How To Pop Your Ears With Fir

For the Fed of Kansas and the situation 'worse than the pre-Obama

(Eir - Strategic Alert) - The LaRouche Political Committee (LPAC) is intervening effectively in the ferment of the mass strike in the U.S. calling on all actors to watch "the bigger picture" and seeking a complete reorganization of the banking system and the creation of a banking system to jump-start the economy. In this campaign, the report shows the FCIC is very valid.

In an interview with WNYC radio

February 25, the same Angelides pledged to continue the battle. It is significant that he has not only raised the issue of the Glass-Steagall Act, but the principle behind it: the distinction between productive and unproductive capital investments, or what he called the "paper economy".

When asked what the Republicans respond to criticism that the crisis was caused by the simple excess liquidity, Angelides pointed out that a large amount of capital does not necessarily lead to a crisis. "The presence of cheap capital, a large amount of capital available, does not have to be a disaster. That money, instead of being channeled into mortgages that were completely toxic, could be channeled into the production of jobs, businesses, wealth for society as a whole. In short, the capital available in large quantity can be a good thing. "

To explain the effects of the abolition of Glass-Steagall, Angelides has cited" a classic example of a bank that is in trouble with the securitization, namely Citigroup. " At the end of the day, Citigroup had accumulated $ 55 billion of exposure to subprime real estate securitization, and has suffered tens of billions of losses, if there was Glass-Steagall, or some kind of separation, this institution would not be banking was in danger. "

Angelides also addressed constructively about the big financial crisis of the states. He called a" rewriting of history by Wall Street and the right " that downloads the crisis on workers and essential services in the state. He indicated that the real unemployment in California is about 17% and said: "This was caused by the financial crisis, not by teachers."

The chairman of the Federal Reserve Bank of Kansas City, Thomas Hoenig, continued his opposition to the policy of his boss, Ben Bernanke. In a speech in Washington on Feb. 23, he sought to separate the financial institutions "too big to fail", so you can start bankruptcy proceedings if necessary. According to Hoenig, "should not be permitted to organizations working to protect the security of the state to carry out high risk activities."

Disassembling propaganda for Obama, Barney Frank and others, he also said that the current financial condition is even worse than before the crisis. As full of good intentions, the financial reform of [Obama] will not improve the effect. "