Forum Post: The Day the Glass-Steagall Act was Shattered by the GLB Act: Senator Byron Dorgan takes the Senate Floor and tries to Save the G-S Act...Before WE March, Let's ALL get on the Same Page--A History Lesson & Call to Action...
Posted 12 years ago on Nov. 11, 2011, 5:05 p.m. EST by Howtodoit
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November 4, 1999, the day America's current "Financial Nightmare" began: The Senate approves the controversial Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999 http://banking.senate.gov/prel99/1104grm.htm --One that Wall Street reportedly spent billions to make sure it past!
And hats off to Senator Byron Dorgan for standing-up against its passage by trying to SAVE the Glass-Steagall Act for us--especially since he knew his odds were 8 to 90. http://www.govtrack.us/congress/vote.xpd?vote=s1999-354 Also thanks to the other Senators who voted Nay. Either way, Byron did predict what was to come; which before 1999 was called something like a Corporate Meltdown; and is now commonly referred to as "Too Big Too Fail."
After all, as we are learning now, we can't Fix Wall Street and Create more Jobs until we make Congress break-up the Big Financial Giants; so then, they'll have to release the Trillions of Cash they are sitting-on into the Economy--instead of them using that cash for Risky and now Legal Speculative Investments--make sense? At least, that's what many scholars say: It's time to Close Down the Wall Street Casinos! Time to break-up the Financial Giants into something that's more manageable, and more importantly, transparent! How? By taking a History Lesson from 1933 with the Glass-Steagall Act; after all, at that time, it was a Big Part of how they Fixed the Problem for Future Generations. What was the key to its success? The Glass-Steagall Act mandated Congress to break-up (or separate) the Big Financial Giants into Banks, Insurance companies, and Investment companies--and it worked fine until 1999. So in a sense, since 1999, we have been living under same Deregulatory Framework that caused the Great Depression. Which makes me feel that the Corporate Bailouts in 2008, were just a tremor of what's to come if we don't get a handle on this--and soon!
Before we March for the Glass-Steagall Act, first let's all get on the same page; learn how our Financial Nightmare started...and the History of the Glass-Steagall Act; after all, education will unite us even more. Here's a one for the Senator too...(this sums it up well; the Day it all started):
Senate Floor: 11/4/99 2:04 pm
Full Speech: http://billmoyers.com/content/a-senators-prophetic-words-then-and-now/ or condensed...
Part 1: http://www.youtube.com/watch?v=OvnO_SH-4WU&feature=related
Part 2: http://www.youtube.com/watch?v=veAOoQEy0PI&feature=related
"Byron's Crystal Ball" (or how he likes to put it: "Common Sense.") http://www.youtube.com/watch?v=w2nZbo8SKbg&NR=1
FRONTLINE: "The Warning" In 1998 CFTC Chair Brooksley Born "Sounds the Warning on Deregulations" and Alan Greenspan, Robert Rubin, and Larry Summers are Furious About It! http://occupywallst.org/forum/the-warning-frontline-show-former-cftc-chair-brook/
10 Years Later: The Rachel Maddow Show--The Senator Reflects http://www.youtube.com/watch?v=Q_hbezbsJ8s&feature=related
10 Years Later: The Dylan Ratigan Show has Fun "Celebrating" Gramm-Leach-Bliley Act's 10 Year Anniversary. http://www.youtube.com/watch?v=apeuxk78-a0&feature=related
Jan 2012 PBS/Bill Moyers & Company:
Author/Journalist Gretchen Morgenson on how we got into our financial mess and who's to blame. And why the Dodd-Frank Act is not a fix: http://billmoyers.com/segment/gretchen-morgenson-on-industry-influence/
Reagan budget director David Stockman on "Crony Capitalism." The revolving door between Wall Street & D.C. http://billmoyers.com/episode/crony-capitalism/
Byron Dorgan on Making Banks Play by the Rules; Glass-Steagall: http://billmoyers.com/segment/byron-dorgan-on-making-banks-play-by-the-rules/
Former Citigroup CEO John Reed on how merger of Citicorp & Travelers Group brought down the Glass-Steagall Act: http://billmoyers.com/segment/john-reed-on-big-banks-power-and-influence/
More History:
Glass-Steagall Act Crash Course: http://www.youtube.com/watch?v=A7BUmXUV0kw&feature=related
Who Repealed the Glass-Steagall Act? (signed by President Clinton into law on Nov 12th): http://www.youtube.com/watch?v=x0k2PmF-o5Q&feature=related
Solution:
Let's start our fight TODAY to Reinstate The Glass-Steagall Act! And to Close All Loopholes for Oil Speculators by Reinstating our old CFTC Act of 1974 too! Tell them: http://www.cftc.gov/index.htm
And here's WHEN we will Complete Our Goal (I hope): June 16, 2012, the 79th year anniversary of Glass-Steagall Act...
The Marches to REINSTATE the Glass-Steagall Act & to Close All Loopholes for Oil Speculators: http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/ Let's get Focused--We don't need to REINVENT the Wheel--This will Reinstate the Important Regulations we had from 1933 to 1999--Before Congress SHATTERED them! Let's make the March into "The Financial Woodstock for Wall Street Reform!"
However, besides the WDC March, I feel the best way--and maybe only way--for this to Work, is to also have Marches held in every City/Town and around the World on 6/16/12, and then keep it up until Congress Listens--and if they don't, you what to do with your Vote, Next...But why wait for 6/16/12? Let's start Today & hold the Final March even sooner!
