To the Editor:
The shutdown of the U.S. government is yet again another reason for the passage of Glass-Steagall.
Through this shutdown, our government continued to print $85 billion each month, giving it to the large investment banks through quantitative easing. Why?
Not unrelated, on Oct. 2, Obama met privately at the White House with a delegation organized by the Financial Services Forum. This is a coalition of the nation’s 19 biggest banks and insurance companies, including CEOs from Goldman Sachs, Bank of America, Citibank, J.P. Morgan and Deutsche bank. During this meeting, they demanded Obama stop the reinstatement of Glass-Steagall and continue with more bailouts and bail-in looting policies.
A letter was handed into Sen. Tim Johnson’s office on Oct. 2 with more than 30 South Dakota state legislator signatures on it calling for hearings on the reinstatement of Glass-Steagall. Tim is chairman of the Senate Banking Committee and could readily convene hearings immediately. Did your state legislator sign it? If they did, thank them; and if not, ask them why not.
Since the repeal of Glass-Steagall in 1999, the inflation rate has more than doubled. Look where the prices of gas, food, health care, etc., have gone since then, not to mention the cuts made in social programs, education programs etc.
Just think, as an example, if the $85 billion that’s printed every month for the quantitative easing were put into the states — that would be $1.7 billion a month for each state, equaling $20.4 billion for each state per year. Passing Glass-Steagall means that debt, which is just the bankster’s gambling debt, be thrown out and the federal debt would come in way below the present debt ceiling.
FDR’s prudent banking act, Glass-Steagall, saved the nation then, and it is necessary in order to save the nation today. Call your national representatives and tell them to reinstate Glass-Steagall now. There is hope, but you need to act before it is truly too late.