Sen. Cantwell: Outcry by American People Needed to Pass Glass-Steagall | LaRouchePAC

Sen. Cantwell: Outcry by American People Needed to Pass Glass-Steagall LaRouchePAC


May 15, 2010 (LPAC)—PBS's "To The Contrary" program, hosted by Bonnie Erbe, began airing an interview with Glass Steagall co-sponsor Sen. Maria Cantwell (D-WA), a show taped on May 12 clearly designed to build support for passing Glass-Steagall. The syndicated show will air nationally this weekend at different times, on 260 PBS stations.
The American people understand intuitively why we have to return to Glass Steagall, Sen. Cantwell argued, and the law has bipartisan support, but to ensure passage, "it may take the American people having an outcry, over the fact, that after all that's happened, some people here in Congress still don't get it. That that's the kind of safety and safeguards that we deserve."

After Erbe's interview of Cantwell (see below), a heated debate followed among Erbe and her four panelists. D.C. Del. Eleanor Holmes Norton defended Glass-Steagall, strongly, blaming the "worst recession of all time" on its repeal, with backing by Erbe, against the angry rejection by Genevieve Wood of the British Fabian Society's Heritage Foundation, of any return to Glass-Steagall.

A transcript of the interview follows:

Host ERBE: "The Democratic Senator proposes re-instating the Glass-Steagall Act, the Depression-era law, repealed a decade ago. That law set up a strict division between regular commercial banking and investment banking, so banks could not buy risky investments with depositors' money. This week I interviewed Senator Cantwell on what she thinks needs to be done to prevent future market meltdown."

CANTWELL: "Well, its pretty scary. The American people obviously don't want to have a roller coaster on Wall Street. We already know what happened in 2008, and that was scary enough for us. So, we want to get back to stable banking, and we want to get back to an investment market that has the right amount of oversight and transparency so that we know that regulators can find anybody who is manipulating the market, or doing something untowards, to create some sort of device that is putting them at an advantage. And so, that kind of functionality, we did away with in 2000. And we need to put the rules back into Wall Street."
ERBE: "What are those rules? Are you talking about Glass-Steagall, or something else?"

CANTWELL: "Well, I certainly am a big supporter of Glass-Steagall, which would be to go back to what we had prior to 2000, which is the separation of commercial banking from investment banking.

"If you think about it, they are two different functions. Investment banking is about taking risks. But with commercial banking, you want your deposits to be secure. But when you let your deposits—yours and mine—be used by those investment houses, which are huge, risk-taking ventures, it really does put those savings and those deposits at risk.

"And we should go back to separating them. I think the American people know this. They get it intuitively. They know that there was a reason in the last Depression that we got to this point.

"So, what's taking you so long! Go back to separating it. So we'll have a vote on that.

"But we also need to regulate these derivatives, these new financial tools that came into the marketplace in the late '90s, and make sure that they have the oversight of the Commodities Futures Trading Commission.
"Right now, hamburger in America—beef futures—has more oversight than some of these derivatives!"
ERBE: "How much support do you have for re-instating Glass-Steagall?"

CANTWELL: "Well, we'll find out. I would hope that we'd have a lot of bi-partisan support on both sides of the aisle, but this isn't really about being Democrat or Republican. If you— you know, if you think about it, this is about whether you're going to have the right system in place to protect Americans going forward. And while this was a big blow-up about derivatives, you know, these investment houses will continue to be creative. They"ll continue to be creative about how they take risk. But, you know, we want to keep the rest of the commercial banking community separate from that."
ERBE: "I mean, seriously, do think this will go through? A re-instatement of Glass-Steagall? Because we know that it became law, right after the Great Depression, and then the banking industry spent 70 years lobbying against it, and got it thrown out, or not renewed in Congress. And now that its back, you must be facing a mountain of opposition from financial institutions."
CANTWELL: "My personal impression, my personal views, are: it will be re-instated. But, I'll bet you, we'll end up with a two-step process. It may take the American people having an outcry, over the fact that after all that's happened, some people here in Congress still don't get it. That that's the kind of safety and safeguards that we deserve."

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We May Have One More Precious Day To Ensure that the Senate Passes Glass-Steagall

March 15, 2010 (LPAC)—The U.S. Senate adjourned before noon yesterday, Friday, after some desultory discussion of more minor amendments to Dodd's Financial Reform Act. It will reconvene at 2:00 on Monday, and resume debate on Financial Reform at 3:00. No votes will be taken until after 5:30 Monday.


Although the Cantwell-McCain amendment to restore Franklin Roosevelt's Glass-Steagall protections is still on the list of amendments to be considered, it was not one of the four amendments which Sen Dodd announced might be voted on on Monday,— so that strategically critical vote may be deferred until Tuesday, or even Wednesday.
At a Senate Democratic Caucus lunch on Thursday, called by Majority Leader Harry Reid, a number of angry Senators, including Byron Dorgan and Sheldon Whitehouse, threatened that they could join Republicans in blocking a cloture vote, if their amendments were not allowed to be presented for debate and a vote.