Here's my Proposal on "How to Accomplish the Marches for the Return of the Glass-Steagall Act & to Close All Loopholes for Oil Speculators." http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/
Here's a Great way to get the word out on "The Marches for Return of the Glass-Steagall Act of 1933 & to Close All Loopholes for Oil Speculators"--Celebrities! And I'm letting them all know. http://occupywallst.org/forum/heres-a-great-way-to-get-the-word-out-on-the-march/
And I should point out here that I'm an Independent, nothing said or posted here was swayed by any affiliations, except for the school of common sense.
I just saw an opportunity here with this OWS Forum to hopefully help more people understand how and why we got into this financial mess, and one possible way to fix it. That's all. God Bless America!
Representative John D. Dingell (D - MI), said of the repeal of G_S ACT, "that taxpayers would be called upon to foot the bill to break up the gargantuan banks that the repeal of Glass-Steagall would create."
http://dingell.house.gov/news/press-releases/2010/06/dingell-on-house-passage-wall-street-reform-new-consumer-protections.shtml
Make the banks restructure themselves. Why must we pay for everything these losers do? Its the risk they take when opening a business, their risk not ours. Their fraud not ours. Either comply and restructure, or open a burger stand instead.
The public will not parent them any longer. They need to pull up their big-boy pants, now that they're all grown up and too big to fail, bcz the taxpayers teat is all dried up.
Nice post.
Thanks for that quote.
I am often told that the financial collapse was an unforeseeable outcome of the repeal of Glass-Steagall and the further under regulation of derivatives.
Reading the Congressional Record of the debate for S-900 in early Nov. 1999 it is clear that many people, like Dingell, did see the potential dangers and tried hard to sound the alarm.
hubris goes along way in destroying nations
For everyone new to this Forum, it is what it is, just a Forum so far, an IDEA Up for Discussion; one, obviously I like. One I feel that could not only go a long way for OWS: but even more importantly, our Whole Country. Why? Because We can't fix Wall Street and Create more Jobs until we make Congress break-up the Big Financial Giants; so then they have to release the Trillions of Cash they are sitting on into the Economy, make sense? After all, that was a big part of how they fixed the problem in 1933 for Futue Generations!
The key to making this MARCH a success is that we also need people from "all walks of life" to come together and join this Mission: To Remake American into the Financial Giant it once was! Before the Wall Street Casinos opened!
So everyone, please join us! As far as I'm concerned, this is not just a OWS March, this is a March for all of America & the World! One everyone needs to be a part of; otherwise, it might be impossible to achieve this Huge Task!
Btw, I not an official member of OWS or anything but Meals on Wheels (and if anyone from WDC is curious, for MOW's I do have my Level 2 Homeland Security Background Clearance).
I just saw an opportunity here with this OWS Forum to hopefully help more people understand how and why we got to this financial mess, and one way to fix it. That's all. God Bless America!
Sincerely,
Howtodoit
Concerned Citizen
Just Twitted this (Dec 7th):
I don't hold it against any Senator Voted for GLB Act. At Time, easy let Guard Down--Now Facts are Conclusive--Let's Forgive/Forget--USA 1st
Here's some more info on how we got into this mess:
60 Minutes: Credit Default Swaps & how they brought down Economy. It's Time to March to Close Down Walls Street's Casinos! Party's over WS! http://www.youtube.com/watch?v=ox97-yJCZtY
@60Minutes Here's great story on how the Wall Street Casinos Opened! And Derivatives & Default Swaps--WStreet's Fav Bet! http://www.videosurf.com/video/credit-default-swaps-52831556?vlt=
Can't make an omelet if you don't crack some eggs.
Where do we go from here? You can find it through Love - Martin Luther King, Jr. Listen to this great speech and how timely it is today. A great man who died too young. http://vimeo.com/11154217
Yes, he was a good man who spoke truth to social norms. I especially enjoyed his Beyond Vietnam speech. It opened my eyes to why we are always fighting wars, and is why I will never support war again.
yes. thanks for pointing that out my friend
Well put-- and I would like to see some scrambled eggs in our system go away...
Another great recap (10 yrs later) on how we got into this "Financial Nightmare" http://www.youtube.com/watch?v=0hh8EubXDV0&feature=related
Again, I pick them on who makes the most sense...
yes sir, and I would especially like to get rid of those eggs in a box. Fake ass things should have never been part of the ingredients in the first place.
I hear you. And when I'm doing my research for this Forum and I discover a Congressman, such as Retired Senator Byron Dorgan, and how he was the only ONE of 8 to Stand-Up for one last stand for the Glass-Steagall Act of 1933--even thou he knew it was a done deal--it renews my faith that we can find some experts out there to help us fix this mess...like minds in high places.
I feel the truth lies with bringing the G-S act...
Must See:
PBS/Bill Moyers: Reagan budget director David Stockman on "crony capitalism"--the revolving door between DC & Wall Street--Talk about blowing the whistle on Dodd-Frank Act, White House, & Wall Street: and why we need a Glass-Steagall Act plus...to fix!
http://billmoyers.com/episode/crony-capitalism/
Wildfire:The Legislation that Ignited the Great Recession spells out exactly how this happened and all of the knuckleheads involved. Read it if you get a chance...http://www.amazon.com/Wildfire-Legislation-Ignited-Recession-ebook/dp/B004TNGTYA/ref=tmm_kin_title_0?ie=UTF8&m=AG56TWVU5XWC2&qid=1295880272&sr=1-1
The day it all started...
well, once i can buy it at a second hand store, i'll read it. I have been on strike since '09. but, from what i have gathered, it is a retelling of books i have already read, which are the impetus for my striking. and when I say striking, i mean that I will take a job that pays 7 dollars and 50 cents an hour, but I will not spend that money on premium goods.
God Bless him for that, can he talk the rest into it?
