Discussion of Glass-Steagall is Everywhere

Contrary to those who might think that the passage of the Dudd-Frank bill has closed the question, the issue of the need for an immediate Glass-Steagall reform is hotter than ever, as people realize that it represents the only hope for getting out of looming disaster. In addition to the discussion the LaRouche Congressional campaigns and LPAC supporters are initiating, this is even seeping through unlikely places in the financial community. This could only be happening as a result of LaRouche's activity—and, to advance it, will take more of our leadership.

Take, for example, July 19 entry in FuturesMag.com, an internet publication aimed at giving advice on speculation—hardly an area where you might expect an impassioned appeal on Glass-Steagall. Yet, before getting to his business at hand, author John L. Caiazzo begin with a four paragraph rant against Alan Greenspan, who, he said, has the nerve to continue to advise Congress on tax policy. Greenspan, Caiazzo notes, was the guy who pushed through the abandonment of Glass-Steagall, whose repeal was "the most damaging action we feel is responsible for the entire current global financial 'meltdown.'"

Equally direct was Tony Savage, a columnist in the Chicago Sun-Times. Under the title "New Financial Rules Ignore Our History," he argues that the Dudd-Frank bill is a worthless exercise, and cites the whole raft of 1930s measures, which have been abandoned, but which kept the banking system functional for decades. The crucial turning point, he notes, was the repeal of Glass-Steagall, which led to the crisis.

More examples could be cited—but the point should be clear. From Federal Reserve offices, to financial columnists, to the man on the street, Glass-Steagall is the issue. Time to ram it through.