Forum Post: Literacy Wanted
Posted 12 years ago on Oct. 15, 2011, 4:02 a.m. EST by riethc
(1149)
This content is user submitted and not an official statement
I titled this polemically because I see that we have a massive intellectual vacuum on this forum being filled with complete nonsense. If you do not understand the concepts in this article, please leave questions in the comments. We need people who know what this is, and what it means: Literacy Wanted
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
Yeah, reinstating the Glass-Steagall act would be one of the very few good ideas around here (as opposed to anti-banking/anti-capitalistic nonsense)
H.R. 1489 Return to Prudent Banking Act has 46 co-sponsors and has been sitting in sub-committee since May. It will die there if no action is taken on the bill. Write to your representative and demand that Congress takes action on the bill either in the House sub-committee or by introducing it in the Senate.
https://writerep.house.gov/writerep/welcome.shtml
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fixed
This law kept commercial banks seperate from investments banks.
For example used to be...
You had the bank where you cash your check, and had your checking account. Then you had the bank where you bought investments. They where seperate.
Now... They are intertwined. The bank can operate both.
Yes, and by separating the commercial banking from the investment side, we'll bankrupt many of the "bad" banks while preserving institutions that can distribute necessary credit to run the economy.
I took "Literacy Wanted" and "We need people who know what this is, and what it means" as somebody looking for easy explaination, so I gave it a shot.
It should be restated again and again. It'll be helpful if you do so.
yeah....So why ya asking me then? lol
I'm just making sure that you know what it will mean if OWS makes HR 1489 its main sticking point. Many people do not understand the strength of reinstating The Glass-Steagall Act in the current situation.
Yes I do. thank you, I did not even know anybody had anything to put forth to repeal it tho, that would be great. But I bet they take it out of whatever other bill they have it attached too.
HR 2451 is a bill that stands on its own: It will reinstate The Glass-Steagall Act, not repeal it.
Even better then an attachment. That's good, hope they can get it through.
I'm bringing it up here so that OWSers know what it is. If we can get this out into the public discussion, and enough people are able to speak about it intelligently, in front of cameras, we can force Congress to bring it to a vote.
"I titled this polemically because I see that we have a massive intellectual vacuum IN THIS COUNTRY being filled with complete nonsense."
I fixed your typo!
NICE! lol
I might actually use that. Thanks.
We need to pass financial regulations in concert with the major financial world: London Tokyo, Singapore, Hong Kong.
Whatever our political inclinations, the reality is that constrictive regulations in one country will result in businesses moving off-shore. Unless... there is a globally level and fair playing field.
We need FAIR trade. FAIR trade is not Free trade. Regulations, however, need to be implement for all competitors, including foreign competition. Without uniform global regulations, we will only continue to see jobs leave the US..
But let's face it, in the USE every State is it's own fiefdom with it's own regulation. So we need to unify regulation across the States before the rest of the world will take us seriously.
Thus I suggest working on international financial regulations with other worldwide Occupy groups.
Good idea. Have you written an article on it for here yet?
I have other things I want to write on, but trade policy is not one of them, not to mention that trade policy is not my expertise. I'm hoping other people will take this further and freely call it their own.
It doesn't have to be a great article, just copy what you just wrote in the comments above, and paste it into a post. It'll get the conversation going.
Sorry I misunderstood. I thought you meant a research paper. But I've probably done what you suggested already, I don't remember. But you are welcome to do it again if you like.
reinstating the Glass-Steagall
is like locking the house after it has already been robbed
a good idea
but the money is still gone
It's a necessary first step. We have to cut ties with their debt to start a new financial system based on sound money. What kind of financial system that would be is the next issue here, but I doubt I would get much agreement here, so I just say, Glass-Steagall now!
pass it already
how many times must I wait for the first step ?
Emilie Autumn - Let the Record Show http://www.youtube.com/watch?v=Hc3lqFySOAc angry music
People simply waiting for it is the problem.
Questions welcome!
THERE IS DEFINATLY an intellectual vacume but we need bodies also so endure the ignorance and educate the willing..stupid is as stupid does i believe in the ows movement
Are you being sarcastic?
no iam not being sarcastic but...i am willing to both acknowledge and put up with the ignorant until they get violent or totally out of hand,,,humanity is multifold and wisdom dosent just come cause someone has the balls to start a rightous movement..i am a humanitarian but i dont like to see every ignorant or opinionated soul and thier club or crowd try to coopt what is at the core a serious movement it must be difficult on the ground in the park with all the dimwits but i hold space for thier education..http://www.youtube.com/watch?v=4QrDLwSgg24
It was just the spelling, not a big deal. Firefox has spell check built in. Might want to download it.
sUbStanSe Ovar FoRm hehe
http://www.mozilla.org/en-US/firefox/new/
:D
yes
restore glass steal
but the money has already been gambled away on wall street
I support this, however I recommending watching this closely as congress tends to attach riders. Sadly well see trillions of dollars in lobbyists doing their damnedest to prevent this.