We will win eventually by our votes; but for now, we win with having the right politcians such as Senator Maria Cantwell, and the right lawyers such as Michael Greenberger, who both knows what happened, what's wrong, and how to fix it---hopefully, on our team! It's at least our best bet!
The 2008 hearings on oil speculators opened my eyes wide open, just too bad it was on just on CSPAN (our friends). So Once I heard about OWS, it was time to throw my hat into the ring...Just feel strongly that G-S Act and Closing all Loopholes should be the Major Platform, with that done, the rest will fall into place; such as getting most of the money out of Politics, why? One reason, they won't have as much to spend then...plus with that done on The Hill, we will have the strong voice we need!
Once their savings accounts are depleted, they'll be ready to listen to reason. sadly, I believe, that is the only thing they understand.
Unfortunately for us, Obama had that chance during the Wall Street Bailout to regulate the banks how ever he saw fit! Right? But he didn't capitalize on it, why? Great question. All I can remember is him saying was that he was going to let the markets work it out; that now wouldn't be the time for more regulations. However, I feel that was the perfect time/opportunity to bring back the Glass-Steagall Act--the Change I voted for...could it be because some of his Finance Committee is from Goldman-Sachs? So much for him changing it, now it's time for us to change it!
bush gave the money to the banks, obama gave the money to the people. from a strategic point of view, it was stupid what Obama did. but from a humane point of view, it was needed. the accumulated effect is what we are dealing with. obama did not know that the people were going to do exactly what the banks did, hoard the money
It's Time to Remake American into the Financial Giant it once was! Before the Casinos opened in 1999!
i'm down with that as long as it entails respect for all classes. i believe the biggest problem we have is that those who try and shame the poor to become wealthy have lost their moral high ground. how can someone call the worker lazy when the owner is a megalomaniac with out no moral compass. so the distribution of money is a problem but so is the lack of respect.
I know WS makes all of their wealth by not really doing anything; but trading paper; and look at the worker like what's your problem! We have to Close the Wall Street Casinos Now!
Hear me OWS! This is the biggest task you will ever accomplish, period! It's huge! Next would be campaign reform.
If you ask me what the next Step should be to bring back our Sound Financial Regulations from 1999? (besides Marching for it now) I would suggest to form a Committee/Alliance with Public Citizen, Americans for Financial Refrom, and the Former Director of CFTC Michael Greenberger, and former Chair Brooksley Born to find out exactly how to Reinstate the Glass-Steagall Act and how to Reel in Oil Speculators (or Close The Loopholes).
Also, bringing in Ralph Nader and Senators: Byron Dorgan, Maria Cantwell, and Ted Kaufman, Elizabeth Warren, would also be a wise move. Like minds in high places! That's my A Team for Working in Harmony; after all, that's what they all either do for a living, or has been their cause since around 1999.
Good luck my friends, I will meet you in WDC when we hold this March, whatever day that might be! I say sooner the better--And we don't let up NATIONWIDE until it's done, and we do not Elect Anyone into Office who doesn't have the Same Mind set; or in other words, they feel G-S Act must be Reinstated Now, and that we must Now also Close All Loopholes for Oil Speculators! Why has a barrel of oil just shot up 20 bucks? It's not caused by supply and demand problem! Love you all! Go get 'em! Hit them where it hurts the most! And where it HELPS Americans the MOST! PLEASE HELP SPREAD THE WORD!
Great point! Obama deserves that credit. I guess he just didn't have the experience at the time. Thanks for sharing here JesseHeffran
This one law, Glass-Steagall, would have prevented the economic storm that most of us have suffered for the past 4 years. Yet, we hear almost nothing about it from the main stream media.
Six corporations own the main stream media, including television, radio, newspapers, magazines and book publishers. Ongoing consolidation of wealth enriches them.
Exactly, that's why I started a Twitter Campaign, they all have it now...over 2000 News Org. (& reporters) in every Country! Including all major TV Networks, Newspapers, etc. And Italy is on board!
howtodoit1 J. E. Miller Time to Party like 1933 again! Let's have some fun Reinstating Glass-Steagall Act! @BarackObama @SenateDems @SpeakerBoehner @Senate_GOPs 2 hours ago
@nobigbanks Go Italy! Pass Glass-Steagall Act. We are with you! Solidarity! Nice site: www.nobigbanks.it 3 hours ago
nobigbanks NOBIGBANKS.it @howtodoit1 Separate investment banks from commercial banks, instead of financing bank bailouts! 8 hours ago
Let's get this info out and stop blaming the people who are losing their house.
roger that!!!
Breaking news:
The CEO of our region's "strongest bank" wants to see Glass-Steagall's return & an Occupy Washingon D.C. movement: http://thesunbreak.com/2012/01/17/washington-federals-roy-whitehead-on-banking-public-trust-and-regulations/
Glass-Steagall removal--how this happened...
hey, one see last comment, if not, look up 3rd one...
Good news for the G-S Act suppoters, today Occupy Marines, LA, Raleigh, Salt Lake City, Columbus, Occupy World News, We The 99%, Occupy Unveiled, and Power 2 The Peaceful all retweeted this to 43,143 folllowers:
One for the Glass-Steagall Act Believers: http://occupywallst.org/forum/the-day-the-gramm-leach-bliley-act-of-1999-came-up/ Cheers!
Let's see what happens next...
Btw, I just twiited this:
Three Forums in one to help achieve our first Big Victory: Reinstating the G-S Act & Our Old CFTC Act: http://occupywallst.org/forum/the-day-the-gramm-leach-bliley-act-of-1999-came-up/
To: Ralph Nader, OWS, OWS Worldwide, Occupy USA, The Other 99, Matt Taibbi, Senator Byron Dorgan, Senator Maria Cantwell, Senator Ted Kaufman, Senator Sanders, Dylan Ratigan, Ed Show, Keith Oblermann, Rachel Maddow, Jon Stewart, Finance Reform Org, RB Reich, Marcus Mabry, Plus...
focus time...
