Glass-Steagall Immediately After Election Day: Obama Can Be Beaten

LaRouchePAC has led the fight, from the very beginning, to kick Obama and his Legacy out of office. Photo: June 10, 2010 – Wisconsin – flickr.com/elviskennedy

 

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As Lyndon LaRouche noted on Tuesday, an honest national vote will show that Americans reject Barack Obama and any continuation of his “legacy.” The hate that legacy of endless and costly wars, Wall Street impunity, economic stagnation and deindustrialization, indifference to rampant opioid and heroin addiction and despair. There is a sense in the American population, that with this election nightmare behind them, they can and must make big changes. LaRouche said today that though these changes may not be conclusive yet, much more is now possible.

Among millions of alert and intelligent citizens there is a groundswell for breaking up Wall Street’s casino, by re-enacting the Glass-Steagall Act of Franklin Roosevelt — for justice, and for the possibility of investing credit in the economy for a productive recovery.

This is shown in polls of Democratic voters; in Donald Trump’s promise in an Oct. 27 speech to restore Glass-Steagall; in the parties’ platforms; by candidates in Congressional races committing to restore Glass-Steagall and “Hamiltonian” credit for infrastructure.

Obama openly intends to use the “lame duck” period starting Nov. 9 to try to force through Congress his last insult — a Wall Street “trade agreement” rejected by American constituencies and candidates across the board. This is the Trans-Pacific Partnership, intended as his weapon to isolate and provoke China toward war.

But he can be beaten if Americans insist that the Congress pass Glass-Steagall immediately after the election instead. That will stop Obama from eliminating yet more productive American jobs; but it will do more. It will open the door to what EIR Founding Editor Lyndon LaRouche calls “four laws to save the United States” — beginning with Glass-Steagall and a national bank for productive projects of new infrastructure, on Alexander Hamilton’s principles.

Obama’s obedience to Wall Street and his constant wars and drone killings, his deadly dangerous provocations against Russia and China, are of one piece. Hillary Clinton continues them. Just as clearly, they are failed policies both economically and strategically — more and more Asian countries and some in Europe are realigning their economic plans to cooperation with China and Russia — as the United States should be! And just as clearly do the American people reject these policies. With Glass-Steagall, millions of Americans know the start of what they want instead, the trigger for returning to progress.

Let’s add to Obama’s legacy of failure, that he was the president who could not protect Wall Street from Glass-Steagall.

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U.S. Public Construction Zero Growth for a Decade — Hamiltonian National Bank Needed

What kind of fraud was President Obama’s ARRA — the “Stimulus Act of 2009” — which was supposed to be focused on helping states and cities recover employment and construction? Infrastructure spending by states and cities in the United States, usually reported as part of “municipal public construction,” has been completely stagnant for 10 years, according to Commerce Department data reported by the Wall Street Journal Oct. 27. And, in fact, it is actually lower now than in 2009 before the ARRA took effect.

The problem there, the newspaper reported, is state and city tax revenues, which have never recovered from the 2008 crash. Inflation-adjusted tax revenues are lower than pre-2008 in 21 states. Nationally, municipal revenues are still falling, standing 0.6% lower than 2015 through the first nine months of the year.

But at the Federal level, construction spending is also falling. In September it was 0.2% below September 2015; public construction, which has been steadily falling, dropped by another 0.9% in September.

What we require for the new water, power, and transport infrastructure the states need, is a Hamiltonian national bank; it can purchase the new infrastructure bonds of the states as they participate in national infrastructure projects like high-speed rail corridors being funded by Hamiltonian national credit.

The “infrastructure bank” proposals of candidates Trump and Clinton do not meet this standard. Clinton’s (actually designed by Sen. Chuck Schumer of New York) simply gives companies which are holding their funds “offshore” to avoid taxes, a huge tax break to bring them back. The very low-ball taxation of these repatriated funds would be used, in this scheme, to fund infrastructure — completely dependent on the companies’ decisions on how much money to repatriate, and when. Trump’s “national infrastructure bank” would not be national at all, but entirely privately capitalized (also with tax breaks) and owned.

Obama’s scattershot and scatterbrained “Stimulus Act” degraded the very process of thinking about the projects most important for the future of the economy, nation, and human race.

A Hamiltonian national credit bank, as called for in Lyndon LaRouche’s “four economic laws to save the nation,” requires national leadership direction of credit into the most technologically advanced “infrastructure missions.”

Obama Still Pushing TPP Hard; Campaign Led by Citibank’s Froman

The Wall Street Journal reported Wednesday, evidently from an interview with U.S. Trade Representative Michael Froman, that President Obama remains on a full-court press to try to get a vote for the Trans-Pacific Partnership (TPP) “trade agreement” in the November-December lame duck session of Congress. Obama’s TPP is really no free trade agreement at all, but a carte blanche for multinational banks and corporations to change national laws, and/or be immunized from national laws which would regulate them. Most onerous are the virtually eternal patent protections from competition which TPP would grant to pharmaceutical giants, and the “Investor-State Resolution Mechanism,” which would allow multinationals to complain to international panels of corporate lawyers, to have national laws (such as, for instance, Glass-Steagall laws) set aside.

In a last attempt to ram TPP through as part of his malign “legacy,” Obama is relying mainly on Republicans. The Journal notes that Donald Trump’s strong opposition to TPP has turned about a dozen Republicans who voted to give Obama “fast track” authority, into “no” votes on TPP. Froman, who is leading the blitz, has already met with more than 100 House and Senate Republicans, he claims; Obama is having overlapping meetings. To Obama’s tired “block China’s influence” argument, is being added the insistence that TPP be voted up before Trump or Clinton have a chance to kill it.

Froman in 2008 was the top Citibank executive who proposed and vetted a large number of Obama’s first Cabinet appointments. The Wikileaks releases of hacked e-mails of John Podesta, show that Robert Rubin, current Treasury Secretary Jacob Lew, and Froman dominated Obama’s transition process while all three were still decision-makers at Citigroup, running the bank that had destroyed Glass-Steagall and then destroyed itself. As FDIC Chair Sheila Bair wrote in her later book, “If you wanted to make a definitive list of all the bad practices that had led to the crisis, all you had to do was look at Citi’s financial strategies.”

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