In the early part of the last century the banking industry was made up of a few mega-corporate banks. The commercial banks, Wall Street investment banks and insurance industry were allowed to join together. They were in control. In 1929, they brought down the economic system of the world and it led to the Great Depression.
By 1933 the Glass-Steagall Act was passed and it broke up those mega-banks. The nation began to recover. The country prospered while keeping the banks in check.
By the 1990s the Federal Reserve Bank started to allow some co-mingling of the commercial and investment banks. By 1999 the Glass-Steagall Act was repealed and the banks started to merge. By 2008 they were "too big to fail." We did not learn from history and we repeated it.
According to Neil Barofsky, past special inspector general for TARP, those banks "too big to fail" are now 20 percent bigger than in 2008. On May 1 the New York Times opinion page wrote about the Dodd-Frank financial reform law of 2010, having loopholes for the banks "too big to fail," and Treasury Secretary Geithner plan will allow these banks protection.
These mega-banks are in control of Washington, D.C. By definition Fascism is what we have in the USA.
The only question is how long people will tolerate fascism before violence breaks out throughout the nation. There is peaceful hope for change.
A courageous congresswoman, Marcy Kaptur (D-Ohio), has introduced a bill in the U.S. House to break up the mega-banks in control today. House Resolution 1489, "The Return to Prudent Banking Act," will reestablish the Glass Steagall Act, breaking up of those fascist in control of the federal government.
Those wanting peaceful change need to contact Congressman Don Young and demand his support of H.R. 1489.
Regardless of what happens in D.C. we will continue to have economic instability throughout the globe. With the people back in charge, we can work together for the common good.
Never forget the purpose of the Constitution. "We the people of the United States in Order to form a more perfect Union. . ." This "Union" called the United States was for the people, not the corporations.
Peninsula Clarion ©2013. All Rights Reserved.