Undoing Bill Clinton’s Destruction To The United States: Restoring FDR’s Glass Steagall Act That Clinton Repealed.
The LaRouche Political Action Committee has learned that former Federal Reserve Board Chairman Paul Volcker is conducting a call-up campaign against the reinstatement of Glass Steagall, arguing that the so-called Volcker Rules are sufficient because they do not “punish” bankers by demanding that they take responsibility for the more than $2 trillion in still-outstanding gambling losses.
Under a full return to the FDR Glass Steagall Act, taxpayers would be freed from responsibility for covering the gambling debts of Rothschild Wall Street, which amount to trillions of dollars that Volcker wants the American people to cover.
Lyndon LaRouche, who has led the campaign to reinstate Glass Steagall ever since the collapse of the trans-Atlantic financial and monetary system beginning in the summer of 2007, sharply denounced the “Volcker attempt to swindle the American people out of $2 trillion plus,” recalling that as Chairman of the Fed in the late 1970s and 80s, Volcker presided over the takedown of the real U.S. economy by driving interest rates up over 20 percent, bankrupting countless farms and businesses.
Volcker’s efforts to kill Glass Steagall, which has been reintroduced into the House of Representatives by Rep. Marcy Kaptur (D-Oh.) as H.R. 1489, with over 65 co-sponsors, were first made public by Rep. Michael Burgess (R-Tex.), during a recent district town hall meeting, at which he told constituents that he would not support Glass Steagall and H.R. 1489 because he had spoken with Volcker and had been told that it was unnecessary because the Volcker Rule was sufficient.
It has been further confirmed by top Democratic Party sources that the Volcker calls to pro-Glass Steagall economists and politicians is part of a larger push by the Obama White House to push back against Glass Steagall.
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