Forum Post: Enough Jabbing at Wall Street: Let's Go for the Knock-Out!

Posted 12 years ago on Oct. 12, 2011, 6:17 p.m. EST by riethc (1149)
This content is user submitted and not an official statement

There are two bills in Congressional committee waiting to be brought to the floor of Congress: Marcy Kaptur's HR 1489 and Maurice Hinchey's HR 2451. If either of these two bills are passed by Congress, it will restore the Glass-Steagall Act, a law which had kept financial institutions separate, by enforcing by law that banks either be commercial banking institutions (mortgages, savings, etc.) or financial investment institutions (derivatives, CDOs, etc.).

Originally, this law came into being in 1933 during the Great Depression. Over time, its provisions had been eroded by many new laws until it was, for the most part, completely overturned in 1999 with the Financial Services Modernization Act (aka. the Gramm-Leach-Bliley Act).

Congressmen, such as Byron Dorgan, spoke on the floor of Congress before the vote on the Gramm-Leach-Bliley Act and warned that this would lead to a disaster in the financial system. (1) Dorgan goes as far a forecasting the collapse of the financial markets and the ensuing bailouts. Now, over ten years after the repeal of Glass-Steagall, we can see the repercussions of removing the firewall between investment and commercial banking. Restoring the Glass-Steagall Act now, will break up the "too big to fail" banks and force them to sink or swim based on their own fiscal integrity.

No more bailouts for the banks. Support HR 1489 and HR 2451. Demand Glass-Steagall now!

Reference: 1. http://www.youtube.com/watch?v=OvnO_SH-4WU&feature=results_video&playnext=1&list=PL325E5EF5DAB7D072

35 Comments

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[-] 1 points by Nevada1 (5843) 12 years ago

Hi riethc, Agree. Good Post.

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[-] 1 points by CHANTER (33) 12 years ago

http://www.youtube.com/watch?feature=player_detailpage&v=cbUAwCE7JVY#t=48s

http://www.youtube.com/watch?v=HxmtreWQoVs&feature=player_profilepage

This is a rather anonymous SONG-CHANT-RANT offering, that will hopefully unify our message on the streets. Imparting some basic historical information that has lead to the continued debasing of free forms of Government. Where a select group of power seekers never seem to have enough of anything, including us.This is a very serious time for the FREE Global Community, our only weapon is Martin Luther King's legacy. They further try to discredit us with accusations of not having a coherent message when their only endgame is to further in-slave us! Abusing others until there is only two classes the Haves and Have-Not's. we’ just not gonna’ take it no more we’ just not gonna’ take it no more we’ just not gonna’ take it no more

nothing’s been the same since jfk eisenhower warned us it would get this way a vast military-industrial-complex a vast military-industrial-complex

were out here to show the one percentors we’ just not gonna’ take it no more we’ just not gonna’ take it no more

oly norquist pledged most congress (oly’ = satire oliver north)
to his power lil’ oly’ norquist pledged most congress (piglet)
to his power

we’ know who you are were’ tired of our voices not counting

we’ just not gonna’ take it no more we’ just not gonna’ take it no more we’ just not gonna’ take it no more

were out on the streets to get our “countries” back

until foreign trade benefits---the 99%

were out on the streets to get our “countries” back

until foreign trade benefits---the 99%

were’ just not gonna’ take it no more were’ just not gonna’ take it no more were’ just not gonna’ take it no more

so, your’ spreadin’ democracy all over --the world your’ spreadin’ democracy all over --the world

it’s gotten’ so corrupt even we---don’t understand it!

so, your’ spreadin’ democracy all over --the world spreadin’ your’ democracy all over --the world

it’s gotten’ so corrupt even we---don’t understand it!

bring back our soldiers’s your cor-poor-et wars are all over bring back our soldiers’s your cor-poor-et wars are all over

were out here to show the one percentors we’ just not gonna’ take it no more we’ just not gonna’ take it no more

it’s too bad we hav-at spell it out but liars never listen they just -run their mouths

a thousand point of light all over the world

a new world order the bil-dah-burgers can go to hell

were’ just not gonna’ take it no more were’ just not gonna’ take it no more were’ just not gonna’ take it no more------

were’ just not gonna’ take it no more!

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[-] 1 points by mrtaylor (17) 12 years ago

What about a National television boycott the week of Thanksgiving? You could cut off political campaigning, hurt corporations, and help the environment all at once. This would send a message as to who's really in control and who really drives the market at the end of the day. You have the power to get this off the ground, consider it.

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[-] 1 points by RichardGates (1529) 12 years ago

bump for sure. this is good stuff. get links out on the net to this page.

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[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

this is not a fight

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[-] 1 points by riethc (1149) 12 years ago

The occupation is not a fight?

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[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

no.

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[-] 1 points by riethc (1149) 12 years ago

If it is not a fight against Wall Street, than what is it?

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[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

a move of the people to take control their country

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[-] 1 points by riethc (1149) 12 years ago

I don't agree that that can happen without a fight, and without taking on Wall Street. I appreciate your opinion though.

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[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

then start a thread that does not advocate violence

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[-] 1 points by riethc (1149) 12 years ago

Wall Street isn't a think you can actually punch... I think most people get the metaphor.