One good bump deserves another.
Sign this one for practice:
https://wwws.whitehouse.gov/petitions/fb/petition/petition/force-industry-implementing-hydrogen-fuel-technology/Pqd8bP9q
Keep up the good work.
My Fav all time POST DKAtoday! That's the Future, Hydrogen Fuel! And if we don't reel in the CFTC on futures trading, the Oli Speculators will Rob that Market Blind too!
Thanks buddy! Just twitted this to a bunch of oil future traders:
How can You Sleep Futures Trader Knowing your Unfair/Deregulated Profit Margins are Costing a lot of HARD WORKING Fellow Americans & the Citizens of World the Ability to Pay their Bills?--You all are Wrecking the World's Economy! For example, why did American Airlines just file Bankruptcy Protection? They couldn't afford their Fuel Cost! Why? We all know now! Not to mention, the Lawmakers who are Against Reinstating the Glass-Steagall Act, which was put into place by the Congress in 1933 to not only help Save America from the Great Depression, but also to Prevent their "Financial Nightmare" from Happening Again to Future Generations! So much for That!
Maybe you could share those addresses with the rest of the class in-case anyone else would like to send some fan-mail.
Would love to, but I instead of having to look up a million emails, alll you have to do on Twiiter is to Follow Them! Then they receive an email to your Twitter Page. It's a great marketing tool! Once you sign up; let me know if you have any questions!
You mean that this old dog has something more to try to learn?
How's the Twitter Campaign going?
Fairly well. Starting to get some perspective. Like it so much I posted this with a group I joined on Facebook.
To the Group Members of occupy the occupy. We should also make use of twitter. You can check mine out at @DKAtoday. But it allows you to search find and follow different groups and make reply's to their posts ( tweets ) which are then listed on your page as well as sent to the tweet page your replying to. Others following on the site see your reply and can choose to follow your tweets. I have gotten more reply's/attention doing this then I have doing facebook. I've only been doing twitter for a couple of days but have already gotten 16 followers. So far I have not had any outside interest shown in my Facebook page. Perhaps I just don't know how to make it noticeable.
Thanks for participating, Dan Albrecht
That's the nice thing about twitter. I haven't had to try to find out how to advertise it to get it noticed. It seems to be set-up to be more automatically interactive or self promoting.
If you can attach text or articles or documents as a "LINK", then you can effectively bypass the 140 character limit that twitter has on their tweets. Video links as well.
Sharing is easy to. You can see who others are following and follow them to if you want, just by clicking the follow button on that individual or group.
May be the best/easiest way to get issues to go viral.
perfect!
Lets get Viral!
Btw, just sent this to a bunch of oil traders, oil trader magazines, and oil companies, so far 5 are following me. What's the old saying, keep your enemies closer! Cheers! The World knows Now! Time to March for Return of G-S Act & to Close All Loopholes for Oil Speculators!
And to the birth, implementation and proliferation of Hydrogen Fuel as one of our main power sources. Keep the needles poking and information flowing.
I just followed a bunch of Solar Companies, will do Hydrogen Co's next. My goal now is a nationwide coalition with OWS and other like minded groups, after all, for this idea to work, we need 5 million people! Plus, it's great PR for all, they will be the ones who Remade America Sound & Whole by Reinstating the Financial Regulations that Made our Country Great!
And prosecute the criminals preying on our society, and needlessly polluting our world.
You have to try it, so far I have 4 Senators following me, Kevin Costner's Band, Dr. Wayne Dyer, Jill Stein with Green Party, 85 OWS Chapters, UNCIEF, Salvation Army, 4 think tanks, plus 200 hundred more...in 3 weeks! Go to my page and follow me, you can see it all there! same name with a 1 at end!
I promise I will I just don't know when. Congratulations on your growing success, enthusiasm and skill.
Thanks! And it's a piece of cake, if I can do it...and would love you to see my page/twitts/followers. Thoughts? And once we are both following each other, then you can send private messages too!
Will do asap. Just need to regroup my resources a bit.
I think this post deserves a rode to the top
Btw, I've tweeted this link to over 1700 contacts so far; including the Major TV & Cable Networks, almost every major Newspaper and freelance Journalist in the Country, over 100 celebrities, The White House, Boehner, Cantor, Gingrich, Pelosi, Bachman and a few other GOP & Democrats in Congress, and almost every OWS Chapter...I bet you can name one News Anchor or Organization who doesn't have it now...Solidarity! One thing at a time..,
And I got this from a smart political activist the day after I sent it to Newt and Cantor (last Tuesday):
"Thanks! I fully support your political endeaver of the GS bill. I find it a bit odd that even Newt and Cantor are now saying it's right now..."
Already, my friends, they are listening! Yes! WE can do this!
(actually twitted over 2100 twitts (right?), which I had to unfollow some to reach that total--either way, they got the link)
Nice we need more like you
Thanks. Update: Guess what? Senators Al Franken and Pat Toomey are Following me! And last night I blasted it out everyone else, even Unlce Karl and Rush have it...this should be interesting! Watch your news, there's not one anchor on any national channel who doesn't have this now:
http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/
This March may turn out to be a cake walk!
Cheers. Next The Hill and everywhere again!
you GO - - - - howtodoit ! ! ! !
ran out of messages, 15 max, so please open an twiitter acct, or find someone whom has one. If I can do it, anyone can...very easy..3 weeks old...
Thanks partner! I just posted this on this page...you might like it!
