GlassSteagallfan
8th July 2011, 19:03
Madrid "Indignados" To Take Up Glass-Steagall
July 8, 2011 • 9:36AM
In response to a written proposal from a member of the Valencia, Spain "Indignados" Economics Commission, the Madrid "Indignados" agreed to take up the issue of FDR's 1933 Glass- Steagall for adoption at their next assembly.
A June policy statement by the Madrid Economics Commission had called for "the separation of productive and speculative banking activities," but had not mentioned Glass-Steagall by name and had some ambiguities in its formulation. The Valencia communication stated that "one way to avoid this ambiguity in the text is to clearly mention (as the 'Indignados' of France do) the technical and historical name of this separation, which furthermore terrorizes the bankers: Franklin Roosevelt's 1933 Glass-Steagall law." The Valencia proposal further urged that the Glass-Steagall point be made their central, priority programmatic proposal.
A member of the Madrid Economics Commission responded: "Thanks very much for your paper and observations on the proposals. That law was on all of our minds when we made the proposal, but since it was from the U.S. context, we drafted [the proposal] without mentioning it... But regardless, I am going to propose that we take it up at the next Economy assembly."
Source: http://www.larouchepac.com/node/18696
July 8, 2011 • 9:36AM
In response to a written proposal from a member of the Valencia, Spain "Indignados" Economics Commission, the Madrid "Indignados" agreed to take up the issue of FDR's 1933 Glass- Steagall for adoption at their next assembly.
A June policy statement by the Madrid Economics Commission had called for "the separation of productive and speculative banking activities," but had not mentioned Glass-Steagall by name and had some ambiguities in its formulation. The Valencia communication stated that "one way to avoid this ambiguity in the text is to clearly mention (as the 'Indignados' of France do) the technical and historical name of this separation, which furthermore terrorizes the bankers: Franklin Roosevelt's 1933 Glass-Steagall law." The Valencia proposal further urged that the Glass-Steagall point be made their central, priority programmatic proposal.
A member of the Madrid Economics Commission responded: "Thanks very much for your paper and observations on the proposals. That law was on all of our minds when we made the proposal, but since it was from the U.S. context, we drafted [the proposal] without mentioning it... But regardless, I am going to propose that we take it up at the next Economy assembly."
Source: http://www.larouchepac.com/node/18696