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Forwarded from the New Paradigms Project [Not Necessarily Endorsed]:
From: Book Search Co-ordinator <[EMAIL PROTECTED]>
Subject: Glass-Seagall act vs. the Smoot Hawley Tarriff
Date: Thursday, November 04, 1999 9:16 PM
Let us not confuse the Glass-Seagall act with the Smoot Hawley Tarriff....
Lloyd Miller
-----Original Message-----
From: Edward Zaharis <[EMAIL PROTECTED]>
To: lloyd <[EMAIL PROTECTED]>
Date: Wednesday, November 03, 1999 5:52 PM
Subject: Re: [prj] Re: Banksters Verge on Victory
Free Rare/Out-of-Print Book Searches - Ruling Class/Conspiracy Experts: E-Mail:
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>
> Forwarded from the New Paradigms Project [Not Necessarily Endorsed]:
> From: Lloyd Miller <[EMAIL PROTECTED]>
> To: Samuel E. Konkin <[EMAIL PROTECTED]>
> Cc: [EMAIL PROTECTED] <[EMAIL PROTECTED]>
> Subject: Re: Banksters Verge on Victory
> Date: Saturday, October 23, 1999 8:39 AM
>
> The Federal Reserve System passed in 1913 was when the banking cartel was
> firmly and thoroughly established and member banks thereby freed from
> marketplace and put on the gravy train of capital created out of nothing via
> government backing of the fractional reserve system and government backed
> fiat money created out of nothing. The 1st and 2nd Banks of the United
> States were previous attempts to create a State-Capitalist Banking Cartel
> were petty by comparison and ultimately failed. Prior to the Federal
> Reserve System, the previous banking systems, State Capitalist and "Free
> Market" alike, were dominated by the then world dominating British State
> Capitalist system emanating out of the Bank of England.
Remember the debate between Perot and Gore that Perot was suposed to have lost? The
turning point was when Gore clamed that the depression was caused by the Glass Seagall
act. It was so outragious that Perot didn't know what to say
and no one caught it. Anyway it looks like Clinton and the republicans believe it
also. But it also involved raising tariffs on imports but came after the crash in any
case.
>
>
> The Carter Glass laws of the 1930's did not re-submit the banking cartel to
> the free market. They simply limited the businesses in which it could
> operate directly. However, do we really think, for instance, that J. P.
> Morgan the commercial bank really separated from J. P. Morgan the investment
> bankers? Not only do the 2 institutions have many of the same Directors,
> once including Greenspan, but, ultimately, the actions of both institutions
> are probably still commanded by their traditional London-Bank of England
> connection.
>
> Further, do we really think that stock brokerages and insurance companies
> have been independent of the banks since Carter Glass got his laws passed?
> Clearly not. No major insurance company or stock brokerage can operate
> without intimate access to the fountain of funny money of the Federal
> Reserve cartel. You will find insurance companies and and brokeages were
> under the thumb already of the major banks as indicated by the shared
> Directors and cross holdings of controlling interests.
>
> It is not at all clear how libertarians should react changes in the details
> of how government backed cartels are regulated. One would need a great deal
> of information and analysis to predict with any confidence how new
> regulations would play out, ie. whether they would actually help or hurt
> consumers, commercial borrowers, cartel members, the leading cartel members,
> marginal cartel members, the governement, specially privileged minority
> borrowers, "independent" providers of insurance and financial services, etc.
>
> In my book, libertarians should simply campaign to end the cartel, ie.
> repeal the Federal Reserve Act and associated special privileges.
>
> Real deregulating of banking would be repeal of the Federal Reserve Act and
> elimination of fiat money. The Federal Reserve System puts the "banksters"
> in charge of government regardless of the details of regulation. Mostly
> likely, the "banksters" have tired of the complexity involved in dominating
> numerous nominally indepent Corporations in the insurance, financial
> services, investment banking, etc. and would rather control these
> activities more directly on a centralized basis....Actually, they may find
> that the more decentralized approach required by Carter Glass actually
> worked better for their own interests! We shall see!
>
> Lloyd Miller
>
> From: Samuel E. Konkin <[EMAIL PROTECTED]>
> Subject: Banksters Verge on Victory
>
> You know there is something fishy when Statists use libertarian rhetoric to
> rationalize some new legislation.
>
> The U.S. Banking Conspiracy, Inc., freed from the constraints of the
> Marketplace by Alexander Hamilton, nearly
> re-chained by Andrew Jackson and unleashed again by Abraham Lincoln, last
> fettered by Jacksonian Carter Glass at the
> dawn of the U.S. Depression, are about to have their remaining bonds struck
> off by Clinton and Congress.
>
> What the hell, the coming waves of repression and plunder shall just hasten
> the Revolution. Ah, but as Rothbard might
> say, Banking shall lose its Mystery . . .
>
> For those who missed the lead article in today's New York Times:
>
> October 23, 1999
>
> Agreement Reached on Overhaul of U.S.
