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Legislating sound banking practices gives glimmer of hope

Posted: June 14, 2011 - 9:08am

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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Raoulduke 06/14/11 - 02:53 pm
Banking practices

Rep.Young has in the past,and now for our future.He is not endorsing GOOD banking practices.Rep.Young did not surprise me with his lack of interest.Being in the pockets of the Banking,and Oil Industries.Why would he want to vote for a Bill that would put control on his lobby lifeline,and take money out of his own pockets.I can not remember the last time an Alaskan politician really served to better the conditions for the citizen's of this great state.They are suppose to be working for us.NOT the Corporate interest.Rep.Young is unfortunately in this category.We can not fix problem's by using the same people,and mindset that was responsible for making the problem's.

spwright 06/14/11 - 07:23 pm
Don Young ?

Tue. 6/14/11 Flag Day

Now here's the Question ?
How does DON YOUNG continue to get Re-Elected, year after year, term after term for decades ?

I have yet to meet a fellow Alaskan that Voted for Him ?

SPW "Airborne"

witchwitch 06/15/11 - 11:32 am
Don Young is crass and supports special interests

I have written Don Young and his response to my sincere request for reconsideration of his position on another issue was met with a rude, crass response that dismissed scientific evidence and common sense. He is so entrenched and so corrupt that he has long ago lost any ability he may have had to be open-minded. He exists to serve those who pay him.

If you want to be heard, perhaps attaching hundred dollars bills to your request might change his mind. You'll need to attach quite a few, so save one of those Franklin's to cover the large postage charge ??!??

While I am joking, the underlying fact is apparent and remains true. We have the best US Representative that money can buy and he is owned by special interests, not by the people. Most people know this but believe that his seniority brings so much to Alaska that they disregard everything else.

His greed has hurt Alaska and America. Voter's greed and complacency has allowed this all to happen.

Andrew 09/02/11 - 03:30 am

Some say that repeal of provisions of Glass-Steagall act contributed directly to the severity of ongoing crisis allowing investors banking firms to play with their depositors money from commercial banks. This banking bad practices should stop and for that are needed those politicians who represents us.

Raoulduke 09/02/11 - 05:13 am
Re-elect the man

After all Don young has been re-elected time,and time again by the KNOWLEDGEABLE voters.You know he is a bought ,and paid for politician.So! just being a Republican is good enough.So! This state has gotten exactly the representative for where their vote was cast.A Republican bought ,and paid for politician.Who IS out for himself,and not the best interest of the Alaska.Knowing this. Would you vote for this CROOK again?If so You wasted your vote for a CROOK.

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