10 Years Later: The Dylan Ratigan Show has Fun "Celebrating" Gramm-Leach-Bliley Act's 10 Year Anniv: http://www.youtube.com/watch?v=apeuxk78-a0&feature=related
Than you - great video - great explanation of what happened !
I know, it's all there! I feel when the masses hear about this, things will change quicky! Btw, Ashley Judd is on board for this! Which I feel with or without us, she can get it done alone...one amazing women! After all, who can say no to her! Love to have her walking around the Halls of Justice!
Althou
Let's all get on the same page so when we do March for the Return of G-S Act, Everyone will know all about it, and why we need it Back. I feel eduction is first in these matters...
Reinstate the Glass-Steagall Act Now!
please don't bump threads
roger that buddy
that's what it told me
Reinstate the G-S Act, I hear ya, thanks for sharing; Let everyone know I'm just a 3 week old blogger...cheers number2
he's a 3 wek old blogger
Need a chuckle? http://occupywallst.org/forum/new-industry-new-jobs-check-it-out/
Unbelievable!!! Warren Buffet put me on follow.
big brother don't ya gamble our savings away
YES! that's the idea! It's time to Close Down the WS Casinos! And reopen the Banks & Insurance companies we use to know!
Friends, Let's start from the beginning....(from the top of page here). After all, Education will unite us even more!
Any feedback on networking how to do it?
I say join Twitter, no need to look up emails, just hit Follow, try it! So far, working well for us!
My recent Twitts:
howtodoit1 To GOP & Dems: It's Time to Forgive & Forget & put Country First! Writing on Wall: We Need G-S ACT Reinstated to Make the USA STRONG AGAIN! 1 hour ago
howtodoit1 In WDC they say the Financial Sector has 5 lobbyist for every Congressmen: FForward to 2:18 minutes in... youtube.com/watch?v=EaYWgX… Eye-Opening! 10 hours ago
howtodoit1 @itsWillyFerrell Alert! Your Country needs Will NOW! That would do it for: occupywallst.org/forum/howtodoi… Can you see it Will? It's all there....Help! 15 hours ago
howtodoit1
Feel if we join forces w/ Financial Reform Guru's, rest Falls into Place. After all Rein G-S Act is the WWhale-It's huge! Biggest 1st! Help! 15 hours ago
howtodoit1
What's brought the Economy Down the Worst? Land Mines called Derivatives. A Great 101. Fast forward to 22 minutes in youtube.com/watch?v=f-kExd… 19 hours ago
howtodoit1 The Cat is out of the bag Wall Street! Here we come United to Take Back Capitol Hill: occupywallst.org/forum/its-time… We won't let up until it's DONE! 26 Nov
howtodoit1 Let's kick WS in Butt--won't be easy--they will fight us with everything they have--but we win--We the People! And USA will love us for it! 25 Nov
Hi Howtodoit, Thank you for post and links. Best Regards, Nevada
Thank YOU for that Nevada! Read the papers, watch the news, everyone in USA knows about this now, the chatter has begun! Listen for them speaking of the Glass-Steagall Act or the End of Oil Speculators Loopholes--And with the middle man gone, experts say now a barrel of oil should cost around $60!
Please let me know what you hear!
Hi Howtodoit, Yes. let's win this thing.
I'm laying it ALL out there...this Twitter thing is pretty Powerful Stuff! Just a couple weeks into it, and already we have the smart and lovely Ashley Judd on Board with us! She's also an Ambassador for YouthAIDS!
Downside on Twitter is all the spam!
Excellent.
Thanks Nevada1--Cool, hold on to your seat..Miami Herald and some Political Guru's just followed too..stay tuned. And Please remember to let me know if you hear of any Lawmakers speaking of Reinstating Glass-Steagall Act, and any talk about Closing Loopholes for Oil Speculators. Please :)
Also, I sent this to every U.S. Senator and some of the House (ran out of follows again) Plus, now you can't turn on the National or Cable News and watch an Anchor or Reporter who hasn't received it now! (including Fox). Check them out!
Let's see what happens--The Power of Twit (still don''t know what that means?) But, the fear of, sometimes works as well. After all, if they go to my page, over 1200 rock, country, rap, movies stars, directors, producers, peers, etc now have it; so that alone plays into political strategy, catch my drift...Plus they are watching you BIG TIME..(I'm being followed by 67 OWS Chapters so far...4 new a day) they know now AGAIN that you/we are a force to be Reckoned With--that we are not going away until we get Justice!
Time will tell on twitter campaign..but I feel it's working!
Love you all!
Friend Jim
Great post again by howtodoit! Just finished The Big Short by Michael Lewis. Inside the doomsday machine" Commentary at the end states " one way to prevent this from happening again is to reimpose parts of Glass Steagall"
Not that most of us didn't already know that but it's nice to hear it from a Wall St insider.
Thanks Steve15! I needed to hear that! I also need to read that book, thanks for bringing it up here.
Ten Years Later: The Dylan Ratigan Show has Some Fun "Celebrating" Gramm-Leach-Bliley Act's Ten Year Anniversary: http://www.youtube.com/watch?v=apeuxk78-a0&feature=related
The day it all started: Senate Floor: 2:04 pm 11/4/99, Sentor Byron Dorgan takes the floor...
Part 1: http://www.youtube.com/watch?v=OvnO_SH-4WU&feature=related
How do we do it right? For me, it just makes sense to take a history lesson; one that was lost the past 11 years...
can't wait for 6/16/12
next, solutions...
From enough, re-posted here--thanks for you insights!