IF NOT!
WE GET NEW DARK AGE.



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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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Vote for BueSo in N.R.W. Elections Is Only Spark of Hope | LaRouchePAC

Vote for BueSo in N.R.W. Elections Is Only Spark of Hope LaRouchePAC

May 11, 2010 (LPAC)—The result of the May 9 elections for new state parliament (Landtag) in North Rhine-Westphalia (N.R.W.), a smashing defeat for the "black-yellow" coalition government of Christian Democrats (CDU) and Free Democrats (FDP) (together 41.3%, after a net loss of 10.5% as compared to 2005), not only will hand the government to a "red-green" coalition of Social Democrats (SPD) and Greens (together 46.6%, after a net loss of 3% for the SPD, as compared to 2005) plus another partner, most likely the Linkspartei (5.6%). It will also have serious implications for the national CDU-FDP government coalition of Chancellor Angela Merkel (CDU).

A direct implication is the loss of Merkel's majority in the Bundesrat—the upper chamber of Parliament, which represents states (Laender) directly—where N.R.W. holds six seats; and the Bundesrat has veto power over most legislation, which will add to the paralysis of the national government. An indirect implication is the effects which this vote of no-confidence against Merkel in N.R.W. will have during the coming days and weeks—especially in view of the deepening crisis of the euro system, related to the "Greek" banking crisis.

For the state of N.R.W., a government led by the SPD's Hannelore Kraft, who is said to have studied her economics at King's College in London in the 1980s, a government with the Greens in key positions, is a disaster for N.R.W. that will be felt very directly: the SPD and the Greens are against nuclear power development, against great projects in general, the Greens are even against coal mining, and the "red-green" fantasies about a highly costly "green industrial revolution" promoting solar and wind energy, is certain to scare off even more industries from this former, longtime industrial powerhouse, which fear they would be slapped with higher electricity bills they cannot afford. This means certain doom for many regions in N.R.W., which after 40 years of downsizing, outsourcing, and green political sabotage of pioneer technologies like the fast breeder reactor and the HTR, have already lost most of their steel production, machine-building and coal mining, and show unemployment rates visibly above 10-15%. With the Greens in whatever coalition scenario exists, this deindustrialization will intensify. Crucial traditional constituencies reacted with frustration in the May 9 elections, with high voter absenteeism, at almost 41%.

The only party that ran against the "greening" of the political establishment, the LaRouche Movement's BueSo (Buergerrechtsbewegung Solidaritaet), with a program for reindustrialization and the development of pioneer technologies like nuclear fusion and maglev transportation, got its best vote ever, with the average of its 34 district candidates receiving around 0.4 and 0.5%, and some even moving into the range of 0.7 and 0.8%. The BueSo reports a high recognition factor among voters and visibly increased interest in the party's program during the past two or three weeks, with particular interest also because the BueSo was the only party to address the reality of the global economic collapse and the urgency of having legislation for banking reorganization along the example of the U.S. Glass-Steagall Act. And voters welcomed that the BueSo called the Greek bailout what it is: a bailout of the banks at the expense of the taxpayers.

For the period after the election, this represents a spark of hope, especially as many voters were "pragmatic" and voted for the establishment parties, will soon be confronted with a brutal reality shock and realize that the politicians lied to them, the Greek bailout being one of the additional burdens to be piled onto taxpayers' backs.

LaRouche Webcast: The Greatest Crisis in Modern History - 05.08.10

LaRouche Webcast: The Greatest Crisis in Modern History - 05.08.10  Watch This.

"Desperate Times, Desperate Measures" | LaRouchePAC

"Desperate Times, Desperate Measures" LaRouchePAC


March 9, 2010 (LPAC)-- It is not every day that spokesmen of the British Empire and its Rothschild-linked Inter-Alpha Group come out and openly broadcast their fear of defeat. But that is what the City of London's Financial Times" did, in an editorial which concludes: "Desperate times need desperate measures. The times are not over. Nor, therefore, are the measures."


They said this regarding their frenetic call to keep worthless liquidity spewing out of the world's central banks at hyperbolic rates. But it belies the far more profound issue, that their entire universe is crumbling around them, economically and politically.

First, their speculative bubble is disintegrating, willy-nilly. Second, Lyndon LaRouche exposed this bankruptcy and helped hasten their demise with his recent flanking attack on their "Santander Syndrome" and the related Brazil carry trade Ponzi scheme. Third, the American population is in the early stages of generalized revolt against everything they associate with incumbent policies and politicians—to wit, the Nazi Barack Obama and his Congressional lickspittles. And fourth, the LaRouche Youth Movement and LPAC are intersecting that rumbling mood of the times, to become its voice and conscience, as seen in the recent Kesha Rogers victory in Texas.

