Legislating sound banking practices gives glimmer of hope

The ongoing global economic collapse continues with a glimmer of hope, if restructuring to sound banking practices occurs.

 

With growing support of Congresswoman Marcy Kaptur (D-Ohio) H.R. 1489, the Glass-Steagall reimplementation is moving forward without the sponsorship of our own Congressman Don Young.

Recently, in a New York Times op-ed “The Good Banker” Robert G. Wilmers believes “Glass-Steagall Act-the Depression-era law that separated commercial and investment banks — should never have been abolished.”

Wall Street Billionaire investor Carl Icahn stated on CNBC Fast Money that the “Glass-Steagall thing or something like it wasn’t a bad thing.” In other words a bank should be a bank; an investment banker should be investment banker.

Congressman Don Young’s office contacted me after sending him a letter in support of HR-1489. Our Congressman does not support sound banking practices. I was told Don Young supports increasing money available to Alaska Credit Unions. It appears he continue to ignore the 1,000-pound gorilla in the room and is frightened to stand up to those “banks too big to fail.”

Those wanting peaceful change need to contact Congressman Don Young and demand his support of H.R.1489. Sound banking practices are the people’s only hope.

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