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The Left Pushes Back
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Gramm-Leach-Bliley gutted the Glass-Steagall Act of 1933, by removing barriers in the banking business that had previously prevented traditional checking and savings commercial banks from acting as stock-brokering investments banks and vice versa.
Because Reagan stopped enforcing the Sherman Anti-Trust Act, when Gramm-Leach-Bliley Act was passed, commercial banks were allowed to merge with investment banks to form the massive "too big to fail" banks that dominate Wall Street today and that have dealt near death-blows to our economy.
To close out Act Two of this play, Americans rejected both of these Reaganomics mainstays, and also repudiated one of their principal cheerleaders, Larry Summers.
Summers withdrew from the running to be the next Secretary of the Treasury on Sunday, after realizing that there was no way that Americans were going to endorse more failed Reaganomics policies.
With Act One and Act Two of "The Great Rejection of the Reagan Revolution" on the books, now we'll hopefully see Act Three: The repudiation of so-called "global free trade" deals – like NAFTA, CAFTA, and the WTO (supported by President Clinton).
Right now, the Trans-Pacific Partnership or TPP, another one of those so-called free trade deals, is in the works.
The TPP, which is being discussed behind closed doors between the United States and a group of Pacific nations, is being written in secrete by giant transnational corporations.
According to Public Citizen, the TPP would offshore millions of American jobs, allow corporations to attack environmental and safety regulations, and effectively ban "Buy America" policies that are crucial for rebuilding our economy.
And negotiations on the TPP are so secretive that even members of Congress don't have information on it, which makes it all the more dangerous that when the TPP reaches Congress, it's likely that it will be fast-tracked.
Back in 1974, President Nixon hatched a plan called "Fast Track."
Fast Track does away with key checks and balances insured by the Constitution, skirts Congressional review and amendments, and lets the President directly submit legislation for a vote.
It also gives the executive branch the power to force votes within 60-90 days of submitting the implementing legislation to Congress, and overrides normal voting rules by limiting debate and banning amendments.
If the TPP is allowed to reach the floor of Congress, and is indeed "fast-tracked," it will become the latest tool of global corporations to screw over America and destroy the middle-class.
Hopefully Act 3 of this 3-act play will be a final rejection of the Reagan Revolution, with a resounding defeat of the TPP.
Then we can begin undoing the damage of 32 years of the Reagan Revolution and begin putting America back together again.
Because Reagan stopped enforcing the Sherman Anti-Trust Act, when Gramm-Leach-Bliley Act was passed, commercial banks were allowed to merge with investment banks to form the massive "too big to fail" banks that dominate Wall Street today and that have dealt near death-blows to our economy.
To close out Act Two of this play, Americans rejected both of these Reaganomics mainstays, and also repudiated one of their principal cheerleaders, Larry Summers.
Summers withdrew from the running to be the next Secretary of the Treasury on Sunday, after realizing that there was no way that Americans were going to endorse more failed Reaganomics policies.
With Act One and Act Two of "The Great Rejection of the Reagan Revolution" on the books, now we'll hopefully see Act Three: The repudiation of so-called "global free trade" deals – like NAFTA, CAFTA, and the WTO (supported by President Clinton).
Right now, the Trans-Pacific Partnership or TPP, another one of those so-called free trade deals, is in the works.
The TPP, which is being discussed behind closed doors between the United States and a group of Pacific nations, is being written in secrete by giant transnational corporations.
According to Public Citizen, the TPP would offshore millions of American jobs, allow corporations to attack environmental and safety regulations, and effectively ban "Buy America" policies that are crucial for rebuilding our economy.
And negotiations on the TPP are so secretive that even members of Congress don't have information on it, which makes it all the more dangerous that when the TPP reaches Congress, it's likely that it will be fast-tracked.
Back in 1974, President Nixon hatched a plan called "Fast Track."
Fast Track does away with key checks and balances insured by the Constitution, skirts Congressional review and amendments, and lets the President directly submit legislation for a vote.
It also gives the executive branch the power to force votes within 60-90 days of submitting the implementing legislation to Congress, and overrides normal voting rules by limiting debate and banning amendments.
If the TPP is allowed to reach the floor of Congress, and is indeed "fast-tracked," it will become the latest tool of global corporations to screw over America and destroy the middle-class.
Hopefully Act 3 of this 3-act play will be a final rejection of the Reagan Revolution, with a resounding defeat of the TPP.
Then we can begin undoing the damage of 32 years of the Reagan Revolution and begin putting America back together again.
---snip--
More at Truth Out
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