That victory is not only being widely reported inside the U.S. now, but has begun to spread abroad, including to Russian web sites. With LaRouche's webcast coming up this Saturday March 13 at 1 p.m., the next turn of the ratchet against the British Empire will be the central order of the day. Obama can, and must be removed from the White House in a matter of weeks.

No wonder the Financial Times fears these "desperate times."
Their universe may be crumbling, but ours, the real one, emphatically is not. As Lyndon LaRouche noted in a recent e-mail response to a questioner:
"The universe is anti-entropic, but the anti-entropy of society is the responsibility of the human will. Since the day after FDR had died, the prevalent trend of policy-shaping of the U.S.A. in particular, and most of the world otherwise, has been entropic.
"For example, the replenishment of the basic economic infrastructure on which the progress of the entire economy depends has reached zero-level, and has been falling ever since."

That quality of willful anti-entropy identified by LaRouche, is the real message of the Rogers win in Texas. Sky Shields, a member of LaRouche's "Basement" research team, addresses that broader subject in a memo, "Kesha Rogers' Victory Launches the Rebirth of a Mars Colonization Policy!"—now available on the LPAC website— which begins:

"The recent election victory of Kesha Rogers in Texas's 22nd Congressional District represents a turning point in world history. The American voters have demonstrated their refusal to accept the policy of physical-economic austerity which Obama and his controllers have sought to impose through unconstitutional bank bailouts, a murderous health-care policy, and general inaction on the crucial issues of the existential crisis which now faces the American population and the world. Most notably, they have refused to accept Obama's recent, treasonous decision to scrap the last vestiges of our nation's manned presence in space. They have voted, instead, for a future — a future organized around the intensive physical economic progress that can only be brought about by the scientific advancements connected with an expansion of Man's presence in space.

"The opportunity created by this victory puts on the table the urgent questions of accomplishing this economic development of the Solar System: the first steps of lunar industrialization, and successfully undertaking a manned mission to Mars. Connected with this mission is the task of finally establishing a very different conception of the organization of the Solar System and beyond. Specifically, the planned presence of human beings in locations very far from the surface of our Earth will require the development a much more in-depth understanding of the action of cosmic and other forms of radiation on and within living systems. Not only will this expanded view of the role of energetic phenomena in living matter make extended stays off-planet possible, it also promises to revolutionize medical technology here on Earth, as well as provide a deeper understanding of the nature of living processes, evolution, and morphogenesis than would ever be possible under the existing policy of atomization and under-funding of such scientific investigations.

"One major problem to be tackled will be the question of producing the types of artificial environment required for mankind to leave its 'womb' here on Earth. What from the biosphere will we need to carry with us? What will be the role of electromagnetic phenomena and cosmic radiation in that environment? It will perhaps be advisable to simulate Earth's gravitational environment by accelerating ships through inter-planetary space at one Earth gravity (1-G), but this will be the first time such a willful act of constant acceleration has occurred anywhere in the universe. It will represent the first artificial creation of a sustained gravitational field which, if maintained for long periods, will quickly result in relativistic velocities. What will be the effect of this sort of travel on a manned crew? What will be its effect on the physical universe more generally? These questions lead us to further unexplored aspects of the biosphere immediately surrounding us, before leading us deep into man's future in interstellar space."

THE INTER ALPHA GROUP = THE BRUTISH EMPIRE

ENEMIES OF HUMANITY

FREE ICELAND CRASH ENSLAVING A SMALL NATION PDF BOOK

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THE MONEY MASTERS Part 1 Part 2

Also watch FIREWALL: (http://www.larouchepac.com/firewall) "The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. Segments: The Problem; The Money Changers; Roman Empire; The Goldsmiths of Medieval England; Tally Sticks; The Bank of England; The Rise of the Rothschilds; The American Revolution; The Bank of North America; The Constitutional Convention; First Bank of the U.S.; Napoleon's Rise to Power; Death of the First Bank of the U.S. / War of 1812; Waterloo; Second Bank of the U.S.; Andrew Jackson; Fort Knox; World Central Bank; Loose Change 911 truth police state globalists NWO New World Order Federal Reserve Alex Jones Aaron Russo America From Freedom To Fascism zionist IMF BIS John Perkins 911 911 Globalism bilderberg Rothschild Rockefeller Schiff Warburg illuminati bohemian grove idi amin freemason Also recommended: "Firewall: In Defense of Nation State" http://video.google.ca/videoplay?docid=8415519765816415310 Video news on "Federal Reserve": http://newstree.org/search.jsp?query=Federal+Reserve&hp=10&s=Video&vx=1«

THE MONEY MASTERS

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