] enough 2 points 3 weeks ago
Totally agree. I would add that the 1934 Securities Exchange Act needs to be vigorously enforced. Traders for the big investment banks and hedge funds illegally manipulate our capital markets 24/7 with high-frequency algorithmic trading to front-run and rip-off honest investors. They do so while the SEC looks the other way. The big banks make most of their money from their proprietary trading desks and it amounts to 70% or more of their profits. It is statistically impossible to make tens of millions in profits every single trading day unless you are cheating and yet the big banks accomplish this impossible feat quarter after quarter with nary a word from the regulators at the SEC who are in bed with them. Ban outright or place a transaction tax on each high-frequency computerized trade and watch the illicit profits evaporate. This alone will bring the big banks to their knees and hopefully out of business, as they should have been in 2008. http://investmentwatchblog.com/the-wave/
After all, as we know now, we can't fix Wall Street and Create more Jobs until we make Congress break-up the Big Financial Giants; so then they have to release the Trillions of Cash they are sitting on into the Economy, make sense? After all, that's was a part of how they fixed the problem in 1933 for us!
any thoughts here? think it will work?
Here's another good oil bubble story: Dr. Mark Cooper on oil speculators: http://www.youtube.com/watch?v=0-ii_Xo_vnI&feature=related
How did we all figure this out? Or, in other words, what brought us here? We also looked back to 1999 to where it all began with Senator Phil Gramm who helped create "legal" gambling casinos for our banks: CNN's The 10 Most Responsible for Economy Collapse:
http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
time for a breather, let's get focus on solutions, and here my penny...not below, but above, see Forum Title and...
Number 1- why are you squatting at Wall Street and not on the Hill or the White House?
Number 2- why the persistence to "turn a blind eye" and delude yourselves about Obama?
11 Reasons Why Occupy Wall Street Protesters Are Hypocrites If They Do Not Call For Barack Obama To Resign
http://endoftheamericandream.com/archives/11-reasons-why-occupy-wall-street-protesters-are-hypocrites-if-they-do-not-call-for-barack-obama-to-resign
"If the Occupy Wall Street protesters truly believed in the things that they are proclaiming, then they would be calling for the immediate resignation of Barack Obama and his entire cabinet. The truth is that the Obama administration is responsible for most of the things that Occupy Wall Street is supposedly complaining about. If the Occupy Wall Street protesters were intellectually honest, we would see a flood of anti-Obama signs during these demonstrations. But instead we have barely heard a peep of criticism for Obama. In fact, the vast majority of the protesters seem very excited about sending Obama back to the White House in 2012. As will be clearly demonstrated in the rest of this article, this makes the Occupy Wall Street protesters tremendous hypocrites. If Occupy Wall Street wants to have any credibility whatsoever, it needs to call for Barack Obama to resign. Either Occupy Wall Street protesters will call for Barack Obama to be held accountable for his actions, or they are just a bunch of sheep. They cannot preach to us about how principled they are and yet turn a blind eye to everything that Barack Obama has been doing for the past 3 years......."
And what makes me so mad is that now the banks are blaming Dodd-Frank Act for having to raise fees; whereas, the day after it past the banking lobbyist announce that Dodd-Frank will cost as in the long run, which they are right about now. Well. I guess they have to figure out how to pay those big bonuses--even thou, we bailed them out, and we are still feeling the affects of their "legal" & risky investments. Close the Enron Loophole! Close the Casino!
News Flash from SENATE BANKING COMMITTEE 11/4/99: SENATE APPROVES GRAMM-LEACH-BLILEY ACT!
VOTE PAVES WAY FOR FINANCIAL SERVICES MODERNIZATION
The U.S. Senate voted 90-8 today to approve S. 900, the Gramm-Leach-Bliley Act, which will repeal the Depression-era barriers that separate banking, insurance and securities. Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement:
"I believe we have passed what will prove to be the most important banking bill in 60 years. It overturns the key provision of the Glass-Steagall act that divided the American financial system.
"Over time, the market and the regulators have used a variety of innovations to try to undo this separation. As a result, we have substantial competition occurring, but it is competition that is largely inefficient and costly, it is unstable, and it is not in the public interest for this situation to continue.
"The Gramm-Leach-Bliley Act strikes down these walls and opens up new competition. It will create wholly new financial services organizations in America. It will literally bring to every city and town in America the financial services supermarket.
"Americans today spend about $350 billion on financial services – on fees and charges and interest. Most people who have looked at the potential for providing financial services under a more rational system believe, as I believe, that there are tens of billions of dollars of savings for the American consumer that will be produced by the reforms of this bill."
News Flash 11/11/11: FROM THE AMERICAN PEOPLE--It didn't work! We want our old Glass-Steagall Act back!
Press Release 11/4/99: The U.S. Senate voted 90-8 today to approve S. 900, the Gramm-Leach-Bliley Act, which will repeal the Depression-era barriers that separate banking, insurance and securities http://banking.senate.gov/prel99/1104grm.htm
fyi, new title here...
cheers to our OWS Troops! A quick solution is coming soon...
Hey all, let's get focused! no more silly talk, now it's time to show the World we can Unite; once again, like in 1776; and get something big accomplished! I'm just worried this forum is becoming a forum of pointing fingers at anyone and the system...okay, we got that out..take a deep breathe, and God Bless you all for that; but, it's time...
we all can learn a history lesson from 1999...
If the Senator ever reads this Forum, I'm sure he'll love the "current" last comment...
Seriously, I bet he get a laugh out of it...but that's enough...please; after all he's on our side! To bring Reinstate the G-S Act of 1933!
Education first, then we March in Unity for the Return of the G-S Act and get it done right!
time for a history lesson on how we got here...and most importantly, our next move...
Education first, then we March in Unity for the Return of the G-S Act and get it done right!
