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If you’re looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act. The Glass-Steagall Act, passed in 1933, mandated the separation of commercial and investment banking in order to protect depositors from the hazards of risky investment and speculation. It worked fine for fifty years until the banking industry began lobbying for its repeal during the 1980s, the go-go years of Reaganesque market fundamentalism, an outlook embraced wholeheartedly by mainstream Democrats under the rubric "neoliberalism."
Obama and McCain . . . have accepted a substantial amount of campaign money from Wall Street bankers, investment and securities firms and their executives during this election cycle. Investment firms have donated $9.9 million to Obama and $6.9 million to McCain this campaign thus far, according to the Center for Responsive Politics. Commercial banks have given Obama $2.1 million and McCain $1.9 million. Private equity firms and hedge funds have given Obama $2 million and McCain $1.4 million, according to CFRP. Lehman Brothers, Goldman Sachs, JP Morgan Chase & Co., UBS and heavyweight law firm DLA Piper are among Obama’s top contributors. JP Morgan acquired Bear Stearns with the federal government taking on as much as $30 billion Bear assets as part of the deal. McCain’s top donor sources include Merrill Lynch, Goldman Sachs, Citigroup and Blank Rome and Greenberg Traurig LLP law firms.
A great global change has occurred. The trigger was the Russia-China agreements. Americans, now smelling at least the possibility of a future, have taken to the streets to claim back their republic. Congressmen are rising up to fight for Glass-Steagall. And Obama is now going the way of the doomed trans-Atlantic system, into the dustbin of world history.
This is just a guy at #ONY saying it how it is!
* Military Industrial Complex
* we need smaller Federal government, bigger state gov so the people can be heard
* End the Fed
* Bring back gold standard/end fiat money
Ron Paul Talks about the OWS movement
Originally posted by MysticPearl
One of the differences between Ron and other politicians, is that he often talks freely about how not only does the government abuse its power and not follow the rule of law, but also how it effects, and will effect each one of us as our civil liberties disappear if it isn't put to a stop. No other politicians seem concerned, nor would I believe them if they said they were.