LaRouche PAC Asks Council to Support Glass-Steagall Bill

LaRouche has entered Lansdale.

At a council meeting last week, political activist Therese Mallory spoke during the public comment period on behalf of the LaRouche Political Action Committee.

Her purpose: to encourage council to write to Congresswoman Allyson Schwartz and pass a resolution in support of reinstating Glass-Steagall standards.

The LaRouche PAC is the brainchild of Lyndon LaRouche, a former Marxist and founder of the U.S. Labor Party in 1973.

LaRouche campaign platforms, and those of his followers, have included replacement of the central bank system with a national bank, ending the International Monetary Fund, screening and quarantine of AIDS patients, and opposition to environmentalism, gay rights and nuclear disarmament.

Mallory, of Lansdowne, said she was visiting her friend, Bob Prince, who resides on Jenkins Avenue.

She appeared at council to continue the LaRouche PAC movement's mission of addressing as many city councils across the country, and certainly in Pennsylvania, as possible.

“A new bill has just gone into Congress, which is of the greatest importance to every town, every city and every state in this country that is fiscally troubled, which is most of them,” Mallory said.

The bill she referred to is H.R. 1489, which would restore Glass-Steagall standards.

Glass-Steagall would force banks to choose between commercial or investment banking.

The Glass-Steagall Act is also known as The Banking Act of 1933, signed into law by President Franklin Roosevelt. The act established the Federal Deposit Insurance Corp. and introduced banking reforms that controlled speculation between Wall Street and depository banks.

The Act was repealed in 1999 by a Senate Republican majority vote of 90-8 and by a House of Representatives vote of 362-57. President Bill Clinton signed it into law.

Since the repeal, those on both sides have argued that it played a role in the financial crisis of 2008-2009.

Mallory said the bipartisan bill is sponsored by Rep. Marcy Kaptur, D-Ohio, and Rep. Walter Jones, R-NC. She said 16 co-signers have already been lined up. A Senate bill is going in very soon, she said, and that bill has about 16 Senators behind it.

“It is a bill to begin the economic recovery of the United States by ending the bailout of Wall Street and the European banks. They are ending the bailout of the toxic paper debt, which is now about $20 trillion-plus,” she said. “This is way above the TARP.”

She said most people think the bailout was TARP, which was “a mere $750 billion.”

“The real bailout is ongoing and open-ended, and has not been voted on by anybody,” Mallory said.

The Glass-Steagall Act prohibited the printing of money to bailout tax and paper debt and separated commercial banks of America from investment houses, she said.

“So that our commercial banks were protected,” she said. “They want gambling casinos.”

Mallory asked for Pennsylvania Congressional people to sign on, and said she was at Lansdale Borough Council to entice them to call Schwartz and ask her support.

“Schwartz has not signed on,” she said. “No Pennsylvania Congressperson has signed on yet.”

She said council can pass a resolution to sign on immediately to end the bailout.

“We can redirect the credit of our nation into large-scale infrastructure improvements in the United States,” she said. “In the case of water management projects, we feel like we haven’t had a massive improvement since Roosevelt. It’s pathetic.”

The bill, she said, would put millions of people to work.

“It will begin solving the problems and stop the speculators who are using our bailout money to jack up the prices of food, gas and oil,” she said.

More information is available at www.LaRouchePAC.com/Glass-Steagall or by calling 202-224-3121.