October 16th, 2011
Right wing commentators have been trashing the Wall Street Occupiers. “What is it they stand for?” they’re demanding. And, frankly, it is about time they took one simple stand. My suggestion is that the protestors demand the reinstatement of the Glass-Steagall act. That is the piece of legislation from 1933 which separated investment banking from commercial banking.
It was overturned in 1999 by Republicans Jim Leach and Phil Gramm. It passed in the senate on a party line vote. I don’t understand why Clinton did not veto it, but he didn’t.
The aspiration of the Republican Party over the past thirty years have been to destroy the U.S. Government by simply having corporations take its functions over. And it has entirely succeeded. But it can still be dismantled. The momentum of the Occupy Wall Street movement is a good indicator of that.
I would like to see signs begin popping up in the crowds calling for the reinstatement of Glass-Steagall. It is time. It’s a big enough fight in itself that it doesn’t need to be diluted by other demands. But yes, there should be one simple demand now.