Glass-Steagall Resolution Introduced in California
Aug. 6, 2013 (EIRNS)This release was issued today by the Lyndon LaRouche Political Action Committee.
California became the twenty-fifth state in the nation in which a resolution has been introduced calling on Congress to pass Glass Steagall legislation, which is before both Houses of Congress. The measure, A.C.R. 73, was introduced August 5 by Assemblyman Roger Hernandez, a Democrat from Los Angeles, and, so far, has one cosponsor. As a "concurrent" resolution, it can be brought before the Senate, as well.
In its preface, the resolution states that the "measure would urge the President and the Congress of the United States to enact federal legislation to protect the public interest by reviving the separation between commercial banking and speculative activity embodied in the Glass Steagall Act."
In the following "Whereas" clauses, the resolution describes
After identifying the House (HR 129) and Senate (S 985) bills, the memorial has a whereas clause which identifies the support for restoring Glass-Steagall from "diverse" groups and individuals, citing, among others, t
That this resolution was introduced demonstrates that the line, that "California is back," which is being spread due to the "achievement" of a "balanced budget" pushed through by a Democratic Party super-majority in the legislature, is recognized as a fiction, and that the state is suffering from an accelerating collapse in agriculture and manufacturing. This collapse was "overcome" in the budget by the combined effects of a short-term revenue increase related to capital gains from the stock market bubble, which is not sustainable, accounting gimmicks, and the cumulative effects of more than $100 billion in cuts, especially in life-saving social programs, over the last decade.
The part-time, temporary and low-wage jobs created by this "recovery", combined with "green" spending, represent no alternative to national action, which has been acknowledged by many in the legislature, who agree that federal action, beginning with passage of Glass Steagall, is a necessary pre-condition for a real recovery of the state, and national, economy.