LaRouche PAC Calls for Cities, States To Demand Glass-Steagall
May 25, 2010 (EIRNS)Under the title "Move To Pass LPAC Resolution Immediately!" the Lyndon LaRouche Political Action Committee has issued a draft emergency resolution which "must be pushed through and debated in city councils, legislatures, and other organizations as a matter of urgency.... No ditheringmove on it now!" The text of the draft emergency resolution is as follows:
To Save Our Nation, Congress Must Pass Glass-Steagall and Shut Down Derivatives Now!
WHEREAS, the leadership of the U.S. Senate has sabotaged the inclusion of the Cantwell-McCain Glass-Steagall amendment into the so-called financial reform bill, thus leaving our banking system vulnerable to the ongoing blowout of the world financial system, as such is anticipated by the current freeze-up of bank lending, and the 1000 point "flash" drop in the U.S. stock market; and
WHEREAS, that same leadership, under pressure from the Obama Administration and Wall St., has similarly removed any significant enforcement mechanism from that "reform" bill in respect to the trading of derivatives, and has given every indication, as of May 24, that they intend to remove the Lincoln amendment which imposes restrictions on banks' trading in derivatives, from the bill entirely during Conference discussions with the House of Representatives; and
WHEREAS, the re-imposition of the Constitutional Glass-Steagall principle that separates commercial from speculative banking, and the shutdown of the hundreds of trillions dollar derivatives casinoboth measures which have been strongly promoted and supported by leading economist Lyndon LaRoucheare the indispensable, and inseparable, first steps for saving the U.S. economy, and creating the basis for the launching of a real economic recovery program based on massive infrastructure projects;
THEREFORE, be it resolved that ____________________ demands that Congress immediately act to pass the Cantwell-McCain Glass-Steagall amendment (or law), and to adopt measures which will lead to the shutdown of the derivatives market, starting with the Cantwell-Lincoln amendment to the Dodd bill.