To: President Donald Trump, The Nevada State House, The Nevada State Senate, Governor Steve Sisolak, The United States House of Representatives, and The United States Senate
Nationalize the Banking Industry
Why are all our homes "banked owned"? Why do we borrow from "commercial" banks for our home loans at a much higher rate of interest than what the banks pay to the Fed? Why do we have commercial banks acting as "middle men" to access our country's money supply?
Why can't we borrow directly from the Fed at the same low rate? Why can't the Fed open a few thousand "branch offices" for us, and allow us to borrow like the commercial banks can borrow? And why do the commercial banks always have the tallest and most elaborate skyscrapers?
A United Nations economic report just released states that instead of new regulation of the financial system to address the problems that helped bring on the recession in 2007-8, governments in the United States and Europe are trying to woo the very speculators who helped cause the problem.
Politicians don't want to reform the banks - they want to repeal the Dodd-Frank Act and eliminate the new Consumer Protection Bureau. The Republicans wouldn't allow Elizabeth Warren's nomination to head the Consumer Protection Bureau, so their new nominee, Richard Cordray. just told a Senate committee that he would make it a priority “to streamline and cut back” a mountain of regulations that has grown up over the last 30 years, which he said excessively burdened some banks and discourages them from lending money to consumers.
And why are the Republicans attempting to repeal the Dodd-Frank Act, thereby re-de-regulating the crooked banks? Why did the GOP oppose Elizabeth Warren and the Consumer Protection Agency? Why does everyone keep ignoring the passing of the Republican sponsored Gramm-Leach-Bliley Act (signed by Bill Clinton in 1999) that deregulated the banking industry and caused the housing collapse? In part it also helped create more monopolies as well, as it nullified parts of the Glass–Steagall Act . The Gramm-Leach-Bliley Act should be entirely repealed, but the GOP is doing just opposite by wanting to repeal the Frank-Dodd Act.
It's our entire banking system, and their enablers, that has caused most Americans the most harm.
Throughout America's history, banks, not the government, controlled the nation's money. For two centuries, private banks fought for what they only partly had before success under the 1913 Federal Reserve Act. Earlier, Thomas Jefferson opposed the first Bank of the United States, Andrew Jackson the second for similar reasons:
* distrust of profiteers controlling the nation's money; and
* concern about foreign control of America's banking system.
As a result, Jefferson, in 1811, got Congress to refuse charter renewal for the first US Bank. Later, Madison signed a 20-year authorization. However, when Congress renewed it, Jackson vetoed it, calling private banking control "a hydra-headed monster," entrapping nations in debt.
It's truer than ever today with Wall Street's stranglehold on public wealth, able to create or destroy it freely. No responsible government should allow it, but Republicans (and even Democrats) endorse it, institutionalizing big money power.
"How did this happen to America?" is the wrong question. After decades of corporate triumphalism, which has concentrated wealth and power in fewer and fewer hands, and after generations of government being so demonized and compromised that it is no longer capable of checking that power, the better question may be: "How could it not have happened?"
And we wonder why it's the corporations and the banks that rules us; we aren't self-governed by elected officials, they were paid off. I support nationalizing all the U.S. banks.
Why can't we borrow directly from the Fed at the same low rate? Why can't the Fed open a few thousand "branch offices" for us, and allow us to borrow like the commercial banks can borrow? And why do the commercial banks always have the tallest and most elaborate skyscrapers?
A United Nations economic report just released states that instead of new regulation of the financial system to address the problems that helped bring on the recession in 2007-8, governments in the United States and Europe are trying to woo the very speculators who helped cause the problem.
Politicians don't want to reform the banks - they want to repeal the Dodd-Frank Act and eliminate the new Consumer Protection Bureau. The Republicans wouldn't allow Elizabeth Warren's nomination to head the Consumer Protection Bureau, so their new nominee, Richard Cordray. just told a Senate committee that he would make it a priority “to streamline and cut back” a mountain of regulations that has grown up over the last 30 years, which he said excessively burdened some banks and discourages them from lending money to consumers.
And why are the Republicans attempting to repeal the Dodd-Frank Act, thereby re-de-regulating the crooked banks? Why did the GOP oppose Elizabeth Warren and the Consumer Protection Agency? Why does everyone keep ignoring the passing of the Republican sponsored Gramm-Leach-Bliley Act (signed by Bill Clinton in 1999) that deregulated the banking industry and caused the housing collapse? In part it also helped create more monopolies as well, as it nullified parts of the Glass–Steagall Act . The Gramm-Leach-Bliley Act should be entirely repealed, but the GOP is doing just opposite by wanting to repeal the Frank-Dodd Act.
It's our entire banking system, and their enablers, that has caused most Americans the most harm.
Throughout America's history, banks, not the government, controlled the nation's money. For two centuries, private banks fought for what they only partly had before success under the 1913 Federal Reserve Act. Earlier, Thomas Jefferson opposed the first Bank of the United States, Andrew Jackson the second for similar reasons:
* distrust of profiteers controlling the nation's money; and
* concern about foreign control of America's banking system.
As a result, Jefferson, in 1811, got Congress to refuse charter renewal for the first US Bank. Later, Madison signed a 20-year authorization. However, when Congress renewed it, Jackson vetoed it, calling private banking control "a hydra-headed monster," entrapping nations in debt.
It's truer than ever today with Wall Street's stranglehold on public wealth, able to create or destroy it freely. No responsible government should allow it, but Republicans (and even Democrats) endorse it, institutionalizing big money power.
"How did this happen to America?" is the wrong question. After decades of corporate triumphalism, which has concentrated wealth and power in fewer and fewer hands, and after generations of government being so demonized and compromised that it is no longer capable of checking that power, the better question may be: "How could it not have happened?"
And we wonder why it's the corporations and the banks that rules us; we aren't self-governed by elected officials, they were paid off. I support nationalizing all the U.S. banks.
Why is this important?
Why are all our homes banked owned? Why do we borrow from "commercial" banks for our home loans at a much higher rate of interest than what the banks pay to the Fed? Why do we have commercial banks acting as "middle men" to access our country's money supply for profit and abuse?