> Financial System
>
> Related Articles
> The Lobbying: Behind the Banking Bill, Years of Intense Lobbying
> The Impact: As an Era Ends, Finance Industry Enters Unknown
> Territory
> News Analysis: Big Gains by Gramm in Diluting Lending Act
>
> Issue in Depth
> Leading Up to the Decision on Banking Reform
>
> By STEPHEN LABATON
>
> ASHINGTON -- The Clinton Administration and top
> Republican lawmakers reached an agreement early
> Friday to overhaul the financial system, repealing
> Depression-era
> laws that have restricted the banking, securities and insurance
> industries from expanding into one another's businesses.
>
> The deal was announced about 2 A.M. after a compromise was
> reached over the measure's effect on lending rules for the
> disadvantaged, the source of months of partisan bickering
> between
> the White House and Senator Phil Gramm, the Texas Republican
> who heads the banking committee.
>
> It concludes decades of attempts to rewrite banking laws to
> catch up
> with a marketplace that has already experienced broad
> consolidations and the rise of financial conglomerates offering
> bank
> and brokerage accounts as well as insurance.
>
> While these conglomerates have found ways around the old rules,
> those rules had made it expensive and at times impossible to
> expand
> into new lines of financial services.
>
> For instance, the nation's largest financial services company,
> Citigroup, would have been forced to sell some of its insurance
> operations as part of the $72 billion merger last year between
> Citibank and Travelers Group without either the legislation or a
> waiver from regulators.
>
> With such situations in mind, the banking, insurance and
> securities
> industries spent more than $300 million in 1997 and 1998 alone
> on
> a combination of donations to political candidates, soft money
> contributions to political parties and lobbying.
>
> The legislation will more easily enable financial companies to
> offer
> corporate clients a full range of services, from traditional
> loans to
> investment banking services, like public stock offerings. And
> for
> consumers, it paves the way for financial supermarkets, which
> will
> be able to offer one-stop shopping for an array of services, all
> under
> one roof. The measure is also expected to clear a path for a new
> and
> bigger wave of corporate deal-making as more companies
> consolidate.
>
> White House officials withheld final approval of the agreement
> until aides could see the measure's language. But the officials
> indicated Friday night that, with broad support from Democrats
> in
> Congress, the measure was all but certain to be signed by
> President
> Clinton. As such, it will be one of the most significant pieces
> of
> legislation to be written by the White House and the 106th
> Congress,
> which began its term considering whether to remove Clinton and
> has had a bitter relationship ever since.
>
> "When this potentially historic agreement is finalized," Clinton
> said
> in a statement, "it will strengthen the economy and help
> consumers,
> communities and businesses across America."
>
> Treasury Secretary Lawrence H. Summers said in an interview,
> "At the end of the 20th century, we will at last be replacing an
> archaic set of restrictions with a legislative foundation for a
> 21st-century financial system." The measure, he added, "would
> provide significant benefits to the national economy."
>
> Senator Gramm said the measure "is the most important banking
> legislation in 60 years."
>
> Gramm's counterpart in the House, Representative James A. Leach
> of Iowa, said that he expected a final bill to be brought to the
> House
> and Senate floors later this month.
>
> While the measure is likely to enjoy broad bipartisan support,
> it has
> also been criticized. Some lawmakers and privacy groups say the
> legislation does not adequately protect consumers and will allow
> financial companies to share and sell private information about
> customer accounts. Other critics worry about the further
> consolidation of the financial services industry.
>
> The legislation repeals the Glass-Steagall Act, or, as it is
> formally
> known, the Banking Act of 1933, which broke up the powerful
> House of Morgan and divided Wall Street between investment
> banks and commercial banks. It also makes significant changes to
> the Bank Holding Company Act of 1956, which had restricted what
> banks could do in the insurance business.
>
> The Glass-Steagall Act was enacted after the stock market crash
> of
> 1929 and the ensuing banking crisis and Great Depression. On the
> day it was signed, along with the National Industrial Recovery
> Act
> and other measures, President Franklin D. Roosevelt called the
> package "the most important and far-reaching legislation ever
> enacted by the American Congress."
>
> The idea behind Glass-Steagall, named for the two lawmakers who
> wrote it, was that confidence in America's financial house could
> best
> be restored if bankers and brokers stayed in separate rooms.
> Such a
> separation, it was thought, achieved two purposes.
>
> First, it would reduce the potential conflicts of interest
> between
> investment banking and commercial banking that were thought to
> have contributed to the speculative frenzy in the stock markets.
> Under the 1933 Banking Act, commercial banks could receive no
> more than 10 percent of their income from the securities
> markets, a
> limit so restrictive that most simply abandoned business on Wall
> Street.
>
> Second, it would provide a safe harbor for the money of ordinary
> Americans by enabling them to put their money in accounts that
> were protected by deposit insurance and insulated from more
> speculative investments like stocks. (The 1933 act also
> established
> the Federal Deposit Insurance Corporation, which now insures
> bank deposits up to $100,000.)
