US Congress Stay in Session

With the disasters of Ukraine-Russia and the Middle East Israel-Palestine, ISIS in Syria and Iraq, we cannot let the US Congress to adjourn  http://www.harlemlook.net/2014/07/hey-harlem-stop-middle-east-war.html the insanity is tooo much.

The financial system is coming to an end.  Glass Steagall or die.

Ukraine and Palestine, Israel

War continues to break out Harlem, and we know why.  The Ukraine mob is a USA UK mob, and so is the Israel mob.  The push button hits the ISIS caliphate, as the endless waves of hate are let forth.  The next explosion could be the Kingdom of Jordan.  Remember the Saudis do not like the Jordanian monarchy.  Shit could happen soon.  Meanwhile as the Banco Espirito Santo (BES) crashes in Portugal, the debt bomb is exploding too.  Really is Glass Steagall Act of 1933 bank separation, reorganization-- or else.

Rangel Gonna Get It

Hey Charlie Rangel, don't stop till you get enough, and you gonna win, and we know it.  Just like Michael Jackson sang...  Charlie Rangel gonna groove tonight.  Meaning that Rep. Charlie Rangel of Harlem and Bronx NY is going to win handily and easily.  He says this is his last 2 years, but we'll see, may be worth another round.  That guy Espaillat, he really is running because he is Dominican, period.  Remember Rangel is backing the new Glass Steagall bank reorganization, and bankruptcy bill.  He is still in the fight.  We owe him and we gonna pay up.  So tonight, Rangel of Harlem, NY, you gonna groove.

Can Hillary Clinton Hack It?

The British Empire wants to run a world war, a nuclear war.  Obama cannot hack it.  Does the US want to join Satan???  The British Empire is a disaster.  Within this the financial system, including Wall St. is about to go into a bail-in process.  Hitting the British Empire and Wall St simultaneously, the bail-in, will blow out the Trans-Atlantic system. The banks are finished Glass Stegall Act or die.

Harlem Dudes Dig Glass Steagall

Harlem and Bronx NY dudes dig Glass Steagall Act of 1933 and its revival by Sen. Elizabeth Warren.  It really is Glass Steagalll or die. 

Moving the leverage ratio won't change anything, says Dr. Gerrald Epstein — only Glass Steagall will change the fact that today's banks do nothing for the real economy.

Epstein, co-director of the Political Economy Research Institute (PERI) and a member of the anti-free-market Center for Popular Economics, both at Amherst College in Massachusetts, was interviewed on the Real News Network by Sharmini Peries from Baltimore, on the recent decision by U.S. regulators to raise the reserve requirement for banks from 3% to 5%. Epstein said this is meaningless, since banks didn't even keep to the 3% leverage ratio, using off-balance-sheet assets, "risk-weighted asset valuations" (which allows so-called low-risk assets to be valued at less than face value, but, of course, "using false models that would show that the assets were really safer than they were"), and exotic derivatives, to make it appear that "they had almost no capital to speak of in the lead-up to the crisis."

Asked what he recommended, he said to end the use of risk-weighted assets and off-balance-sheet assets, lift the reserve ratio to 10% (Brown Vitter), and implement Glass-Stegall:

"Elizabeth Warren and others have proposed a reinstatement of the Glass-Steagall Act,"he said."That is, a separation of the very risky speculative kind of banking from more boring banking that is actually serving the needs of the real economy. So implementing something like that would also help, because, after all, we're not just looking at the risk that the taxpayers are going to have to bail out the banks, as important as that is. We're also talking about what it is the banks are actually doing to help the economy."

Epstein adds:"We really can't rely anymore on these big Wall Street banks, if we ever did rely on them, because they simply don't have an interest in supporting the people in the real economy."

Yesterday, Elizabeth Warren responded to an intervention by LaRouche PAC organizers in Boston by pledging to go all out for Glass-Steagall after the current Congressional break.

Harlem, Pray for Bank Separation

Hey Harlem, your local church may already be for Glass Steagall Act bank separation and you don't even know it.  Time to get in the groove with the World Council of Churches statement below.

http://www.harlemlook.net/2014/01/separate-speculation-from-your-bank.html 
is the word.

