Forum Post: Good luck, you need to demand a (new) Glass-Steagall
Posted 12 years ago on Sept. 15, 2011, 6:14 a.m. EST by anonymous
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The demands need to include a new Glass-Steagall act - to separate (by law) commercial banking from investment banking. This is the only way to get Wall St. back to it's right size and influence.
It's good to see that people are learning the history of banking sector de-regulation, but keep studying. Glass Stegall was for all practical purposes a dead letter by the time it was officially repealed. The rot in the system goes way deeper.
He shoots ... he scores!!!
Every Occupy Protestor should see this:
George Carlin was the FIRST protestor! He is with you in spirit:
http://www.youtube.com/watch?v=gF1Ixo_faas&feature=related
"Fixing" the system is not the solution. The problem is not the system. The problem is the people that want to dominate the rest of us, the shadow elite as their called. The system our forefathers imagined for us would of worked fine, but there again the shadow elite the banksters took over. The American Revolution was fought in order to get out from under the control of the Central Bank of England. Sound familiar. Things haven't changed. This insidious cancer of the dominate culture has been around for a long time and that is the problem that needs to be addressed.
I agree. The good thing is we are not alone in this. There are two laws in Congressional committee, ready to go before Congress, which both reinstate Glass-Steagall:
Marcy Kaptur's, Return to Prudent Banking Act, H.R.1489, and Maurice Hinchey's, Glass-Steagall Restoration Act, H.R. 2451
Together, these two bills have over thirty congressmen supporting them.
The last thing Wall Street wants is a reinstatement of the Glass-Steagall Act, so let's do it!
you fools! fuck glass steagall! we need to change the way money is created! if money only comes into existence through debt then we are perennially fucked. gramm's bill might have done us a favor. it fast fowarded the inevitable. we must demand the federal reserve be abolished and that a new method of money creation be instituted!
"we must demand the federal reserve be abolished and that a new method of money creation be instituted!"
A third National Bank?
No. What about an assortment of local currencies, like Berkshares, with the value pegged to something real and tangible?
What about a gift economy without the use of 'money' at all?
So, once we become feudal areas based on local currencies, we should bundle them, like the IMF does now, to create currencies that are backed on "tangible assets" (gold and silver, I'm guessing) which will somehow not be concentrated in the hands of bankers already. Sounds like a GREAT idea.
You guess wrong. I never said anything about feudalism, bundling currencies, or the gold standard (people were considering tying Berkshares to maple syrup, which is a lot more tangible than a lump of shiny but largely useless metal like gold or silver).
I also mentioned gift economies.
I suggest you learn to read and, if you're going to offer snarky comments, make suggestions of your own.
"we need to change the way money is created!"
That's the next step. See you on Wall Street!
We should not demand anything, since to demand implies that we believe the authorities are willing and capable of following through on our demands - that we believe in their legitimacy. They have no legitimacy because they are beholden to Wall Street. Glass-Steagall will sadly not be reinstated because Wall Street has already hijacked the entire political system. The authorities will not do anything that is not in the interests of their corporate paymasters.
We should demand NOTHING from this corrupt system - we should merely reclaim what is already ours - space, power, wealth, democracy.
Over thirty congressmen support reinstating Glass-Steagall.
The idea isn't to demand Glass-Steagall from Wall Street, it is to demand it generally. Legislatively, Glass-Steagall has to come from Congress, which means from people demanding it.
I hate to break this to you, but Congress doesn't care. Congress doesn't represent you - unless you're among the richest 1% in this country.