The economy..repost

This is from a dear friend. Makes SO much sense!!

Why is the us economy so f’ed up?

So, I hate HATE HATE HATE not to blame this all on bush and move on. But not even he could have done this in eight years. truth is... it all started nine years ago. in 1999. Congress (the branch of Government who is actually supposed to make laws) Repealed the Glass-Steagall Act which was enacted in 1933, this act established the FDIC and gave the federal government power to segregate banking. It regulated investment banks and consumer banks (making it illegal to be both at the same time). This was to protect the civilians of the United States, basically putting insurance on their bank accounts up to 500,000 to ensure the banks weren't going to screw up and cause another depression. In 1999, this act was repealed by a rare alliance from both democrats and republicans. It was replaced with the Gramm-Leach-Bliley Act, this act allowed one stop shopping at all local banks that wanted to offer it, insurance, investment, and commercial banking. The problem with this is that you have too much money and not enough regulation. They were taking commercial banking money and using it to back high risk mortgages(only come around when times are good in the economy) and for some reason, the Clinton administration had the viewpoint of "every american should own a home if they want to, even if they can't afford it quite yet." We as a nation were fiscally amazing, it was a big ole party in the white house...

Then, we went to war. A price tag that is going to make this $700 billion dollar bail out look like candy-store money. When the U.S. is at war so is our economy. The American Dollar went down, and the banks fell flat on there asses. Outsourcing of Jobs to other countries, tied in with huge natural disasters on American Soil have cause another depression (yes, we are sinking quickly). And all the government wants to do is throw $700 into the fire and see if it puts it out (what happens when you put paper on fire.. oh yea IT CATCHES FIRE!).

Here's a much simpler solution. I heard on NPR the other day this person talking about bail out plans and the establishment of regulations boards being a barn with no door, and men standing outside, waiting to catch the horses when they run out. Why not put a door back on the barn? I am begging each person that reads this, to email, snail mail, call, scream at and talk with their national representatives, and tell them that the Glass-Steagall Act needs, has to, MUST BE re-enacted if we are to save the american economy. The repeal of this act was a short term boost with a long term fall that no one can see the end of. Re-enacting the Glass-Steagall Act will at least put some sort of support under the falling crippled man our economy has become. It will cause huge mayhem in the fiscal world and of big business, but they aren't really looking out for us now anyway. They need to split these banks up so that they aren't using our money to provide loans to other people.

Bail out, and we'll have to deal with it again down the road.

Re-enact a law, and we'll be safer in the long run.

You decide. this is America's Decision, not Congresses. The people who use the power get the power. We each have power to change this country, but no one is using it, so the big corporations are using it for us. Capitalism is sinking faster than the titanic, and if it falls, there will be no survivors. thanks for listening to my rant, and if it makes sense to you, please PLEASE contact your National Congressmen and women. They can make this change, they just need the mandate behind it, or else nothing gets heard.

I really don't care if you copy and paste this blog into bulletins, emails, other blogs, on billboards, or anything else, just make sure to give me credit! And do something to make change for this country! that's how it was designed to work!!!! If you don't speak, you won't be heard.

Nathan R. Abbott