LPAC Policy Committee Statement

GLASS-STEAGALL: THE LAST CHANCE

As the case of Detroit should make clear to anyone, there is no time for pragmatism or "go-along-to-get-along" politics this week. Detroit is not being declared bankrupt because of petty corruption by a local mayor. Our nation has been in decline since the assassination, 50 years ago, of President John F. Kennedy, and then that of his brother, both of which were followed by a horrible paradigm shift typified by the Indo-China war, the rock-drug-sex counterculture, and the environmentalist movement. That coup was consolidated on September 11, 2001, when the events of the day were used, as Lyndon LaRouche warned that they would be, to impose dictatorial policies on the people of the United States. Between 12 years of Bushes and 5-plus years of Obama, thus far, we are at the end of the line.

LaRouchePAC Policy Committee in DC during Weeks of Action.

Every city in America is Detroit this week, and this is why anyone who wishes to survive, knows that Glass-Steagall must be reinstated immediately. Do you really believe that Camden, NJ; or Stockton, CA; or Chicago, IL; or Buffalo, NY are in better shape? Do you seriously believe that once all the city workers lose their pensions, as Governor Snyder wishes them to do, that the city will be poised for recovery? Do you like the Dodd-Frank policy of looting the "unsecured creditors," that is, the depositors, to cover the losses of what should be considered criminal activity?

Most Americans don't like these policies, and as a result, nearly half of the 50 states have introduced resolutions into their state legislatures in support of HR 129, the "Return to Prudent Banking Act" which would reinstate Glass-Steagall. This bill has over 70 co-sponsors in the House, and there are now two Glass-Steagall bills in the US Senate (S.985 and S.1282) with seven Senators from across the political spectrum on board.

This fight has become so intense in the last weeks, that dark-suited bankers from JP Morgan, Bank of America, and elsewhere, have appeared in state-houses to attempt to intimidate lawmakers from even thinking of supporting Glass-Steagall. These Wall Street lobbyists are on the Hill going from office to office to attempt to stop the generally cowardly Congress from acting in time to save the nation.

The fight is intense because it is now clear that this fight can be won! It is not necessary to kill off our elderly and poor. It is not necessary to record every American's every conversation to keep them from rebelling against a fascist coup! We defeated the British Empire over two centuries ago, and we can finish them off now, but time is short. The Congress must not be allowed to leave town without taking action to defend the people in a time of war. Glass-Steagall must be voted on and passed THIS WEEK! Don't be a pragmatist, be a patriot!