Diane Sare: Don’t Panic! Pass Glass-Steagall Now!
May 17, 2012 • 1:20PM

The following is a statement by LaRouchePAC endorsed Congressional Candidate Diane Sare, NJ - 5

Many people are now finally realizing that as the Euro system disintegrates, and JP Morgan Chase detonates the derivatives bubble, the money that they hold so dear may soon be worthless. Lyndon LaRouche warned in July of 2007 that the system was finished, that it was not a “mortgage crisis”, but an irreversible meltdown of the entire global system, but Wall Street and London tried to keep the crash a secret with trillions of dollars of hyper-inflationary bailouts. Those days are now over. If nothing is done, most people will lose everything, just as the people of Weimar Germany lost everything – but it’s worse today. What if all electronic transfers were stopped? What if you couldn’t use your credit card or debit card? Do you have a farm in your backyard?

This is why people like Elizabeth Warren, and Robert Reich are now, finally, making an urgent appeal for Glass-Steagall. I have been organizing for Glass-Steagall to be reinstated ever since it was almost attached to the Dodd-Frank Act in 2010 (an effort sabotaged by President Obama, Barney Frank, and Scott Brown). I have spoken tirelessly at city council meetings, labor union meetings, and met with hundreds of state legislators in NY, NJ and PA. Due to my efforts and those of my associates, we succeeded in getting over 50 Congressional co-sponsors on Marcy Kaptur’s HR 1489, to reinstate Glass-Steagall.

Congressman Scott Garrett, the Republican incumbent I intend to unseat, who chairs the subcommittee on banking, stands side-by-side with President Obama in bowing to the House of Morgan, the City of London and Wall Street, and blocking this crucial legislation from coming up for a vote. Very soon it may be too late. Glass-Steagall must be reinstated on an emergency basis, and quickly followed by an emergency reorganization of the US economy in a return to Alexander Hamilton’s American System of Credit. This will be driven by the launching of the world’s greatest water and power management project ever, NAWAPA, which will employ millions of Americans, and alleviate the droughts and floods which are devastating our food supply across the nation.

When all those Wall Street people lose their jobs during the bankruptcy reorganization, don’t worry, we’ll take care of them. With a productive economy and full employment, we can give them unemployment compensation until they are trained to actually work for a living! So remember, don’t panic:

1. Pass Glass-Steagall now, on an emergency basis

2. Restore the American System of national banking and credit

3. Build NAWAPA

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