At a conference held in Sao Paulo, Brazil in October 2012, the World Council of Churches issued a call for the institution of the Glass-Steagall principle on a global basis. The conference, one of three held that year in a continuing response to the collapse of 2007-8, was titled "International Financial Transformation for the Economy of Life," and was likely held parallel to the G-20 conference, also in Sao Paulo that year.
In a statement dated October 5, 2012, the WCC called for "Immediate and medium-term actions" to regulate the financial sector, one of the points being that, "Basic banking activities of deposit taking and lending to enterprises and households should be tightly regulated and separated from more risky activity (as in the United Strates in the 1930s with the Glass-Steagall Act)." (emphasis in original) In addition, they called for regulation of "speculative activity" and "the lightly regulated shadow banking sector," mandatory capital reserves; institution of a financial transaction tax, and breaking up the large banks.
Headquartered in Geneva, Switzerland, the WCC has also taken an active role in opposing the destruction of European nations, issuing, in November, in conjunction with the Conference of European Churches, a call to the EU to address the issue of youth unemployment in Greece.

Break Up the Banks or Else

Break up the banks is still the demand from Sen. Eliz. Warren, and also of course from Larouchepac

ore Prominent Glass-Steagall Coverage of Sen. Warren

November 29, 2013 • 8:00PM

Another prominent American columnist, Newsweek's Eleanor Clift, has weighed in supporting Elizabeth Warren and the promotion of Glass Steagall. In a Nov. 12 column that appeared in both Newsweek and The Daily Beast, longtime Washington fixture Clift reported on the Roosevelt Institute event where Warren assailed the too-big-to-fail banks and promoted her 21st Century Glass Steagall legislation. Clift noted that Warren's name has repeatedly surfaced in recent weeks as a possible candidate for the 2016 Democratic presidential nomination, and that, while her staff insist that she has no plans to run, it is giving her a further political spotlight from which to promote banking reform including Glass Steagall.
"A professor turned politician, she was among the first to sound the alarm bell on a runaway banking industry, and now she's using her seat on the Senate Banking Committee to warn of another 'too big to fail' crisis in the making." Clift went on to note that Warren "wants to reinstate the Glass-Steagall Act of 1933, a Depression-era piece of legislation pushed through by FDR that separated depository banking and investment banking." Clift noted that, while most sponsors of the bill are liberal Democrats, with the exception of John McCain, "the legislation does have Tea Party appeal. A companion bill in the House is titled 'Return to Prudent Banking Act of 2013." After paying lip service to Warren's support for Dodd-Frank, Clift noted that "she is the go-to person on banking regulations and the senator most feared by the banking industry."
M

Detroit Now, Harlem Is Next

Read this interview, Harlem.  It is from Lamar Lemmons of Detroit, Michigan, by Bill Roberts of larouchepac.  It shows how the cities, the poor are targeted.  Obama did not want to be an FDR.  He is sort of another Bill Clinton administration, but without any of the positive features.  It's true, Glass Stegall or die.


Lamar Lemmons (President Detroit School Board, former State Representative MI-3)
· Bill Roberts (former candidate for Congress MI-11, LaRouchePAC Policy Committee)
July 21, 2013
MATTHEW OGDEN: We're on the line here today with Mr. Lamar Lemmons, who's currently the President of the Detroit Board of Education. He is a former state legislator in the Michigan state legislature, who served from 1999 until 2007; and after serving that term came to run for the Detroit Board of Education, receiving a majority of the citywide at large vote, and was later elected by his colleagues to serve as the president of that body. When Mr. Lamar Lemmons was state legislator, he served as the representative of the east of Detroit. I'm also joined on the line today by Bill Roberts who is a former congressional candidate, who ran in 2012 for the Congressional Democratic nomination in the 11th District of Michigan, and Bill Roberts has been right in the middle of the situation in Detroit over the past recent years. He is on record testifying to Detroit City Council saying that the necessary solution had to be to pass Glass-Steagall on a national level, and to immediately institute a Franklin Roosevelt style emergency reconstruction of, not just Detroit, but the nation as a whole.
However, because that policy has not yet been adopted, we now received the news on Thursday of last week, that Detroit has become the largest city in the history of the United States to file for Chapter 9 bankruptcy. This came on the heels of several months of an emergency financial manager by the name of Kevyn Orr, negotiating and threatening city workers, city pensioners, to take a major cut in their pension funds and in their obligations that they city owed to them, using blackmail, saying if they didn't agree to voluntarily take a cut, the city would be forced to enter into bankruptcy.
And in fact, that is what has happened. The bankruptcy petition has been filed, in violation of the Michigan state Constitution, and now this is receiving national headlines everywhere, and people are acknowledging that this is something which stretches beyond Detroit, and is threatening many cities in the nation as a whole.
So, Lamar, thank you for joining us. Let me ask you first off, if you can just give us some background on what the situation is there on the ground in Detroit from your vantage point, and what your involvement in the situation leading up to today has been?
LAMAR LEMMONS: Well, first of all, let me say this: I, too, am supportive of an FDR like administration and as a matter of fact, I had really hoped that Barack Obama would be the second coming of FDR, and not a rehashed Bill Clinton Administration, which is what he is in my opinion, unfortunately.
It is imperative that Glass-Steagall be reinstituted, and I thought that the President understood that. I also thought that the President would institute a massive urban policy, the likes that Roosevelt introduced with the WPA and the Civilian Conservation Corps of the 1930s, which would help stimulate our economy. Detroit has been in a depression for decades now, -- the country may have been in a recession, but Detroit has been in a depression. The banks have plundered and pillaged, and we're the capital in the world of abandoned home and property: There are more abandoned buildings and properties in the city of Detroit, than anywhere else in the world.

