Enormous international banks, the individual entities otherwise known collectively as the financial trading enterprise, do a lot of good things and serve many useful purposes. However, in the interest of Democracy and Liberty, certain areas demand serious reform.
We must prohibit banks, holding companies, and financial trading companies from securitizing and selling bonds made up from mortgages they design, originate, rate and service. In other words, because of the lethal conflict of interest inherent in allowing the financial enterprise to avoid accountability by pre-selling the mortgages it has created, originated and rated, while gambling with depositors' money, there must be a separation of mortgage origination and commercial banking, from investment and securities banking.
It was these conflicts of interest which caused the Great Depression, and it was the Glass-Steagal Acts of the 1933 that finally closed the barn door after the horse got away. But it was the gradual elimination of the Glass-Steagall acts, culminating with the Gramm–Leach–Bliley Act repealing the last of Glass-Steagall's affiliation provisions in 1999, that enabled the international financial trading fraud and purchasing of derivatives premiums betting that the secondary mortgage market would crash, which in fact caused the so-called Great Recession here, and tanked the pension funds and economies of Spain, Portugal, Greece, Cypress and Ireland to name a few. It was the largest swindle and transfer of wealth in the history of mankind, and the IMF followed it up by offering loans that could not be refused.
The passage of Glass-Steagall, which mandates the separation of commercial banking and loan origination functions from securitization, investment, and speculative banking functions, is fundamental to our national and global economic recovery.
There are presently four bills calling for restoration of the Glass-Steagall Acts. H.R. 129, H.R. 3711 and S. 985, and S. 1282 which was introduced on December 11, 2013 by Rep. Elizabeth Warren. The odds of any of these bills passing however are not great at the moment, and that is simply because most of our red and blue representatives dare not do anything to upset the financial trading cartel. But the passage of genuine Glass-Steagall legislation is fundamental and imperative to restructuring the international financial trading enterprise into manageable parts that will not be able to place short-sighted gains ahead of our national economic stability. America sorely needs this, and as I mentioned before, if you will elect me I am prepared to work like hell for it.