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After our 1929 Wall Street crash and Depression, Congress passed a bill that contained regulations (Glass-Steagall) to prevent risky lending and investing, and keep banking and investing separate so that our savings would be protected.
In 1999, Wall Street, our Republicans and a majority of our Democrats voted to dismantle Glass-Steagall so that our economy would flourish.
A minority of Democrats led by U.S. Sen. Byron Dorgan had argued against ending this protection. Sen. Dorgan said that the regulations had worked for 70 years, and if Congress dismantled them, within 10 years we would be sorry.
Dorgan and his colleagues were right; the others were wrong. It took just seven years for our economy to collapse.
A number of those responsible for the dismantling admitted that it was a disastrous mistake. President Clinton said he should have vetoed the bill.
The Congressional vote to dismantle Glass-Steagall was 433 to 94! The 94 were voting to protect our savings accounts. The 433 were “dreaming” that unregulated capitalism would work for all of us.
Just as important also, was their anticipation of the next large campaign donation and the probability of securing a lucrative lobbying job upon retirement with continued access to insider information.
When there is corruption and injustice, people will rise up and protest in some manner — in this case, Occupy Wall Street! This could lead to widespread bloodshed or civil war!
Witness the police brutality that occurred during the Occupy movement! I’m confident that our representatives are wiser than the governments that were overthrown in the Middle East.
A recent vote in the Senate indicates Occupy has been heard! During his State of the Union address, President Obama asked Congress to send him a bill banning insider trading by Congress.
The Senate responded immediately by crafting a bill (the Stock Act) and voting it onto the floor for discussion by an overwhelming vote of 93-2.
If this bill becomes law, our country will be on the way to restoring our Founding Fathers principles and keeping our republic!