The Next Election for President

Glass Steagall must win, Obama must lose.  We really need a new credit system, which I seriously doubt that Romney is going to give us.  The mere declaration to carry through with North American Water and Power Alliance (NAWAPA) means a new change for the US population.

Hey Harlem dudes, can Germany avoid the using of the Euro system from gobbling up Germany into the British Financial empire.  Russia, China, space program, exploration, these are the real election issues.  Too long, the American people have listened to populism, going back to Pres. Andrew Jackson in 1832.  And that is a long time.

Mike Capuano Against Jamie Dimon JP Morgan

OK, it might not be in the NY Times, but Cong. Mass Dem Mike Capuano put it to Jamie Dimon.  We want Glass Steagall now, stupid dickhead!

At Tuesday morning's House Financial Services Committee hearing on the JP Morgan $2 billion loss, Rep. Mike Capuano (D-MA) opened his five-minutes question time with a boost for Glass-Steagall, telling all members that "everyone should sign on to HR 1489." Before that, CFTC chairman Gary Gensler, in his opening statement, had referenced "the 1933 reforms" (i.e., which still relied on Glass-Steagall) as fundamental to reducing risk in financial markets. HR 1489 is currently before the same House committee.
"Mr. Chairman," Capuano began, "first, I'd like to just point out that anybody who is interested in breaking up some of these large institutions should sign on to H.R. 1489, which would reinstitute the Glass-Steagall Act, which I voted against repealing in the first place, which was repealed by a bill called the Gramm-Leach-Bliley Act, which I recall with [were?] three Republicans who sponsored that act to repeal the Glass-Steagall that allowed the beasts of Wall Street to come into existence."
Capuano's intervention served to "cut through" the impotence of the Members' questions otherwise. In the Committee's second session, where JPMorgan Chase bankster Jamie Dimon was the witness, Rep. Nydia Velasquez demanded to know if Dimon was for or against Glass-Steagall bank separation; when he said he opposed it, Velasquez said, "I thought so." (Dimon then made a long, Geithner-like argument against Glass-Steagall.) A series of Democrat Committee Members demanded to know from Dimon why his $350 billion risk-trading operation was in London, and why "it's always in London," where the wildest unregulated speculation is going on.
Otherwise the discussion — reduced at times to the level of partisan bickering — would have focussed on nothing but the inadequacies of Dodd-Frank: whether it eliminated or codified Too Big to Fail banks; how many supervisory bodies it takes to insure that a bankster remains honest; and whether to swear-in bank witnesses.

Spain, and the Insane Banks

The banks are still going down despite the NY Times talk that Spain is all right.

FRANKFURT — With an agreement to bail out Spain’s struggling banks, Europe again avoided financial chaos in a debt crisis that is in its third year. But Europe still faces far bigger challenges that threaten the Continent and with it, the world economy.

The most urgent of those concerns is being driven by events in a country at the other edge of the euro zone: Greece.

While the Spanish banking rescue will be expensive — as much as $125 billion — it will be well within the means of a European emergency fund established for just such purposes. 

What BS!!!!  The Spanish debt hole is about $1 trillion.  Time for Glass-Steagall Act 1933 USA type legislation.  We need a bankruptcy reorganization.

My Bank Got the Runs

The banks in Harlem NY could be close behind, where the Spanish banks have the runs. And it isn't because of something in the water. The real estate bubble is over, the bailout is insane, and we need Glass Steagall now, only back real economy, deposit kind of stuff. Down with financial derivatives.