The LaRouche Plan. What must be done !

The plan that will work, to avert world wide crisis.

Which is coming soon and certainly.

 

We Must Return To The Glass-Steagall Standard

by John Hoefle

October 10, 2009 (LPAC)--The return to what Lyndon LaRouche describes as the "Glass-Steagall standard" is an essential component of any successful effort to pull the United States out of its second great depression, and avoid a collapse into a global new Dark Age. The term Glass-Steagall standard refers both to the Glass-Steagall Act of 1933, which created a legal firewall between commercial banking and speculative "investment" banking, and its founding principles. The Glass-Steagall Act was one of a series of reforms initiated by President Franklin Roosevelt, designed to break the grip of the Anglo-American financiers led by J.P. Morgan over our nation's economy, and reassert national sovereignty.

Glass-Steagall was the law of the land from 1933 until 1999, and provided significant protection to the depositors and borrowers who depended upon a sound commercial banking system. It arose out of the Pecora Commission hearings, which publicly revealed the manner in which the big banks of the day had looted their customers for the benefit of a small coterie of insiders. FDR used the outrage provoked by these revelations to force through reforms over the vehement objections of Wall Street.

In addition to preventing commercial banks from engaging in Wall Street-style speculation, FDR also created the FDIC to insure deposits-necessary to restore public confidence after the widespread failures-and created the Securities and Exchange Commission to police Wall Street. To emphasize the latter point, he appointed Ferdinand Pecora as one of the initial SEC Commissioners........  http://www.larouchepac.com/node/12052

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