Saturday, July 13, 2013

Glass-Steagall IV

It seems improbable given the events at the end of the Bush Regime, that efforts to restore the conditions that prevented an implosion of America's financial system are being opposed by anyone, but that is exactly what has happened here in America since the Great Recession.

The repeal of the Glass-Steagall Act in 1999 laid the groundwork for massive fraud and malfeasance by the high-rollers working inside the corporate giants of the financial sector. Millions lost their jobs, millions lost their nest eggs, and thousands made a killing along the fall.

Two previous efforts to restore Glass-Steagall protections have failed to pass congress, a failure completely caused by these self-same financial giants.

So here we go again. Senator Maria Cantwell, along with Elizabeth Warren, John McCain and Angus King have filed their 3rd attempt to restore Glass-Steagall protections.

"The legislation introduced today would separate traditional banks that have savings and checking accounts and are insured by the Federal Deposit Insurance Corporation from riskier financial institutions that offer services such as investment banking, insurance, swaps dealing, and hedge fund and private equity activities."
It seems a no-brainer to pass this legislation but it will be fought tooth and nail by the finance weenies who used the present corrupted system to enrich themselves and impoverish the rest of us.

Now there will be no Wendy Davis to stand up with in DC over this, but this is every bit as important as standing up for a woman's right to choose in Texas. It affects us all. The question is, will we have what it takes to get this one passed this time? We couldn't do it with the TEA Party so entrenched in congress - something hugely ironic since it is this very issue that got the TEA Partiers elected in 2010.
While I love a good irony story, I would rather this story not exist. The TEA Party is about what is all what is wrong with America, and it shows its true colors when asked to right the very wrongs that the TEA mob sent them there to for.

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