Sign Glass-Steagall petition here now

[GlassSteagallfan]

Elizabeth Warren Glass-Steagall Petition Garners Thousands Signatures Overnight, as Calls for Glass-Steagall Proliferate Everywhere

May 16, 2012 • 5:40AM

Monday's endorsement of Glass-Steagall by Massachusetts U.S. Senate Democrat candidate Elizabeth Warren, has met with huge media coverage, and her Glass-Steagall petition request exceeded its goal of 50,000 signatures, in less than 24 hours!

The petition was posted yesterday at BoldProgressives.org, and sent to 900,000 subscribers, with an objective of getting 50,000 signatures soon. However, there were 52,000 as of this morning, and still coming in strong.

The media coverage is extensive. Some are giving prominent coverage to the "issue," but others are endorsing Glass-Steagall outright. A sampling:

WASHINGTON POST. There is an interview of Warren by Ezra Klein posted this morning, in which she speaks of Glass-Steagall, in response to Klein's palaver about the "complexity" of the Volcker Rule:

Warren: That's the strongest argument for a modern Glass-Steagall. Glass-Steagall said in effect that hedge funds should be separated from commercial banking. If a big institution wants to go out and play in the market, that's fine. But it doesn't get the backup of the federal government. If it's too complicated to implement the Volcker rule, do you say we give up and let the largest financial institutions do what they want? Or do you say maybe that's the reason we need a modern Glass-Steagall?

Klein: Do you support a modernized Glass-Steagall law?

Warren: Yeah! I've talked with Sen. Maria Cantwell from Washington State. She's been working on that, and I think the debate should be on the table."

BOSTON GLOBE Wide coverage is given to Warren's move for Glass-Steagall, and also to her call for Jamie Dimon to step down.

DOW JONES MARKET WATCH. David Weidner, the Wall Street reporter for MarketWatch, writes an opinion piece, saying, "So, rather than slap more ineffective and easily gamed rules into the system, let's just divide the system. We the people will keep our traditional banking — the monetary and economic side of the equation. We'll let casino capitalism run wild on the other side. Let's bring back Glass-Steagall..."

PITTSBURGH TRIBUNE REVIEW. An editorial in today's Pittsburgh Tribune-Review, owned by Richard Mellon Scaife of the Mellon banking family, says "the better solution is to return to a very commonsense past regulation — Glass-Steagall... [which] served this nation quite well for decades until its provisions began to be watered down in the 1960s and then eliminated in 1999..."

REUTERS. A Reuters editorial, by James Saft, says, "The Volcker Rule won't be effective; it is impossible to distinguish hedges from speculation and either can blow up banks. The better alternative is to end the policy of too big to fail, preferably while at the same time forcing all banks out of the business of market speculation through a revival of the kind of Glass-Steagall-like policy which encouraged a small and useful financial sector for decades, forcing those that want government insurance to act like utilities, taking deposits, processing payments and making simple loans."

NEW YORK TIMES. A letter to the editor, from Paul Immerman, securities lawyer, states: "The recent JPMorgan Chase trading losses highlight the need to re-enact Glass-Steagall and separate trading and securities activities from the deposit-taking and lending functions of commercial banks... It's time to ignore the hollow claims of bankers [specifically JPMC's Jamie Dimon] who lobby for less regulation and impose real reform by admitting that repealing Glass-Steagall was a mistake. Only by re-enacting Glass-Steagall and prohibiting all trading activities by commercial banks can we avoid another meltdown and taxpayer-funded bailout."

CNN. There were at least 12 calls for re-instating Glass- Steagall, among the 100 comments sent into a CNN posting of an article "How big is Obama's Wall Street problem" from the Jack Cafferty Show, about JP Morgan Chase, even though Cafferty never mentioned Glass-Steagall at all.

BLOGOSPHERE REVERBERATING

HILL BLOG. The Washington DC-based 'Hill Blog' says that, together, Warren and Ron Paul (who voted against Glass- Steagall's repeal in 1999) could "change the world."

Boston Globe Buzzfeed and other blogs are jangling on this too, plus coverage on Slate.com, the International Business Times, the American Banker, and many more.

Source: http://larouchepac.com/node/22706


We can turn things around

Sign the petition here: http://act.boldprogressives.org/sign...all/?source=bp

*************UPDATE**************

Any person in any state of the United States may sign the petition. You may also collect signatures and enter them through you personal computer. For further infomation, contact the Elizabeth Warren campaign headquarters at 1-671-286-6715

[Kimberley]

Thanks GlassSteagallFan for posting !!

Much love!

[billyji]

The petition asks for zip code, we do not have Zip codes in the UK we have a post codes. sorry it will not allow me to sign

[GlassSteagallfan]

Posted by billyji (here)
The petition asks for zip code, we do not have Zip codes in the UK we have a post codes. sorry it will not allow me to sign

Sorry billyji, the petition is for US citizens only. On the other hand, it is a global issue.

