EIR Pro-Glass-Steagall Op-Ed
Provokes National Attack from American Bankers Association
Aug. 22, 2013 (EIRNS)—The Oklahoman's Aug. 14 publication of EIR's op-ed response to JPMorgan Chase CEO Jamie Dimon's Aug. 7 attempt to dismiss Glass-Steagall, has led to a top-down mobilization of the American Bankers Association to defend Dimon's idiocy.
On Aug. 7, Dimon told the Oklahoman that Glass-Steagall was irrelevant: "Our issues have nothing to do with Glass-Steagall in America..." the rest of the world didn't have it either, and managed just fine, and "Dodd-Frank accomplishes most of what people want to accomplish."
On Aug. 14, the Oklahoman published an op-ed attack on Dimon and his crimes by EIR's Paul Gallagher, asserting that without Glass-Steagall, the U.S. cannot return to its Hamiltonian principles of physical economic development and uplifting mankind's intellectual potentials.
On Aug. 21, the Oklahoman ran a reply to EIR's op-ed by the Chief Operating Officer of the American Bankers Association in Washington D.C., Michael J. Hunter, entitled "Unfortunate Myths." This title actually sums up Hunter's tired reiteration of "old saws" like AIG and Lehman not being banks (no, they were just permitted to act like banks), and fantastic assertions such as "If the largest banks were broken up, they would not be able to meet the demands of our economy." EIR has learned that Hunter's inane op-ed is being distributed to bankers who call ABA state or national HQ to stop the Glass-Steagall mobilization.
Hunter's op-ed was followed by several posted responses, all of which ridiculed the ABA arguments.