Monday, October 17, 2011

Hey Occupiers: Demand Repeal of the Gramm-Leach-Bliley Act!

I'm going to guess that 99% of the so-called 99% doesn't know what the Gramm-Leach-Blily Act is. Most people who haven't read the entire newspaper every day for the past 15 years probably don't either. I certainly hadn't heard of this act until recently... Like most legislation, we were all purposefully distracted towards other things when it was proposed and passed. Unless you watch C-SPAN on the regular or you are a banking/economics junkie, you just didn't hear about it. And if you did hear about it when it was passed in 1999, you might not have realized that it would be solely responsible for creating the worst financial crisis since the 30s. It overturns a law that was passed in 1933 (in the wake of the depression) and explicitly allows the same corporations to operate commercial banks, investment banks, and insurance companies. If we were to overturn this law and break up the companies that are "too big to fail", it would not fix the ridiculous inequality of wealth in the world today. But it would surely help to stabilize our economy.

Without clear demands, what good are protests, really?


Blogger and i said...

Check out Occupy Wall Street's Official Demands

8:07 PM  

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