From: Subject: ECONOMY- 10-21-09 Why Does the Obama Administration Adamantly Reject the Reinstatement of the Glass-Steagall Act?
THANKS TO PATRIOT JOHN SCOTT FOR THIS IMPORTANT UPDATE. AS IF WE DID NOT KNOW THAT BHO & CO. BENDS OVER FOR BANKS. TIME TO PRESSURE THEM.... ALL!!!!!! jOE d _____ From: John Scott Sent: Wednesday, October 21, 2009 10:26 AM To: My Friends Subject: Why Does the Obama Administration Adamantly Reject the Reinstatement of the Glass-Steagall Act? According to the <http://www.nytimes.com/2009/10/21/business/21volcker.html?_r=1&ref=economy> New York Times, the Obama Administration rejects the advice of Paul Volcker (former Federal Reserve Chairman) and Joseph Stiglitz (awarded Nobel Prize in Economics) with respect to banking regulation and the reinstatement of the Glass-Steagall Act; first passed into law in 1933 and separated commercial banks from investment banks. It seems that the Obama Administration is fully separating itself from the legacy of FDR and the New Deal Progressives - a very disturbing development. During the era of Glass-Steagall, the U.S. economy never approached a near collapse to depression levels as it did in 2008 and 2009. But within ten years of the repeal of Glass-Steagall, we experienced a near collapse of the U.S. economy; necessitating the expenditure of billions of taxpayer dollars to prop up the banking system. Chairman Paul Volcker and Columbia University Nobel laureate Joseph Stiglitz (and many others) fully understand the importance of separating commercial banks from investment banks. The New Dealers fully understood the need to separate the two types of banks. Will the Obama Administration continue to hew to the advice of its pro-Wall Street advisers or change course and focus on Main Street and Middle-Class and Working-Class Americans? The Glass-Steagall Act helped Main Street and Middle-Class and Working-Class Americans by forcing commercial banks to focus on the businesses of Main Street; not Wall Street. Glass-Steagall fits right in with New Deal programs like Social Security and minimum wages. -- John Scott, Veteran "The establishment of institutions for the democratic control of the rulers is the only guarantee for the elimination of exploitation." Sir Karl Popper *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. Please check for daily real news posts and support the truth! (sorry but don't have time to email all posts) at <http://tinyurl.com/33c9yr> http://tinyurl.com/33c9yr or <http://groups.google.com/group/total_truth_sciences/topics?gvc=2> http://groups.google.com/group/total_truth_sciences/topics?gvc=2 ; You can also subscribe to the multiple daily emails by sending an email to <mailto:[email protected]> [email protected] ; free book download: <http://www.lulu.com/content/165077> http://www.lulu.com/content/165077 *** Revealing the hidden Truth For Educational & Further Research Purposes only. *** NOTICE: Due to Presidential Executive Orders, the National Security Agency (NSA) may have read emails without warning, warrant, or notice. They may do this without any judicial or legislative oversight. You have no recourse, nor protection.......... IF anyone other than the addressee of this e-mail is reading it, you are in violation of the 1st & 4th Amendments to the Constitution of the United States. Patriot Act 5 & H.R. 1955 Disclaimer Notice: This post & all my past & future posts represent parody & satire & are all intended for entertainment and amusement only. To be removed from the weekly list, please reply with the subject line "REMOVE" -- You received this message because you are subscribed to the Google Groups "total_truth_sciences" group. To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/total_truth_sciences
