Rep. Marcy Kaptur: Maybe Someday Real Banking Reform Will Be Considered By This Congress!

[democracy1st]

Run time: 06:18 https://www.youtube.com/watch?v=jg-ZKxkQJrA   Posted on YouTube: December 11, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: December 11, 2009 By DU Member: democracy1st Views on DU: 1027

 
http://www.kaptur.house.gov/


Bust the financial trusts
By Rep. Marcy Kaptur (D-Ohio)

The concentration of financial power in a handful of mammoth banks is dangerous to our country. It is time to break them up, sell off their healthy parts, and never let another bank or financial institution get so large that it is “too big to fail.”

One year ago, the biggest institutions — Citigroup, JPMorgan Chase, Bank of America, Wells Fargo and PNC — controlled 30 percent of the deposits in the country, according to Fortune magazine. They have tightened their grip in the year since the bailout. According to James Surowiecki, writing in The New Yorker, “Thanks primarily to a series of government-sanctioned mergers, they now control almost forty percent of the country’s total banking deposits and two-thirds of its credit cards, and issue half of all mortgages.”

In our region, PNC has achieved virtual control power over pricing in western Pennsylvania and eastern Ohio, having gobbled up Cleveland-based National City Corp. PNC’s vice chairman, Bill Demchak, while working for JPMorgan Chase, led the team that invented the credit derivative. Now his bank is on the prowl.


The FBI told America in 2004 that fraud was rampant in the mortgage sector. Fraud takes many forms, including control fraud. That is why I have introduced legislation, H.R. 3995, which would authorize the use of funds for the FBI to muscle up with 1,000 additional agents who would be assigned to mortgage, corporate and securities fraud investigations. We need 1,000 agents, not a few hundred, to untangle what might well be the largest financial swindle in U.S. history.


“Too big to fail” is by definition inimical to the competition upon which genuine capitalism depends. The biggest institutions are gobbling up our money and then killing off their smaller competitors. Congress and the administration are just letting them get away with it.


The number of banks in America has shrunk from 14,000 20 years ago to approximately 8,000 now. Rather than address this by breaking up the biggest banks so that none is “too big to fail,” many in Washington dance around the fantasy of better regulation only. If you believe that will work, then you haven’t been paying attention to the power relationships on the playing field of finance.


Authoritative voices are supporting fundamental reforms in the wake of the failure of deregulation. Mervyn King, the governor of the Bank of England, notes that the Wall Street bailout has effectively created “the biggest moral hazard in history” and supports breaking up the megabanks. Gov. King is not a populist, either; he’s a member of the Group of Thirty! He also understands the threat that megabanks pose to our economic system.


Paul Volcker, former chairman of the Federal Reserve, advocates restoration of the Glass-Steagall Act that forced a separation between commercial banking and investment banking.


While Congress focuses on a side issue — executive compensation — the giant banks are growing larger by the day. They are being less accountable and less susceptible to effective regulations. They have almost untrammeled power to socialize their losses (last year) and privatize their profits (this year).



The culture of greed and excess must be renounced if America is to survive this terrible meltdown. The big banks should be taken into receivership, their books resolved, and their burden taken off the rest of us. Our financial system and economy can be restructured by recognizing the good actors in it.


Nothing else should be acceptable to the president, the Congress, and this country. It is long past time to stop the billion-dollar bonuses and restore finance at the community level across our country. It is time to end the seize-up of credit due to the abuses by the biggest banks in our country.

Kaptur is the senior Democratic woman on the House Appropriations Committee.

http://thehill.com/special-reports/taxes-a-banking-november-2009/68473-bust-the-financial-trusts

[Goldstein1984]

1. Marcy Kaptur-- great speech and article

It looks like Marcy Kaptur needs to be added to the good list with Bernie Sanders and Dennis Kucinich.

In earlier posts on other threads, I painted Congress with too broad a brush. There are a few principled people in government. Not enough, but a few.