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[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

they also understand the concrete meaning

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[-] 1 points by EndTheFedNow (692) 12 years ago

"Restoring the Glass-Steagall Act now, will break up the "too big to fail" banks and force them to sink or swim based on their own fiscal integrity."

No, it won't. It's bailouts that are the problem. You can restore Glass-Steagall but the usual suspects with still demand bailouts for their campaign contributors/handlers - the bankster cabal. Bailouts MUST be prohibited and gamblers must take their own losses. Additionally, we HAVE to abolish the Fed. Though Ron Paul tried (and has tried for 20 years) to pass audit the Fed legislation, which Bernie Sanders torpedoed with a "special circumstances" audit only (TARP) that limited audit showed the Fed loaning out TRILLIONS and much of that to European banks.

Reinstate Glass-Steagall

End all bailouts

END THE FED

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[-] 1 points by April (3196) 12 years ago

Prohibit investment banks from being corporations. Let them exist only as partnerships. Perhaps they would behave more responsible? When its their own skin.

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[-] 1 points by EndTheFedNow (692) 12 years ago

I'm all for abolishing corporations but that's another battle. Just outlawing bailouts and ending the Fed will produce the results that we all want. Unfortunately, Glass-Steagall doesn't get rid of bailouts or fiat money.

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[-] 1 points by April (3196) 12 years ago

Ending the Fed is too controversial. Glass-Stegall and ending bailouts as you suggest is entirely do-able. End Derivitives before they blow whats left of our financial system to smithereens.

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[-] 1 points by EndTheFedNow (692) 12 years ago

Controversial? Are you serious?! About like ending the war in Afghanistan is controversial. For neocons and neolibs, yes. For anyone interested in ending the empire, no.

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[-] 1 points by April (3196) 12 years ago

I suppose I'm just a lowly neolib. Maybe "controversial" was the wrong word. I don't think this will get majority support. But I think raising the awareness is all good.

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[-] 1 points by Wallstreetitsover (25) 12 years ago

Awesome work Riethc, this is our Mission, our Fight! And we have to make sure this time it comes up for a vote, during last financial reform hearings 2 years ago, Senator Cantwell ask for a vote and was rejected by GOP, yes they can do that. That law should change as well. http://cantwell.senate.gov/issues/energy.cfm

Here's my two cents:

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 scams/loopholes. 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 peaching 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 them throwing their influence over our Election 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....

Cheers to all that are involved. 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 also tell Congress to 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:

http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wXj http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act/

Why are oil prices high?

http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel

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

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[-] 1 points by riethc (1149) 12 years ago

Glass-Steagall is principled in the idea that you can't gamble with other people's money. And at this point, it will completely knock over the house of cards that Wall Street has built with their CDOs, CDSs, etc., while protecting our savings accounts. It is the only way to keep the financial system from systemic collapse.

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[-] 1 points by Wallstreetitsover (25) 12 years ago

well, hate to say it, like they did in 1933, the government will have to step in and spank the bad boys, in the long run, all will be fine,. just think 1999 again, it's possible.

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[-] 1 points by riethc (1149) 12 years ago

A great many of the financiers are simply that, just bad boys that need a spanking. What is behind them though, is far worse.

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[-] 1 points by Wallstreetitsover (25) 12 years ago

I agree

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[-] 1 points by lebro (23) 12 years ago

That was more like 7 cents

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[-] 1 points by riethc (1149) 12 years ago

Yeah, wrong one. Thanks

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[-] 1 points by lebro (23) 12 years ago

did you mean to reply to my comment or the one i commented on?>

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[-] 1 points by Wallstreetitsover (25) 12 years ago

Right on partner! Let's now Enron Loophole and bring back Glass-Steagll Act. If I may add 3 more cents, here's a letter I sent to the ED show in Jan. This movement is so awesome, finally!

Hi Ed,

Thanks for stepping up to plate and revealing the real secret (for most) why gasoline prices have exploded: Wall Street Oil Speculators. I've been following this wide spread corruption for a long time as well. Below is a letter I send out to 40 major news and tv org. in January.

Anyway, I have an idea for you to help re-regulate Wall Street, how about arranging a million people march on the Hill to bring back the Glass-Steagall Act and to Close the Enron Loophole once and for all? Considering what's happening in Ohio and Wisconsin, and the Middle East, it seems like a timely thing to do. The public needs to be educated; I feel once this gets out, they will respond accordingly. How about Michael Greenberger as your key note speaker...he was great on your show the other night.

http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel

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[-] 1 points by gawdoftruth (3698) from Santa Barbara, CA 12 years ago

Excellent! am adding this thread to list.

http://occupywallst.org/forum/dangers-of-unmoderated-forums/

http://occupywallst.org/forum/purple-dialogue/

http://occupywallst.org/forum/enough-jabbing-at-wall-street-lets-go-for-the-knoc/

http://occupywallst.org/forum/its-time-the-occupy-movement-as-a-whole-become-a-m/

http://occupywallst.org/forum/corporate-oligarchy/

http://occupywallst.org/forum/thetruth-socialismcapitalismcommunismmarxism/

http://occupywallst.org/forum/capitalism-versus-corporatism/

http://occupywallst.org/forum/no-war/