Thursday, May 13, 2010

From the Archive - Firewall Then, Glass-Stegall Now

From the Archive - Firewall Then, Glass-Stegall Now

May 12, 2010 (LPAC)-- The documentary featured here was released in early 2008, just months after Lyndon LaRouche forecast the blowout of the financial derivative infested housing bubble, triggering the blowout of the entire U.S. financial system as a whole. That same week the blowout occurred.

Soon after, Lyndon LaRouche was the only person to demand the one thing that could solve the crisis: the Homeowner's and Bank Protection Act. Calling a for a freeze on foreclosures for homeowners, and a firewall to separate commercial banking practices like the selling of mortgages from the parasitical practices of investment banks, hedge funds, and other criminal enterprises that speculated on those mortgages, this speculation threatened to put millions of homeowners out on the streets with a Weimar1923-style hyperinflationary blowout of the whole system. This firewall, the Homeowner’s and Bank Protection Act, would be the first step to a larger, general bankruptcy reorganization of the entire U.S. financial system, where commercial banks would be made solvent again through the clean-out of fake money, like mortgage backed securities and other derivatives, and given, instead, credit uttered by the Federal government for the purpose of launching the needed recovery of the U.S. economy, beginning with the funding of large-scale capital intensive infrastructure projects.

The "Firewall" documentary, which traces the history of the hyperinflationary blowout of 1923 Weimar Germany, was released during a nationwide LaRouchePAC mobilization which garnered the support of hundreds of local city, and state governments across the country for the LaRouche's firewall legislation, but despite the cries of the American people, the U.S. government under President George W. Bush, Nancy Pelosi, and Barney Frank, then, and President Barack Obama, Nancy Pelosi, and Barney Frank, now, have committed themselves to rewarding criminal banking institutions through unconstitutional bail outs, and in doing so, have committed the United States to its own destruction. This can no longer be tolerated.

Today we have reached a critical point in the world system, like that of 1923 Germany, with the recent blowout of the European financial system. The world cannot survive the collapse of the current British-run world financial system. LaRouche's recent call for a return to the Glass Steagall Act, a firewall, will solve the problem. As we speak the Glass-Steagall Act exists as an amendment to the Financial Stability Act sponsored by Sen. John McCain and Sen. Maria Cantwell, now sitting in the Senate waiting for a vote. We must not wait. We must come out in droves to support this revival of the Glass-Steagall Act, it is the only piece of legislation that will protect our United States from the chaos of the imminent global collapse. So, call your Senator, mobilize your neighbors, and move rapidly with a deeper understanding of what we face and what we must do to win this fight, provided here by LaRouchePAC’s "Firewall" documentary.

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