[slipslidingaway]

2. knr nt

[Larry Ogg]

3. If you want to know the quality of character in a politician

or to test their knowledge as to what is the greatest evil confronting the human race, then question and understand their views on the Federal Reserve banking system; if there is any inclination coming from them that this system is ok, good or can be fixed, then they are either filled with venality and pretense or they simply don’t have a clue as to what they are talking about; either way, they will be ineffective towards making changes for the greater good of society…

Marcy Kaptur is among the few and is of good character; she defiantly passes my test.

The following is an inexhaustible short list of quotes that all Americans should be aware of and understand prior to voting for a politician; and if they think they understand this system and can still vote the cronies - who support this criminal empire - into office, then the human race is doomed by its own ignorance.

Congress shall have the power to coin money and regulate the value thereof. Article 1 of the U.S. Constitution.

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance. President James Madison

If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property, until their children will wake up homeless on the continent their fathers conquered. Thomas Jefferson.

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. Abraham Lincoln

The issue which has swept down the centuries and which will have to be fought sooner or later is the People vs. The Banks. Lord Acton, Lord Chief Justice of England, 1875

I have unwittingly ruined my country. President Wilson, upon passage of the Federal Reserve Act, 1913


The surest way to overthrow an existing social order is to debauch the currency. Lenin

There is no more direct way to capture control of a nation than through its credit (money) system Mr. Phillip A. Benson, President of the American Bankers' Association, 1939

We have been communized in that: production in relation to consumption must be ruthlessly regulated or . . . the fraud upon the public, perpetuated by bank credit, will be revealed. American's Bulletin

The financial system has been turned over to the Federal Reserve Board. That board administers a finance system by authority of a purely profiteering group. That system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. This (Federal Reserve) Act establishes the most gigantic trust on Earth. When the president signs this bill, the invisible governments by the monetary power will be legalized. The people may not know it immediately but the day of reckoning is only a few years removed, the worst legislatives crime of the ages perpetrated by this banking bill. Charles A. Lindbergh, Representative, MN

A few who can understand the system (check money and credits) will either be so interested in it's profits, or so dependent on its favors, that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear it's burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests. Rothschild, London

It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford

We fix the price of gold and silver to make them valuable or not. J. P. Morgan, in a letter to his son

Our goal is gradually to absorb the wealth of the world. Cecil Rhodes, on the secret banking cabal

I am afraid that ordinary citizens will not like to be told that the banks can, and do, create and destroy money; and they who control the credit of the nation direct the policy of governments and hold in the hollow of their hands the destiny of the people. R. McKenna, then Chairman of Midland Bank, London

. . . Debts must be collected mortgages foreclosed as rapidly as possible. When through the process of law the common people lose their homes, they will become more docile and more easily governed through the strong arm of government applied by a central power of wealth under leading financiers. . . . It is thus by discreet action we can secure for ourselves that which has been so well planned and so successfully accomplished. 1924 U.S. Banker's Association Magazine

It (the Great Depression) was not accidental, it was a carefully contrived occurrence. The international Bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all. Louis McFadden

The Federal Reserve caused the Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933. Milton Friedman
The Illuminati bankers rule the world through debt, which is money they create out of nothing. They need world government to ensure no country defaults or tries to overthrow them. As long as private bankers, instead of governments, create money the human race is doomed. These bankers and their allies have bought everything and everyone. Henry Makow

The standard of living of the average American has to decline . . . I don't think you can escape that. Paul Volcker, former Federal Reserve Chairman

Banks create credit. It is a mistake to suppose that bank credit is created to any extent by the payment of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community. Encyclopedia Britannica, 14th Edition

Every effort has been made by the Federal Reserve Board to conceal its powers, but the truth is . . . the Fed (Federal Reserve System) has usurped the government. It controls everything here (congress) and it controls all our foreign relations. It makes and breaks governments at will. Louis McFadden, ex-Chairman of the House Committee on Banking and Currency

[FLAprogressive]

4. K&R

[ljm2002]

5. She's great...

...I'll always listen to her floor speeches, have not yet been disappointed.

[omega minimo]

6. I Rec for Kaptur and Time For Change, sight unseen

:yourock:

[Iwillnevergiveup]

7. Love her

Courageous Congresswoman!

K&R