STEP ONE
Reinstate Glass-Steagall
All Points Bulletin
A Call To Action
Reinstate Glass-Steagall
All Points Bulletin
A Call To Action
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May 16, 2010 Columbia Maryland Alain Lareau for Congress http://online.wsj.com/article/SB10001424052748704586504574654751857203602.html http://law.jrank.org/pages/7165/Glass-Steagall-Act.html http://www.usnews.com/blogs/erbe/2010/05/12/For-Financial-Reform-Reinstate-Glass-Steagall-Act.html http://topics.nytimes.com/topics/reference/timestopics/subjects/g/glass_steagall_act_1933/index.html Glass-Steagall refers to a package of legislation embedded in or otherwise named The Banking Act of 1933. This established protected funding for 30 year mortgages, commercial Banks, Savings and Loan, and Credit Unions. This set up capital that circulated from investors to home buyers, from home owners then back and kept out of reach of the Wall St and International Banks. These regulations were taken down in 1999 with the repeal of Glass-Steagall and that funding that for some 70 odd years provided the basis for home ownership was exposed to looting. The robbery of that protected funding by Mortgage Backed Securities, Collateralized Debt Obligations, and Credit Default Swaps Derivatives would not have been possible otherwise. All Hands on Deck Upon the floor of the United States Senate is presented The Sens. Maria Cantwell and John McCain Amendment if passed will reinstate the Glass-Steagall firewall in America's banking system and put to pasture the absurd Volker Measures proposal which is fix for the Wall St. crowd to continue their swindle. If the Glass-Steagle standard is not inserted into the Financial Reform Bill the whole legislation is rendered useless. With Glass-Steagall revived we can begin to rebuild American housing industry. Then the commercial banks, the savings and loan, and credit union institutions can be kept sufficiently capitalized to allow extension of credit on a local basis and we can truly begin to kick start a real economic recovery. All subsequent mortgages written become part of that protected funding which Wall St. can not speculate on. Without the Glass-Steagall firewall there is no recovery! The Public must mobilize on this issue now. Every US Senators' office must be receive a constant relentless barrage of calls demanding the adoption of the Cantwell-McCain amendment for as many days as necessary, beginning Monday morning 8:00 am. With the Glass-Steagall language included the Bill becomes legislation that is worth voting for, without it it is a sham. The Volker Measures, from their inception have been purposely contrived to deflect this very same reinstatement of Glass-Steagall at the behest of Wall St. http://www.senate.gov/general/contact_information/senators_cfm.cfm Capital Switchboard 202-224-3121, ask for your Senator. Act: in Maryland http://cardin.senate.gov/contact/email.cfm Washington, DC office at 202-224-4524 Senator Ben Cardin, 509 Hart Senate Office Building, Washington, DC 20510 Baltimore at 410-962-4436 http://mikulski.senate.gov/Contact/contact.cfm Senator Mikulski 503 Hart Office Building, Washington D.C., 20510 Phone: Baltimore office at (410) 962-4510. voice your opinion on a piece of legislation you can reach me at my Washington office at (202) 224-4654 / Fax: (202) 224-8858 Act: in Massachusetts http://scottbrown.senate.gov/public/index.cfm/emailscottbrown 317 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC 20510 (202) 224-4543 http://kerry.senate.gov/contact/email.cfm 218 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC 20510 (202) 224-2742 Act: in Ohio Mobilize: Congress.org Your Servant Alain E. Lareau Jr. alainelj@yahoo.com Alain Lareau for Congress Constitution Party of Maryland The Constitution Party |
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