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Commentary :: Labor
VIDEO: Same old sheriff on Wall St.
01 Jul 2009
This report is from June 24, 2009.
Obama's plan won't rein in casino capitalism; finance must be democratized. The Fed has had enormous regulatory power but refused to use that power. In a PBS Lehrer broadcast, Alan Greenspan explained the Federal Reserve is independent and above the president! Glass-Steagal separated commercial and speculative banking. Democrats and Republicans dismantled the system over 30 years at the banks' request. Public credit rating agencies are vital. Private rating agencies encouraged speculation and knew they'd get more business if they gave all As. Do we want to reestablish a system that didn't work?

Economist Robert Polin is interviewed in this RealNews report from June 24, 2009.
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"Our banking laws must mobilize reserves.."
01 Jul 2009
"Our banking laws must mobilize reserves; must not permit the concentration anywhere in a few hands of the monetary resources of the country or their use for speculative purposes in such volume as to hinder or impede or stand in the way of other more legitimate, more fruitful uses. And the control of the system of banking and of issue which our new laws are to set up must be public, not private, must be vested in the Government itself, so that the banks may be the instruments, not the masters, of business and of individual enterprise and initiative."

The New Freedom, by Woodrow Wilson

Wilson wasn't a proponent of the Fed being at the beck and call of banking interests. The $9 trillion unaccounted for by the Fed that somehow "vanished" into the banking system wasn't his style.

Retired Monk
"Ideology is a disease"
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