>
> Over time, Federal judges and regulators chipped away at the
> Glass-Steagall Act and other restrictions on cross-ownership of
> banks, insurance companies and securities firms, enabling, for
> instance, Citibank to merge with Travelers last year to form
> Citigroup, the world's largest financial services company. But
> large
> hurdles remained that have discouraged the expansion by banks
> into new businesses.
>
> The breakthrough in Friday's legislation came in a backroom
> meeting at the Capitol soon after midnight, when a group of
> moderate Senate Democrats -- led by Christopher Dodd of
> Connecticut and Charles E. Schumer of New York -- forced a
> compromise between Gramm and the White House over the
> legislation's effect on the Community Reinvestment Act, a 1977
> anti-discrimination law intended to encourage lending to
> minorities
> and others historically denied access to credit.
>
> Dodd, whose state is home to the nation's largest insurance
> companies, and Schumer, with strong ties to Wall Street, have
> long
> sought legislation to repeal the Glass-Steagall Act. Both men
> said in
> interviews Friday that they moved to strike a compromise after
> it
> became apparent that the legislation might be killed, as it was
> last
> year by Gramm, over the debate about the Community
> Reinvestment Act.
>
> Gramm had maintained that he did not want anything in the bill
> that would expand the application of the Community Reinvestment
> Act because it was, he said, unnecessarily burdensome to banks.
> He
> had sought a provision that would exempt thousands of smaller
> banks from the law. He also wanted a provision that would expose
> what he has described as the "extortion" committed by community
> groups against banks by requiring the groups to disclose any
> special
> financial deals the groups extract from the banks.
>
> But the White House found that provision unacceptable and had
> its
> own ideas about community lending. It wanted the legislation to
> prevent any bank with an unsatisfactory record of making loans
> to
> the disadvantaged from expanding into new areas, like insurance
> or securities.
>
> The White House had insisted that the President would veto any
> legislation that would scale back minority-lending requirements.
> Four days of intense negotiations between Summers, Gene
> Sperling,
> the President's top economic policy adviser, and Gramm, while
> moving the two sides closer, failed to resolve the differences.
>
> Such was the state of play Thursday evening when Gramm decided
> to force the issue by having the House-Senate conference
> committee
> vote on his proposed compromise, which the White House had
> already rejected for failing to block banks with bad lending
> records
> from expanding to new businesses.
>
> When Gramm's measure was defeated by one vote, it quickly
> became clear that there would be no law unless Gramm could get
> some Democrats to break from the White House.
>
> But Administration officials had spent all day making sure that
> the
> Democrats remained solidly against the measure until their
> concerns about the Community Reinvestment Act could be worked
> out.
>
> After receiving calls from executives of some of the nation's
> leading
> financial companies, Dodd and Schumer began trying to work out a
> compromise. An agreement was quickly reached on the issue of
> banks and expanded powers -- no institution would be allowed to
> move into any new lines of business without a satisfactory
> lending
> record.
>
> The lawmakers bogged down on Gramm's insistence that all
> community organizations disclose to the regulators what benefits
> they get from banks. Some Democrats expressed the fear that
> Gramm's proposal would require the Boy Scouts to file reports
> with
> the regulators.
>
> Ultimately, the following provisions were drawn up and both the
> White House and Gramm said they could accept them:
>
> ¶Banks will not be able to move into new lines of business
> unless
> they have satisfactory lending records.
>
> ¶Community groups will have to make disclosures to regulators
> about certain kinds of financial deals with banks that they have
> pressed to make loans under the Community Reinvestment Act.
>
> ¶Wholesale financial institutions, a new kind of business that
> takes
> large, uninsured bank deposits, cannot be affiliated with
> commercial banks.
>
> ¶Small banks with satisfactory or excellent track records of
> lending
> to the underserved would be reviewed less frequently under the
> Community Reinvestment Act. As a practical matter smaller banks
> are reviewed about every three years. The deal struck today
> allows
> all rural banks and banks with less than $250 million in assets
> to
> undergo examination once every five years if their last exam
> resulted in an "outstanding" grade and every four years if they
> last
> scored "satisfactory."
>
> For more than 20 years, Congress has tried unsuccessfully to
> rewrite the nation's financial services laws and repeal
> Glass-Steagall, particularly as many other industrial nations
> had no
> similar restrictions on their banks. But until recently, the
> three
> main industries affected by the legislation -- banks, securities
> companies and insurers -- had competing interests and were able
> to
> lobby any legislation to a standstill.
>
> That all changed in recent years as the lines between the
> industries
> began to blur and it became more broadly acknowledged that a
> deregulation of financial services could be beneficial to
> insurers,
> bankers and securities firms alike. Once the three industries
> rallied
> around the legislation, they became a formidable political
> force,
> raising millions of dollars for lawmakers and pressing both
> Republican leaders in Congress and the White House for new
> legislation.
>
> Copyright 1999 The New York Times Company
>
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