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International Financial Elite Considers the Re-implementation of Glass-Steagall ‘An Act of War’

from laroucheyouth:

The WAR on Wall Street: Without Glass-Steagall this nation is dead, it’s going the way of Detroit. Prosecution of financial crimes and of those who commit them MUST begin.

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2 comments to International Financial Elite Considers the Re-implementation of Glass-Steagall ‘An Act of War’

  • Paul Prichard (Paper Bear)

    It’s the International Financial Elite versus humanity, is that it ?

  • GoodOleBoy

    We have to push our reps to get this through. I just emailed my congressman again this morning urging the do just that. If everyone does it I think the results might suprise us. Feel free to use the content of my email making that much easier, just copy n paste using your reps name.

    Congressman Cole,

    I am writing you today to ask for your support of HR 129, known as the “Return to Prudent Banking Act of 2013.” This bill would bring back and ammend the “Banking Act of 1933”, the so-called “Glass-Steagall Act.” This bill is necessary to disallow the goverment liability for trillions of dollars of fraudulent financial derivatives held by the banks and to ensure that these banking institutions do not use customer deposits to make risky and leveraged investments. The federally funded FDIC, as it stands now, has only $32 billion dollars to insure over $10 trillion dollars in deposits. If we were to see another crisis like 2008, these federal insured banks would once again blackmail the Congress into another bailout and many analysts feel that crisis is just around the corner.

    The “Glass-Steagall Act” prevented “To Big To Fail” and “Systemiclly Important Institutions” for over seventy years. These concepts are the antithesis of a free market and capitalism. Bill Clinton in his memoirs stated his greatest regret was the repeal of the “Glass-Steagall Act.” The Federal Reserve is already buying $40 billion dollars a month of the bad investments made by these large banking institutions, which adds up to $480 billion dollars a year. These same institutions that blackmailed the Congress for a $700 billion dollar bailout in 2008 while at the same time paying themselves $148 billion dollars in bonuses, a new record.

    It is time to remove the boot of these banks from the throat of the American people. They produce nothing and are bleeding this country dry. It is my hope that, despite the powerful banking lobby, the Congress can find the willpower to get HR 129 through. I will do my part of informing friends and family and having them contact their repersenatives and support those that support this bill, both financially and morally. This bill alone could reverse the steady decline we have seen the past few years. I appreciate your support and am confident you can recognize the gravity of this bill and its implications.

    Many Thanks,

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