This bill was written by Congressmen. You have to understand that The Glass-Steagall Act, if there is a real fight for it, will separate Congress into two camps. From there it can be properly fought out and we as citizens will know who is on our side and who is with the banks.
That is IF the darn thing ever gets out of committee. Oh Barrrrrrny....
It's sad. Massachusetts used to be the state of rebels. Now they can't help but vote for a guy because they feel bad for him. (The only left-handed, gay Jew in Congress, who wrote a book about it!)
Yeah but he can still do his job right? =p
Oh, lol. I was thinking you knew Barney was a shill. He does do a lot of back and forth though, seeming like a good guy at times.
Well if I'm not mistaken he's not only on the committee, he's the ranking fucking member. Who knows, maybe I'll write him if I get the chance. (Not that it'll do any good but what the Hell ;)
It won't do any good. It has to be forced through.
So will they need to hire separate lobbiests?
lol Reinstating the Glass-Steagall Act will create two separate groups for finance. Most of the big "investment" banks will simply go bankrupt, due to their own bad investments, and lack of having people's deposits to back them up. There won't be any more "big bank" lobbyists because there employers will no longer exist.
thank you, Occupy needs to stay intelligent. The ones who can teach, do. We all have separate gifts, but the same goal. You know about policy obviously, and I know about music. If you want, check this out.. Have a Powerful day, I'll be in LA ----- http://www.youtube.com/watch?v=wVL05HqFqIY
Nice! If you can write a song about Glass-Steagall and HR 1489, we'll be set!
HA, bit of a mouthful, but I'm on it brother
lol It would be challenging to write, but a good catchy song that puts it simply would peak people's interest.
"It's not that we disagree, We're all just barking up the wrong tree, Now it's time to restore sanity, With Glass-Steagall"
Something along those lines would get the point across. :)
song writing partnership is in the works?? I like the words.. ill sing it today at occupy Los Angeles..
"How about 'Banking up the wrong tree' ? Just a thought." - Madcat
Madcat and I were just brainstorming a bit and he came up with this line. Our conversation is below.
yeah! play on words! my fav
Better get some sleep then if you are occupying tomorrow. I'm going to do the same. Good night.
:) rest up
stay intelligent.... when did that start? you all may have a load of inane demands or wishes, but there is very LITTLE intelligence on display with this MOB
At least get rid of derivatives. They're the major problem in investing. You should only be able to bet on a company doing well.
If these banks are separated from their deposits, they will go bankrupt, taking their derivatives with them.
Do you happen to know the nuanced differences between the two bills awaiting the floor off the top of your head?
Kaptur's bill is the longer of the two. It has provisions to give the banks time to separate their commercial side from their investment activities. It also gives some provisions for keeping individuals from being on the executive boards in both a commercial bank and in an investment bank.
Hichney's bill is much more terse and does not go into extensive provisions on how the banks will separate.
Either one will do the job, but Kaptur's bill has more support in Congress and is written better generally.
Nice. I like the idea of going the extra step to keep executive boards separate.
http://www.gpo.gov/fdsys/pkg/BILLS-112hr1489ih/pdf/BILLS-112hr1489ih.pdf
You thought the song was a mouthful... ;-)
lol It would be challenging to get it out there. A good catchy song that puts it simply would peak people's interest, at least.
"It's not that we disagree, We're all just barking up the wrong tree, Now it's time to restore sanity, With Glass-Steagall"
Something along those lines
How about "Banking up the wrong tree" ? Just a thought.
None of my, and I use the term lightly, representation is on any of the committees or I'd start writing some letters. If/when it makes to the floor I sure will.
Thanks for starting this thread by the way.
"Banking up the wrong tree" would be even better! lol
HR 1489 is already out there in the Occupy movement so it wouldn't be hard to bring it up in committee or a GA.
Well, I'm not actually there in New York but I'm going to do my research and bring it up with some local occupiers. I think spreading the word on this is a great idea.
Sleep comes first though. Take care