+++ 28. Oktober 2012 +++
President Obama Says Clear No to Glass-Steagall
While popular support for the separation of banks is growing in the United States, among those is all parties who are outraged at the taxpayers' bailout of the mega-banks speculative losses, President Obama has come out once again on the side of Wall Street and the City of London. In an interview with Rolling Stone magazine posted Oct. 25, the U.S. President brought up his rejection of Glass-Steagall without being specifically asked about it, in a question and answer concerning the Dodd-Frank Act which he got Congress to pass instead of restoring Franklin Roosevelt's law.
After a defense of Dodd-Frank and supposed mortgage reforms, Obama said: "I've looked at some of Rolling Stone's articles that say, 'This didn't go far enough, we didn't institute Glass-Steagall' and so forth; and I pushed my economic team very hard on some of those questions.[!] But there is not evidence that having Glass-Steagall in place would somehow change the dynamic.... So the problem in today's financial sector can't be solved by re-imposing models that were created in the 1930s.'"
This is exactly why Treasury Secretary Tim Geithner dismisses Glass-Steagall, but Obama has avoided doing so publicly until now. In response, Matt Taibbi of Rolling Stone posted a full debunking of Obama's phony argument against Glass-Steagall.
Just one week before this interview was posted, Bill Clinton's Labor Secretary Robert Reich wrote a column entitled, "President Obama should call out Romney by restoring Glass-Steagall." He called on the President to break up the nation's biggest banks and to reenact bank separation, suggesting that would be a good way to "smoke out" Mitt Romney. While Reich attacked Romney as Wall Street's candidate, he knows full well that it is Obama who has opposed reenactment of Glass-Steagall, implemented the bailout of Wall Street, and pushed the Dodd-Frank Act, which maintains "the too big to fail policy."
It is certainly the case that Mitt Romney has not endorsed Glass-Steagall, but the issue is far too important to be treated as a party issue, and the bank breakup has been endorsed by many Republicans in high positions.
Therefore, some consider Reich's appeal to be good advice to Mitt Romney, if he wants to win.
~ deutsch + english ~
+++ 24. Mai 2013 +++
Pope Francis Calls for Financial Reform
Two months after his election, Pope Francis has spoken out forcefully against the dictatorship of the financial markets, which is reducing humanity to misery. Speaking in front of the ambassadors of K...
+++ 24. Mai 2013 +++
Bundestag Passes Phoney "Bank Separation" Law
On May 17, the German Bundestag passed a bank restructuring bill touted by the government as the "first bank separation law passed in Europe." In fact, the law is a far cry from what the government cl...