LETTER: An open letter to Kristi Noem on Glass-Steagall
To the Editor:
Open letter to Rep. Kristi Noem:
Congresswoman, on Aug. 21, you were called upon at a Dakotafest town hall meeting to support Glass-Steagall, which would stop the ongoing multi-trillion dollar bailout of the big Wall Street banks. You replied at that time you were not going to support Glass-Steagall, and you were concerned you had people who had come to your office who had tied Glass-Steagall to big water and agriculture infrastructure projects. You said at that time, "we just don't have the money for that."
So let me see if I understand what you're saying, Congresswoman. You're saying we can afford $85 billion a month to bail out the Wall Street banks? That's $1 trillion a year to buy the worthless gambling debts, the "toxic waste assets," of the criminals who brought the entire world economy to the brink of meltdown. You have no protest against that, but you're saying we can't afford to invest in bringing water where it's desperately needed? Is that what you're saying? I just want to be clear. Because restoring Glass-Steagall would stop that ongoing bailout of Wall Street -- but you're against that?
So are we to believe you are in favor of the "quantitative easing" as they call it, currently $85 billion a month, but you're against investing in water projects like the North American Water and Power Alliance? You believe the nation can afford to invest $1 trillion per year to bail out gangsters and criminals on Wall Street, but we cannot afford to invest one-half that amount over 20 years in building water projects that would fantastically benefit the people of this nation?
If Glass-Steagall and NAWAPA were in place, the west wouldn't be burning and Detroit wouldn't be bankrupt.
By the way, every Republican in the South Dakota House of Representatives voted for Glass-Steagall, except Mike Rounds' brother.
We need more debate on the value of reinstating Glass-Steagall. We need to know what it did and what it will do again for the nation. We will not survive as a republic without it.