"It's time for a new Glass-Steagall Act and for new, commonsense rules"

[midnight]

This Email was sent to me yesterday. Link to sign on to this initiative doesn't appear to have transferred-but it does ask for support.

"Russ Feingold and I have something special in common. We both know when it's time for America to say "enough" to Wall Street.

In 1999, when Congress repealed much of Glass-Steagall, Russ Feingold was one of only eight senators who voted to try to stop it. Now, Russ and I have teamed up to build an army of grassroots support for a crucial Wall Street reform bill I'm co-sponsoring with Elizabeth Warren in the Senate: The 21st Century Glass-Steagall Act.

It's time for a new Glass-Steagall Act and for new, commonsense rules reining in the worst effects of Wall Street greed.

Join Russ and me, and sign on at 21stCenturyGlassSteagall.com as a citizen co-sponsor of the sweeping Wall Street banking reform bill now.

21st Century Glass-Steagall Act: Become a citizen co-sponsor. Add your name

This bill is the right thing to do -- and its changes are long overdue. The original Glass-Steagall Act of 1933 kept risky investment banking separate from regular banking and protected taxpayers. But fifty years later, federal regulators began to poke holes in the regulations.

This new bipartisan bill that I've introduced with Elizabeth Warren, Angus King, and John McCain will rebuild a wall between consumer and investment banking. It's the single biggest step we can take to stop another financial crisis from devastating the middle class and working families. It will ensure taxpayers aren't stuck with the bill for a bank's bad bets -- and help to unravel the "too big to fail" mentality that has permeated Wall Street.

That's why we're facing fierce opposition from special interests and those who seek to profit off the hard work of taxpayers. Help us make this bill a reality and show our willpower to get this done.

Help Russ and me make this bill a reality. Become a citizen co-sponsor by adding your name at 21stCenturyGlassSteagall.com now.

Thanks for standing with Russ and me today.

Sincerely,

Maria Cantwell
U.S. Senator

ADD YOUR NAME »"

[Kelvin Mace]

1. Just so you know who will oppose this:

http://thehill.com/blogs/blog-briefing-room/250838-bill-clinton-defends-repeal-of-glass-steagall

"Politicians — particularly now, in the aftermath of this crash — fear that anything they do will be held against them later if anything bad happens," Clinton told Inc. in an interview. "Look at all the grief I got for signing the bill that ended Glass-Steagall. There's not a single, solitary example that it had anything to do with the financial crash.”

And before anyone points out that Bill won't be president:

"I think this is a much more complicated issue than to just point at any one piece of legislation and say, if we just pass that, everything would be fine," she said when asked about Glass-Steagall. "It's a more complicated assessment that just any one piece of legislation might suggest."

[midnight]

3. When President Clinton says there is not a single solitary example that suggests that signing

the repeal of Glass-Steagall had anything to do with the crash-I'm confused. I thought ever article written about the horror most American's are living through was because of the deregulation. Let me go do some more research.

[Kelvin Mace]

5. The law was put in place to address

the abuses that lead directly to the Crash of '29 and the Great Depression that followed. Eight years after the law was taken off the books we had the worst depression since the 30s.

This is willful arrogance.

[midnight]

6. OK so I looked. And this is what I found.

Gramm-Leach-Bliley Act of 1999 - GLBA
AAA |

DEFINITION OF 'GRAMM-LEACH-BLILEY ACT OF 1999 - GLBA'
A regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations.

The act is also known as Gramm-Leach-Bliley Financial Services Modernization Act.

INVESTOPEDIA EXPLAINS'GRAMM-LEACH-BLILEY ACT OF 1999 - GLBA'
Due to the horrific losses incurred as a result of 1929's Black Tuesday and Thursday, the Glass-Steagall act was created originally during the 1930s in order to prevent bank depositors from additional exposure to risk associated with stock market volatilities. As a result, for many years, banks were not legally allowed to act as brokers. Since many regulations have been instituted since the 1930s to protect bank depositors, GLBA was created to allow the financial industry to offer more services.

Read more: http://www.investopedia.com/terms/g/glba.asp#ixzz3ikfCn9IS
Follow us: @Investopedia on Twitter


http://fas.org/sgp/crs/misc/R40173.pdf

[stuffmatters]

2. I replied to Fast track/TPP Hypocrite Maria Cantwell that she's a Wall Street Puppet

Got the same letter from Cantwell off of Feingold's mailing list. (I'd sent Feingold a donation when he announced for Senate run).

Made me sick to my stomach that Cantwell, who voted twice both in committee and on the Senate floor for fast track on TPP and its ISDS , is now coattailing on Russ Feingold & his long history of actual Democratic populism. When the chips were down, Cantwell proved that she's on the side of ALEC & Wall Street and not her constituents, who certainly and overwhelmingly
petitioned and called her office for her to vote against fast track and these antidemocratic treaties.

Cantwell voted with Ron Johnson & all the Republicans for fast track & the T treaties. This G-S, Russ Feingold letter from her is just downright offensive to me.

The old definition of chutzpa.

[midnight]

4. I didn't know that Cantwell was pro TPP.

[stuffmatters]

7. Yep, Wyden & Cantwell voted for fast track in committe, greased the skids for the Repub floor vote.

It could have been shut down in that Finance Committee vote & never made it to a full Senate vote. Wyden got the most press
for his treachery since he was the ranking member. But Cantwell was right there behind him in both votes.

Of the four so called "progressive" Northwest senators, only Jeff Merkely voted against fast track and for Democratic principles