volker was always used to block the only thing that would fix us
Volcker's efforts to kill Glass Steagall, which has been reintroduced into the House of Representatives by Rep. Marcy Kaptur (D-Oh.) as H.R. 1489, with over 65 co-sponsors, were first made public by Rep. Michael Burgess (D-Tex.), during a recent district town hall meeting, at which he told constituents that he would not support Glass Steagall and H.R. 1489 because he had spoken with Volcker and had been told that it was unnecessary because the Volcker Rule was sufficient.
It has been further confirmed by top Democratic Party sources that the Volcker calls to pro-Glass Steagall economists and politicians is part of a larger push by the Obama White House to push back against Glass Steagall.
For months, the Obama White House and Treasury Department had held back from making any comments on Glass Steagall, due to the broad and growing public support for a return to the FDR era separation of commercial banks from the speculators.
But, following the recent admissions by JPMorgan Chase CEO Jamie Dimon that the bank had lost billions of dollars on bad speculative bets on the survival of the euro, support among members of Congress, state legislators and other elected officials for an immediate return to Glass Steagall has skyrocketed.
Now, the Obama White House, along with Treasury Secretary Timothy Geithner, is on an all-out desperate drive to kill the Glass Steagall initiative. The Volcker Rule, from the outset has been nothing but a Wall Street and City of London weapon to blunt support for the only viable option for dealing with the trans-Atlantic bankruptcy: Immediate reinstatement of Glass Steagall in the United States, and full bank separation in Europe.
Volcker has made a big mistake. He has accused those supporting the reinstatement of Glass Steagall of trying to `punish Wall Street.'
In reality, Volcker is telling the American people that they once again have to cover Wall Street's gambling losses with their hard-earned tax dollars. This is a swindle that no sane American is going to tolerate.
Furthermore, the entire trans-Atlantic financial system is hopelessly bankrupt and cannot be saved under any circumstances. Volcker's renewed efforts to kill the only viable alternative to more bailouts, is going to lead to a global hyperinflationary blow-out worse than what appened in Weimar Germany in late 1923. This time it will happen on a global scale, starting in the United States and Europe."