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Let Congress Know We’re Not Stupid

In keeping with my new tradition of sharing petitions I find important on my blog, I’m offering up this link to a petition telling congress that we demand the restoration of Glass-Steagall like rules the prevent banks from gambling with taxpayer money.

For anyone who doesn’t know, the Glass-Steagall Act was a regulation put in place after the Great Depression which prevented regular banks from engaging in the kind of risky trading that investment banks do. For decades it prevented another market crash until it was removed during the Clinton administration, and what followed was the inflation of a giant financial bubble on Wall Street and ultimately the financial collapse of 2008 which has brought us to the recession we’re still stuck in.

Thanks to a progressive primary challenge to Blanche Lincoln in Arkansas, she tried to boost her progressive credibility by offering one of the strongest amendments to the financial reform package still being worked out in congress, and in spite of Wall Street’s best efforts it still hasn’t been killed.

And it’s obvious why. Telling banks that they can gamble all they want–just not with taxpayer money–is the most obvious thing in the world. It would ensure that if another crash comes, it won’t be our money but Wall Street’s money that’s lost.

Anyone who votes against the re-instatement of Glass-Steagall like laws is, without a doubt, a complete and utter tool of Wall Street. Sign the petition and let them know you understand that.

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