conyer’s attempt at creating of a ”truth and reconciliation committee” to investigate the Bush Administration.)

    (init.) Marcy Kaptur (D – Ohio)

  3. Wow, what a useless response, but then…….

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