Cheers to OWS protestors! Stay warm tonight, your work will pay-off soon! And when it's done, we can only thank you for your commitment to getting it done right, once again!
My now junior senator, then congressman, Toxic Pat Toomey of Pennsylvania took the other side of the debate specifically supporting the repeal of Glass-Steagall and defending use by the banks of under regulated TOXIC derivatives.
From the official Congressional Record, here is an excerpt from Toxic Toomey's floor speech:
"The repeal of Glass-Steagall is necessary so that consumers can get the products and services they desire and American financial firms can compete in the global marketplace.
Madam Speaker, I would like to highlight just one small part of this sweeping legislation. I am particularly pleased that this bill includes an important provision regarding certain derivative transactions, especially credit and equity swaps. These somewhat obscure products are actually very important tools used by businesses, including financial service firms, to manage a variety of risks that they face. This bill reaffirms that swap contracts are legitimate bank products that can be executed and booked in banks and are adequately regulated by and will continue to be regulated by banking supervisors."
Pennsylvanians take heed. You are represented by Toxic Pat Toomey, one of the Wall Street criminals who caused the financial collapse of America in 2008.
Americans can learn who the other criminals are who are still in the congress and who, in 1999, repealed Glass-Steagall.
The Congress that Crashed America: http://home.ptd.net/~aahpat/aandc/congcrash.html A directory of 64 current U.S. Senators & 171 sitting Representatives who repealed Glass-Steagall in 1999.
hi aahpat, how's your day going?
Please spread the word on Facebook (I haven't made that leap yet), still the MARCH on DC is a pipe dream, but you have to have dreams. And the OWS has been my dream since watching the Oil Speculation Hearings on Capitol Hill in 2008:
So why are oil prices high? The Enron Loophole. Former Director of U.S. Commodity Futures Trading Commission, Professor Michael Greenberger, speaks to Congress on the high price of oil--and he's not happy about Energy Deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Thanks for posting aahapt! Our Master List of whom NOT to vote for:
The Congress that Crashed America: http://home.ptd.net/~aahpat/aandc/congcrash.html
Agreed. (Though the reason to do this is not to "level the playing field" but to re-privatize risky investment activities and protect American taxpayers (the 99%) from having to cover the bad bets big banks make with depositors' money.) So what progress is being made to organize this march and how can one get involved in this particular effort?
Good point above! So far, The WDC March isn't a done deal yet, it's still a dream of mine and others. Please let the OWC headquarters know you like the idea and want to help. That would be great start to help get this on the fast track. Please stay in touch. Thanks AliceH
I feel bringing back the Glass-Steagall Act and Closing Loopholes for Oil Speculators needs to be the OWS's first BIG Victory (as name implies)--And with all due respect, I feel you owe it to the WS Protestors to get something Done that they can really be Proud Of--And there is Nothing Bigger on WS Than Bringing Back The G-S Act and Closing These Loopholes!
I agree this is hugely important but equally important is campaign finance reform. The current crop in Congress and the Administration is beholden to the titans of the financial services industry and therefore unlikely to restore Glass-Steagall or enact other necessary reforms.
Right! It's time for us to CHANGE it! thanks AliceH
How come we don't hear about this stuff daily on the local or national news? Why? I don't know. I grew up in 60-70's (before cable) when most thought that when we received news from news organizations, it was the facts (or close), after all, that's when 60 mInutes was born, which besides PBS, I feel is still the next best thing we have now for accurate un-biased option now...
With all due respect, my question for the TV/Cable Networks is: You all daily pose this question of how do we fix our Economy? Come on you all went to College, you read the newspapers, watch the other stations, emails, blogs, etc. So why can't you all united and help us get the obvious accomplished. And that is to Reinstate our Regulatory system of 1999 & 2000, before Congress shattered them! Or in other words, The Glass-Steagall Act and our old CFTC Act.
We need your help hear TV, Papers, and Websites: please uncover this crisis and help us all solve it, now! After all, you have the power to let all America know overnight what really went wrong, and how we are all now going to fix it!...and if you don't, all that says to me is that you are WS Puppets too--who owns you btw? Is that it? Please help explain it to a simple mind...however, we do have some activist/media hero's in this fight; such as:
Public Citizen, Matt Taibbi, James Galbrath, Marcus Mabry, Senator Byron Dorgan, Senator Maria Cantwell, Senator Ted Kaufman, Elizabeth Warren, plus Journalist William Kaufman, Madonna Gaulding, Sam Stein, and Eric Lipton, etc. and my main people for reform, Former Director of CFTC Professor Michael Greenberger, and Chair Brooksley Born, plus Americans for Financial Reform.
Plus, How can I leave out Ralph Nader (Public Citizen #1) ...and the OWS, Occupy USA & Worldwide, The Other 99, Senator Sanders, Dylan Ratigan Show, Ed Show, Keith Oblermann Show, Rachel Maddow Show, Jon Stewart Show, Finance Reform Org, RB Reich, etc. etc.
I feel once we bring back the G-S Act, it will give the power/influence to get that done next. After all, how can they say NO to us if every City in America Unites for this one cause? And for that to work successfully, we have make sure everyone knows what happened in 1999 and how we can help fix it by Reinstating the G-S Act!
At the very least, Glass-Steagall must be reinstated.
You are so right, and that's how you hurt Wall Street the Most, while helping American's the Most!
We can't fix Wall Street and Create more Jobs until we make Congress break-up the Big Financial Giants; so then they have to release the Trillions of Cash they are sitting-on into the Economy--The root of How to Create more jobs! After all, since our times are being compared to The Great Depresion of 1929, that's how Glass, Steagall, and FDR fixed it 1933! Which worked fine for 66 years; until they Shattered it in 1999! Thanks for the comment PublicCurrency. Btw, we are neighbors, I'm in Ft. Laud.
