Your Survival Depends on the Passage of Cantwell-McCain's Glass Steagall

May 14, 2010 (LPAC)--Lyndon LaRouche today declared that the only hope for avoiding a near-term collapse of the entire global financial system is for the U.S. Senate to pass the Cantwell-McCain amendment, reinstating the Glass Steagall Act, that separated commercial banks from brokerage and insurance firms in 1933. "If the White House and the Senate Democratic leadership don't succeed in sabotaging the vote on the Cantwell-McCain amendment next week, I believe it will pass with significant bipartisan support,'' LaRouche said.

LaRouche reiterated his warning of May 11, that the $1 trillion-plus 'super-TARP' bailout of the entire bankrupt European Monetary Union, which was announced on Sunday night by the Board of Governors of the Federal Reserve Bank, is doomed to fail. "The entire purpose of the way the Greek debt crisis was handled, was to destroy the United States," LaRouche declared. "The Greek debt crisis could have simply been handled by a sovereign restructuring of their own debt. Instead, they saddled the Greek debt, and then the Portuguese, Spanish, Irish and Italian debt on Germany, which has no capacity to pay. So, now the United States has been drawn in, courtesy of President Obama and Tim Geithner, to subsidize the whole mass of unpayable and, for the most part, illegitimate debt. This will destroy the United States, just as I warned. If President Obama were not such a toy of the British, none of this would be even conceivable.''

More:  http://www.larouchepac.com/node/14484

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