Republicans Caused Second Great Depression; Democrats Want To Make Sure It Sticks
Posted by politicalpartypooper on July 5, 2010
The Gramm-Leach-Bliley Act. That’s your second Great Depression bitch, right there. If you want to point a finger at what caused this massive recession (come on…it’s a depression) and massive 16% actual unemployment, you need look no further than Gramm-Leach-Bliley. Those are the three idiots at the top of this article. Their bill rendered the second part of the Glass Steagall act impotent.
The Glass-Steagall Act prohibited any one institution from acting as a combined investment bank, commercial bank, or an insurance company. The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to merge.
For example, Citicorp (a commercial bank holding company) merged with Travelers Group (an insurance company) in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. This combination, announced in 1998, would have violated the Glass-Steagall Act and the Bank Holding Company Act of 1956 by combining securities, insurance, and banking, if not for a temporary waiver process. The law was passed to legalize these mergers on a permanent basis.
Did you catch that? Citicorp was formed illegally, and nearly every Republican Congressperson and Senator, instead of upholding the law, passed a law to bypass Glass Steagall. It was the merging of commercial and investment banks into giant, too-big-to-fail banks, and the emergence of AIG, and others that DIRECTLY caused the Wall Street meltdown of 2008-2009 and the current second Great Depression.
Republicans are voting against extending unemployment benefits, with certain of their members claiming that unemployment benefits makes people lazy and unwilling to work. That should suit Republicans fine; it fits their job description to a tee, lest we forget the do-nothing Congress.
Republican contradictions never cease to amaze me. They all vote to extend subsidies to oil companies to the tune of $38 Billion during the midst of a “deficit crisis”. But they vote against extending unemployment benefits to the American unemployed because “we can’t afford to grow this deficit any larger”. Nice contradiction, assholes.
Here are several solutions:
1. Until unemployment numbers recede below 7%, we pay our Federally Elected Officials minimum wage without ANY benefits. That includes no fees for their staff, no travel vouchers, no free food at the Capitol Cafeteria…no nothing. They need to suffer like the rest of America does. I just don’t get the impression that this is urgent enough for them. We need to make it so.
2. Enforced retirement in the Congress and Senate at age 65. That ought to create 450-600 jobs…at least.
3. Move some of the 16 million unemployed temporarily to the Gulf Coast to assist in the oil clean up. That this idea has not even been mentioned by either party is pathetic, to say the least. If unemployment benefits are so onerous to Republicans, then they should be all for putting the unemployed to work.
Democrats do not get a free pass from me on this one, either. Their current crap sandwich, the Financial Services Reform Bill, does nothing to reverse Gramm-Leach-Bliley. In case you were wondering, America thrived under Glass Steagall for 65 years. It prevented banks from getting too big and becoming “too important” to the economy. Restoring Glass Steagall would bust up the very banks that caused the Depression, and ensure that it could never happen again. But Democrats didn’t even mention Glass Steagall, and didn’t even try. Instead, what they tell us is, “This is the best bill we can get in the current political climate”.
I am a monkey’s uncle. Ω