Thats great - that you are in Ft. Laud.
Banks have the ENORMOUS PRIVILEGE of creating "bank credit" aka "money" out of thin air, this is known as "fractional reserve lending."
Since the repeal of the Glass-Steagall Act, banks can speculate with bank credit and purchase real assets with "money" they create with keystrokes on a computer keyboard.
Right, that's just just electronic money that they make fortunes off of without actually earning it...while most Americans are just trying to put food on the table. The system has gone haywire...Bring Back G-S Act!
Let's give a big thanks to Byron Dorgan for being there when 99% of the country didn't know what the future held...a repeat of 1929, which he was one of the first to predict in 1999...and too bad, he was out numbered 100 to 8...Thanks Byron for your great service to our Country!
small world.
Thanks for these great insights jeywell1: [-] jeyowell1 2 points 2 weeks ago
Repeal the 879-page Dodd-Frank act of 2011. Reinstate the 37-page Glass-Stegall act of 1933. G-S worked for 60 years. Despite its length, D-F is still not complete with 243 rules yet to be defined by regulators. The regulators have asked the financial industry to fill in those blanks. Essentially the foxes have been asked to not only guard the henhouse but to build it too. Right now the banks derive only 30% of their income from lending and 70% from gambling, euphemistically referred to as “trading”. One by-product of this is that all the monetary benefit from productivity gains in the last decade accrued exclusively to the “financial sector”. The imperative of a functional financial system is simple: efficient allocation of capital to productive enterprise, because the financial system should support economic activity, not the other way around. Clearly, the titans of finance have failed miserably at this, yet they not only still have jobs, they continue to be richly rewarded for their incompetence.
That's right. The way things are set up now, with the American taxpayer offsetting the risk of bank gambling by bailing out losers, bank managers figure they can make more money on Wall Street than on Main Street. Let's get depositor money circulating in the economy again to fund business start-ups and growth activities, which is how most new jobs are created.
For all that believe in Reinstating the Glass-Steagall Act and our old CFTC Act, which prevented Oil Speculators from artificially driving up the price of oil, please Email this link, Facebook it, Twitt it, copy it, etc.--Let's get the word out now so we get this accomplished soon--after all, we can do it if we all UNITE for it! City by City! Town by Town!
I couldn't agree anymore. I feel the 1# Goal is to bring back the G-S Act! and Close All Looholes for Oil Speculators who have again, driven the price of a barrel of oil up to $99 (11/11/11).
Latest Update 11/3 on OIl Speculators: Why is oil up $96 a barrel? Oil speculators like Goldman-Sachs are still successfully working The Dodd-Frank Act Loophole, which is WS's lobbyist 1# goal: let us hoard and resell barrels of oil over and over again before it reaches the gas station owner! We have to get this accomplished soon: EXCESSIVE SPECULATION AND COMPLIANCE WITH THE DODD-FRANK ACT Permanent Subcommittee on Investigations Thursday, November 3, 2011 09:00 AM Dirksen Senate Office Building, room SD-342
go here for more: http://www.citizen.org/documents/TysonHSGACspeculation.pdf
From my little brain folks, I feel It's all here, 5 Forums in one to help achieve our first Big Victory: Reinstating the Glass-Steagall Act and our old CFTC Act, before they Shattered both of them in 1999-2000!
Let's mobilized and knock it out soon! Love you all--and what the OWS stands for--The Great Old USA!
One Senator who Got it Right: http://www.occasionalplanet.org/2010/10/07/glass-steagall-one-democratic-senator-who-got-it-right/
Forward environmental change.
http://act.credoaction.com/campaign/keystone_sotu/?id=33678-4904244-%3Dxzka6x&t=7
186,696 signatures so far for Bernie Sanders petition as of 10:22am central time 01/19/2012
http://sanders.enews.senate.gov/mail/util.cfm?mailaction=clickthru&gpiv=2100081904.557411.411&gen=1&mailing_linkid=34578
The petition to save abandoned houses has 16 signatures as of 01/19/2012 10:22am central time. Were just rolling right along.
http://www.thepetitionsite.com/1/Savingpeople-savinghomes-payingdowntheNationaldeficit/
Here is a place where you can directly address change. Take part, it does not hurt and may very well heal/help. Forward the cause of reform and rebirth.
http://www.care2.com/go/z/e/Ag8nw/zL2Q/B18Bb
Sierra Club has some good things to take part in as well. Set-up and ready for you to take part in. http://sierraclub.org/
Great post!
Take action. See samples of how below.
183,361 signatures so far for Bernie Sanders petition as of 10:15am central time 01/15/2012
http://sanders.enews.senate.gov/mail/util.cfm?mailaction=clickthru&gpiv=2100081904.557411.411&gen=1&mailing_linkid=34578
The petition to save abandoned houses has 15 signatures. We picked one up at around 9:50pm 01/13/2012. Were just rolling right along.
http://www.thepetitionsite.com/1/Savingpeople-savinghomes-payingdowntheNationaldeficit/
Here is a place where you can directly address change. Take part, it does not hurt and may very well heal/help. Forward the cause of reform and rebirth.
http://www.care2.com/go/z/e/Ag8nw/zL2Q/B18Bb
Sierra Club has some good things to take part in as well. Set-up and ready for you to take part in. http://sierraclub.org/
Here is a place where you can directly address change. Take part, it does not hurt and may very well heal/help. Forward the cause of reform and rebirth.
http://www.care2.com/go/z/e/Ag8nw/zL2Q/B18Bb
Blah blah blah...too many words. Who's up for sparking a bowl?