In the city Al Capone called home, a showdown with the REAL gangsters

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via MichaelMoore.com:


October 21st, 2009 2:55 PM
The Movement Against the Banks

By Ruth Conniff / The Progressive


A massive rally in Chicago next week aims to express public displeasure with the massive bank bailout outside the American Bank Association annual meeting. Protesters will converge at 11:30 on Monday, October 26, at 301 North Water Street, where the meeting is taking place.

"The same financial institutions that caused the economic crisis and took billions in taxpayer bailouts are back to earning incredible profits," rally organizers—including Public Citizen, the AFL-CIO, and Change to Win—declare. "Meanwhile, Americans face shrinking pensions, rising foreclosures and unemployment, state budget cuts, predatory lending, outrageous overdraft fees, and sky-high credit card interest rates."

Protesters will demand oversight and accountability and reforms that would rein in the banks. It is an important moment, since Congress takes up regulatory legislation, including the idea of a Consumer Financial Protection Agency, this month.

The Obama Administration is backing the idea of a consumer protection agency, but shying away from other reforms, including breaking up the "too-big-to-fail" banks and separating commercial banking activities from the investment activities that led to the current financial crisis. Today's New York Times includes a profile of Paul Volcker, the Federal Reserve chairman from 1979 to 1987, describing how he has been marginalized by Obama's pro-Wall Street economic advisers for suggesting a return to the 1933 Glass-Steagall Act, which, before deregulation, mandated that commercial banking and investment activities be separate.

"His disagreement with the Obama people on whether to restore some version of Glass-Steagall appears to have contributed to published reports that his influence in the administration is fading and that he is rarely if ever in the small Washington office assigned to him," the Times reports. .............(more)

The complete piece is at: http://www.michaelmoore.com/words/mike-in-the-news/movement-against-banks