In 1999, the federal government repealed the Depression-era Glass-Steagall act, which separated commercial banks from investment banks. In the wake of that repeal, rampant speculation in derivatives and other fraudulent speculative activities created a multi-trillion-dollar bubble of purely fictitious debt. Every bank in the world is completely bankrupt, and the multi-trillion-dollar bubble of paper debt has burst.
The majority of American citizens rejected the bailout of Wall Street, and yet our representatives—including Lois Capps—ignored the will of the citizens and supported the transference of our tax dollars to bail out the corrupt speculators on Wall Street and other international financial institutions.
The bailout did not solve anything. The only solution is to re-enact Glass-Steagall, which would separate commercial banks from investment banks, and the multi-trillion-dollar bubble of phony, worthless paper would be immediately null and void.
President Obama is merely a puppet of the British Inter-Alpha and Wall Street banking oligarchy, and as such is promoting the bankers’ agenda of fascist austerity measures as a “solution” to the global economic crisis.
Far too many of our citizens are suffering, and the last thing we need is more austerity.
As a representative of the Lyndon LaRouche Political Action Committee, I assure you there are valid solutions to this crisis, and LaRouche has provided them. In conjunction with a new Glass-Steagall Act, Congress has the power to create a national bank to issue credit to all 50 states earmarked for immediate and long-term infrastructure projects, including a high-speed rail network and NAWAPA (North American Water and Power Alliance) to build a fresh water pipeline from Alaska and Canada into the lower 49 states and Mexico.
These projects would immediately employ millions of people and create infrastructure for the future. A modern day New Deal!
Americans should rally behind LaRouche’s solutions and fight for them because our present leaders have failed us miserably