Thursday, October 29, 2009


Obama admin. fights against breaking up TBTF casino banks/financial houses

The Obama admin. is going against Paul Volker, who is advising them.

The administration is resisting reinstating Glass-Steagall, (undoing the main culprit in our current economic disaster The Gramm-Leach-Bliley Act of 1999), meaning reinstating the firewall between investment banks and commercial banks (breaking up the too-big-to-fail behemoths), the repeal of which law in 1999 set off the casino capitalism on Wall St. and led to the meltdown we're now in, worldwide:

Read - from thinkprogress .org and from The New York Times -

Geithner and Summers are Wall St. casino colluders and enablers of the worst sort, and are making the next crash inevitable, when they should be doing everything they can to prevent another one. Obama cannot be ignorant of this. He is a plutocratic corporatist through his endorsement of his economic team, and must be spoken out against.

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