[Fred Steeves]

You guys do realize that Elizabeth Warren rubs elbows with the likes of Little Timmy Geithner and Big Ben Bernanke now...Right?

[GlassSteagallfan]

Posted by Fred Steeves (here)
You guys do realize that Elizabeth Warren rubs elbows with the likes of Little Timmy Geithner and Big Ben Bernanke now...Right?

Everyone in politics has to tango with the devil

[Ba-ba-Ra]

Posted by Fred Steeves (here)
You guys do realize that Elizabeth Warren rubs elbows with the likes of Little Timmy Geithner and Big Ben Bernanke now...Right?

Rubs elbows with???? ... of course, she's running for Congress. You can't be in politics and not 'rub elbows' with everyone else in politics. That doesn't mean you agree with them.

I'm trying to understand where you are coming from Fred . If she's trying to reinstate the Glass-Steagall Act - IMO she is not in cohoots w/Geithner or anyone else from Wall Street of the Federal Reserve. To me her actions speak volumes.

[Fred Steeves]

Posted by Ba-ba-Ra (here)

Posted by Fred Steeves (here)
You guys do realize that Elizabeth Warren rubs elbows with the likes of Little Timmy Geithner and Big Ben Bernanke now...Right?

Rubs elbows with???? ... of course, she's running for Congress. You can't be in politics and not 'rub elbows' with everyone else in politics. That doesn't mean you agree with them.

I'm trying to understand where you are coming from Fred . If she's trying to reinstate the Glass-Steagall Act - IMO she is not in cohoots w/Geithner or anyone else from Wall Street of the Federal Reserve. To me her actions speak volumes.

Alright ya'll, if you're still holding out hope in a politician's promises during campaign season, have at it, and I apologize for temporarily derailing this promising petition drive. Just remember that in '00 W. took a stance against nation building(LOL), and in '08 Obama promised all the war protesters(who are of course now silent) that his first act as President was to close down Guantanamo Bay.

Cheers, it's time for a frosty cold one.


Fred

[Lettherebelight]

This is from Karl Denninger's forum, the Market Ticker, probably one of the most switched-on analysists...

You Want To See Glass-Steagall Die? in [Market-Ticker]

"From Janet this morning (my editorializing is below)

JT Note:

'If you wanted to kill the only remaining viable bill for the return of Glass-Steagal, then quashing Congresswoman Marcy Kaptur’s (D. Ohio) chances would be one way to do it.  Congresswoman Kaptur has the principal bill in the House—the only remaining bill in Congress—and has slowly and steadily gained support for it with the Democratic Caucus.  She’s also the only Member that has asked insightful questions at the MF Global hearings—a hot button issue, because Jon Corzine was huge fundraiser/allocator and is well protected in Congress.

You may be aware that Congresswoman Kaptur is up for reelection in a newly redistricted Ohio.  The redistricting was so odd that she had to run—and won—in the primary against former Congressman Dennis Kucinich (he’s also made a try for the party’s nomination for president in past primaries and failed).  After his loss, Kucinich has not (yet?) endorsed her.  I don’t know the reasons (my guess is pettiness), but it’s all the more odd, since the Democrats just lost a representative (him) and Congresswoman Kaptur must run in a substantially changed district representing to a great degree a new-to-her constituency.  As a practical matter, raising funds to run as a Representative is difficult, so one would have thought he’d lend support, particularly since…

Congresswoman Kaptur’s opponent is Samuel Wurzelbacher, aka “Joe the Plumber,” who won the Republican primary.  Herman Cain has already come out in support of Wurzelbacher. 

Best,

Janet

P.S. Disclosure: I don’t consider myself a member of either political party.  I vote as an Independent. In the last presidential election I contributed ($1,000 each) to both then Senator Obama’s (D. Il.) campaign and John McCain’s (R. Arizona) campaign and in the end voted for John McCain.

P.P.S.  You may also find this of interest: Congresswoman Marcy Kaptur Confronts MF Global and Wall Street'

Huffington Post – December 26, 2011

Folks, if you want to vote "left-right" in this election in a race like this you're free to do so, but you're a fool.

There is no issue more important in the present time than putting the banks back in the box they were in during the time of Glass-Steagall.

If we do not both do that and stop the deficit spending this nation is finished.  It is mathematically impossible to sustain the deficit spending trends we have today and if we allow the financial institutions to continue to gamble with customer funds and counterfeit the currency when, not if, the corner is found on the deficit the entire financial system will implode at the same time we have a government funding crisis.

Down this road we can lose our nation.  For real.

Wake up America."
http://market-ticker.org/akcs-www?post=204097