Home

A federally-registered independent political party

Follow the CEC on Facebook Follow @cecaustralia on Twitter Follow the CEC on Google +


Follow the CEC on Soundcloud












New Document
National Debate on Glass-Steagall Expands
July 21, 2013 • 11:43AM

The debate over the need for restoring Glass-Steagall is in increasingly full swing around the United States, as reflected in recent media coverage. While the debate generally lacks the sense of urgency appropriate to the current Wall St. threat to the survival of the American population, and the rest of the world, it provides fertile ground for intervention by LaRouche PAC, with its full dose of reality and program for recovery.

Here's a sample:

* A July 19 article in the American Banker, entitled "Glass-Steagall Bill 'Deserves Healthy Debate': FDIC's Hoenig," reports an interview with former Fed Governor Thomas Hoenig from July 17, in which he endorses the Warren-McCain bill. "I'm supportive of it," he said. "It would be very healthy for the financial industry generally and very healthy for businesses, more generally. ... It has merit and deserves a healthy debate."

Asked if the bill has a chance, he added, "You never know what the possibilities of something are until you have the full story out, and the full debate. And if the debate is healthy and the facts come out and suggest that we would be better off with the separation clearly reintroduced, then it could in fact pass.... I don't dismiss it—I don't give it high odds, but a year ago I would have given it less odds. Now I give it more odds; a year from now, even more odds."

* The Toledo Blade, newspaper of the hometown of HR 129 initiator Rep. Marcy Kaptur, published an editorial July 20 entitled "Glass-Steagall redux," which endorses the reinstatement of the "separation of retail from investment banking." "That is good public policy: Banks should be banks, not speculators." While expressing skepticism the bill could pass during this session, the editorial calls for Ohio's senators to support it. (For some reason, it doesn't mention the House bill by its own representative, a problem local residents should correct.)

* The Portland (Maine) Press Herald publishes a column endorsing the efforts of Maine Senator Angus King in cosponsoring the "21st Century Glass-Steagall Act." The extensive piece, by self-proclaimed political junkie Mike Tipping reviews the history of the original passage, and the campaign to repeal it. Calling Glass-Steagall a "significant step in the right direction," Tipping ends with the following: "When Sen. King ran for office last year, he promised to bring people of both parties together to stand up against special interests and bring common sense to Washington. The fate of his legislation, for which there is such an obvious need and which has such powerful enemies, will service as an important test of that commitment."

* The Daily Ticker of finance.yahoo.com couches its coverage of the Warren-McCain bill with both a populist and cynical tinge, interviewing commentator Alexis Goldstein (a former Wall St. employee turned 'Occupy' activist) who says Warren is proving "going agianst the banks is good politics as well as good policy. There's potential for the Glass-Steagall bill to move [through Congress] if enough Republicans in the House realize 'I can raise money off this as well.'

* The Bloomberg View column by Jonathan Weil, of July 19, gives advice to Warren and McCain as to how to sell their bill. "The reason it's a good idea to separate securities firms from commercial banks is to protect consumers from brokers selling schlock investments." The title of the column "Guy Walks into Citigroup Branch Loses $40,000" gives the gist of the kind of stories Weil recommends be used to "sell" Glass-Steagall.

LaRouche PAC plans to go further, by showing how the lack of Glass-Steagall is leading not just to fraud against individuals, but the destruction of the nation as a whole.


Citizens Electoral Council © 2016
Best viewed at 1024x768.
Please provide technical feedback to webadmin@cecaust.com.au
All electoral content is authorised by National Secretary, Craig Isherwood, 595 Sydney Rd, Coburg VIC 3058.