As Obama Crumbles, More Voices Are Heard for Glass-Steagall

Sept. 18 (LPAC)–The political and psychological meltdown of
President Barack Obama is proceeding with breathtaking speed,
greatly strengthening the prospects for forcing through the
adoption of Glass-Steagall in the short run.

Reflective of the cracks in the British Imperial power
structure are the adoption of the U.S.-Russian framework for
Syrian chemical weapons disarmament, ten days ago; the withdrawal
of Glass-Steagall-hater Larry Summers’s name from contention to
head the Federal Reserve, two days ago; the cancellation by
Brazilian President Dilma Rousseff of her scheduled state visit
to Washington, despite a personal phone call from Obama, because
of the NSA spying revelations, one day ago; and a flurry of
Congressional and other statements in support of Glass-Steagall
on the fifth anniversary of the financial crisis, today.

{Rep. Marcy Kaptur (D-OH)}, the original sponsor of H.R.
129, delivered a short speech on the House floor today during
morning business, in which she urged her colleagues to co-sponsor
her “Return to Prudent Banking Act,” and called on the
Administration to prosecute those responsible for the crisis (see
separate slug).

{Sen. Elizabeth Warren (D-MA)} penned an op-ed in the Boston
Globe today, headlined “The 21st Century Glass-Steagall Act would
reduce the risk of another crash,” which she then sent out by
mass e-mail to her contact list. While containing a silly
tip-of-the-hat to Dodd-Frank as helping to prevent future crises,
she does outline how Glass-Steagall would “dismantle the
behemoths” and make sure they no longer “hold our economy
hostage.”

{Rep. Tulsi Gabbard (D-HI)} issued a media release decrying
the fact that, five years after the crisis, “the biggest banks
are even bigger,” and notes that Gabbard “is a long-time
proponent of common-sense banking reform, including a restoration
of the Glass-Steagall Act,” and “also co-sponsored H.R. 129.”

And {Robert Reich}, who has not always been the most
forceful in his support for Glass-Steagall, wrote a syndicated
column (published in the Kansas City Star, among others) where he
hit hard for Glass-Steagall: “The gambling addiction of Wall
Street’s biggest banks is more dangerous than ever… Legislation
is needed, however, to resurrect the Glass-Steagall Act that once
separated commercial banking from casino capitalism… So forget
the Volcker rule. Just bring back Glass-Steagall. Congress hosuld
have an up-or-down vote on whether to bring it back, so that
American can see for itself which of our representatives are in
the pockets of the Street.”

This entry was posted in Austerity & Bank Bailouts, Economy, Glass Steagall, Nerobama, Stopping WW III and tagged , , , , , , , , , , , , . Bookmark the permalink.

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