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LaRouche Demands All-Out Fight for Glass-Steagall Now

July 23, 2014 (EIRNS)—Lyndon LaRouche on July 22 forcefully urged Sen. Elizabeth Warren (D-Mass.) and other Glass-Steagall sponsors to act immediately to push for Congressional debate and vote.

“Don’t wait until the perfect moment when you think you have the votes lined up. You have to campaign to win. You fight to get it through because it has to be done.”

Indeed, not only is passage of Glass-Steagall urgent at this very moment, as major European banks and Wall Street unravel over their mountain of unpayable debt. There is a building groundswell for implementation. According to one Washington source, there is now a clear majority in support of Glass-Steagall or neutral. This is the perfect time to strike.

In the past several days, there have been repeated calls appearing in the media for reinstatement of Glass-Steagall. First, an oped July 17 on cnn.com released by the four sponsors of Warren’s S. 1282 (21st Century Glass-Steagall Act) which warned of the immediate danger of a new financial blowout, and stressed the urgency of the passage of the bill. Then, on July 23, former Senator Ted Kaufman (D-Del) began a series of articles on the ludicrousness of the current announcements from Washington that it has dealt with the financial crisis. He takes off from the fact that it has now been four years since the passage of Dodd-Frank, which has done nothing to stop the trading in risky derivatives which led to the 2007-2008 crisis, and says that the only real solution is re-instating Glass-Steagall, although he’s pessimistic about its chances of passing. http://www.tedkaufman.com/ted_kaufman_on/FORBES-An-Unhappy -Birthday-For-Dodd-Frank-As-Momentum-Builds-For-the-Next-Meltdown Other commentaries, in such diverse venues as the Business Spectator and Oped News, cite the repeal of Glass-Steagall as the turning point in leading to the crisis.