History of Glass - Steagall Act; by Phil Rubinstein

www.LaRouchePAC.com
LaRouche: There IS a Plan B!

September 27 2008 (LPAC)--Lyndon LaRouche today reiterated that the trillion dollar taxpayers bailout scheme, being peddled by Hank Paulson, Barney Frank, Chris Dodd, et al. is doomed to fail. ``If the bailout is passed, this will not solve anything. It will trigger Weimar hyperinflation immediately, will bring down the whole banking system, and, contrary to Gordon Brown's fantasies, will not save the hopelessly bankrupt British banking system.''

LaRouche emphasized, ``However, as many people inside Washington and on Wall Street perfectly well know, there is a Plan B. Plan B is my three-step solution, which begins with bankruptcy reorganization, rather than hyperinflationary bailout. First, pass my Homeowners and Bank Protection Act (HBPA). This viable proposal has been out there since Sept. 2007, and everyone serious, who has studied it, knows it will work. Had Congress shown the guts to pass my HBPA in 2007, this crisis would have been averted, and we would have already been on the road to a new, viable international financial order.

``Second, Congress, in coordination with the Fed, must establish a two-tiered credit system. The Fed must immediately increase short-term rates to 4 percent, to send a clear signal that the U.S. government is behind a strong dollar. At the same time, Congress, using its Constitutional authority, must issue trillions of dollars in low-interest credit for earmarked infrastructure projects, in the vital interest of the nation. We need high-speed rail and maglev, nuclear power, water management, new hospitals, repairs on our bridges and roads. These kinds of projects should be financed through capital budgeting, authorized by Congress at 1-2 percent interest.''

LaRouche said, ``And at the same time, the United States, Russia, China and India must take the lead in convening a treaty conference to establish a new international financial system, based on fixed exchange rates, along the conceptual lines of what Franklin Roosevelt did in 1944 with the original Bretton Woods System. We can and must put the bankrupt current international financial system through bankruptcy reorganization, and launch, on a global scale, what I have proposed with the domestic capital investment in massive infrastructure.''

LaRouche noted that prominent Italian officials have voiced their support for the convening of such a New Bretton Woods conference, and Russian leaders, including President Medvedev and Prime Minister Putin, have voiced similar support, particularly if the United States takes the lead.

``So no one in good faith,'' LaRouche concluded, "can honestly claim that the current bailout scheme on the table of Paulson, Frank and Dodd is the only option. It is not the only option. It is the option of a dark age for civilization. My Plan B is available, is viable, and can and must be acted upon now. This week.''

Category:

News & Politics

Tags:

• lyndon
• larouche
• Glass
• steagall
• Wachovia
• Bank
• conflict
• interest
• stock
• depression
• realestate
• speculation
• buy
• value
• FDR
• house
• of
• morgan
• banruptcy
• reorganisation
• stanley
• bear
• sterns
• JP
• Morgan
• rot
• phil
• rubinstein
• sydbank
• roskilde
• glitnir
• island
• bradford
• hypo
• real
• citygroup
• bretton
• woods
• new
• deal
• 1923
• 1933
• 1358

[diogeneslaertius666]

but why should i care about monetary reform, the game is on, American idol is on, the shops are full of cheap crap to buy and i have a full belly.

and then one day they no longer had any choice...

can we stop repeating history yet?

[Will224000]

...interesting to watch this 1.3.11... this vdo was posted Sept. '08... I have not worked since Oct. '08... we were working overtime to get projects finished, then 100 guys went out the gate... FEMA camps... underground bases... NWO... false flag alien invasion planned by the Rothschilds...

...any one else see a Conspiracy ?...

[generatordoc]

There are too many citizens unaware of the ramifications of Gramm Leach Bliley Act and the news media gets SO MUCH MONEY from insurance company advertising that you will NEVER see a proponent for repeal in main stream media. Gramm Leach Bliley Act repealed Glass-Steagall.....and ruined the country in 9 years.

[72Yonatan]

Thank you for sharing about the background of the Glass-Steagal Act.

[mediblue9]

I went to best buy and there must of been 50 TVs.

[CosmicCannonBall]

Well put!

[jorgemexicali]

phil !!

[djleen]

i wish more people knew about and understood this...thieving scum!!

the banks have messed it all up again...

[GohanMH1]

Great comment.

[shakaama]

the writing is illegible