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There used to be a firewall protecting your money from the risk-junkies on Wall Street called the Glass-Steagall Act of 1933. President Roosevelt understood that collusion between Wall Street and commercial banks was to a great degree responsible for the Great Depression and signed Glass-Steagall to protect us in the future. President Clinton tore down that firewall when he signed the Gramm-Leach-Bliley Act of 1999. We all know what happened next... The Posse Comitatus Act of 1878 protected American Citizens from despotic leaders who would use the US military against its own citizens. The John Warner National Defense Authorization Act of 2007 stripped away the bindings of Posse Comitatus and exposed the American people to military action whenever and where ever the government sees fit, including our own homes, towns and cities. Included in the language of the Warner Act: "The President may employ the armed forces... to... restore public order and enforce the laws of the United States when, as a result of a natural disaster, epidemic, or other serious public health emergency, terrorist attack or incident, or other condition..." The "or other condition" is pretty much a blank check.
. . nervous: Thanks for participating, but I'm having trouble understanding your point. Let me just share some facts with you, okay? The Gramm-Leach-Bliley bill was voted in by most Republicans and most Democrats, including Barney Frank, and Chris Dodd. The legislation directly replaced Glass-Steagall, so the day it became law (the day Clinton signed it) the trouble began. I didn't mention it because it isn't relative to my question, but the Securities Modernization Act of 2000, also signed into law by President Clinton, is the primary reason AIG got so much money. Look up "credit default swap" in your favorite search engine. Both Republicans and Democrats voted for that one too. The real problem goes beyond the reduction of regulation during the Clinton Administration. China's avalanche of capital in their trade account needed a place to invest. And, the labor pool grew by 300,000,000 in China alone through the 1990s, not to mention India.
We need to learn to ask better questions. The obvious ones often don't get to the heart of the matter. Why does the economy suck? Because of the housing crisis. Why did we have a housing crisis? Lax regulation and poor lending habits. From there we begin the blame game, and that's where it stands. What if we ask: What caused the lax regulation and poor lending habits? More money wanted to invest in the US then we had places for it to go. Why does everyone want to invest here? The US dollar is the de facto reserve currency for the world, and the world's biggest economy--invest here for safety. After all that happened, it's amazing that we can still lay off debt today at such low rates, 3 - 4 percent. What should China and India have done? Invested in themselves. China should have, and should today unhinge the yuan from the dollar and begin depending on their own country for some investment oportunities, while investing in US industry (equities) for the rest.
Thereby bolstering the US economy by helping US industry put Americans back to work, and bolstering the wealth of their own citizens which would open up more oportunity for the US to sell into their market, narrowing the trade gap. The Smoot-Hawley Tarrif Act of 1929 was exactly the wrong thing for Hoover to do, but who knew at the time? Anyway nervous, it's a lot more complicated than "Evil Democrats" or "Evil Republicans." You're obviously young. Stay in school and learn to ask good questions. Never stop asking...
The firewall of the Glass-Steagall Act is important. Wish Barney Frank and Chris Dodd didn't ever hear or remember that Clinton tore it down! But the Posse Comitatus Act could so easily be used against law-abiding Americans by a Liberal American-hating President! Can we have them both back, I'm wondering...
To me its The Posse Comitatus Act of 1878 Our rights are being stripped away with each administration,sometimes with public knowledge and most times tucked deep inside a popular bill that some of our elected officials never bother to fully read or care about the impact on the American public. A government should never hold the power to have the military shoot and kill its citizens . The US is a democratic nation not some third world dictatorship. My mind goes back to what Ive read about the Kent State killings of college kids and that is enough to make me fear uncontrolled excessive government power . Posse Comitatus should be restored to its true and full meaning as passed in 1878,not bastardised . by the John Warner Act of 2007 Yes the words "or other condition " is a blank check you are so correct.
You obviously have never read the Posse Comitatus Act is. This act prohibits the military to function as a law enforcement entity in civil matters. Simple translation, military cannot be used as police to enforce civil laws. That is why the border isn't militarized, and that is why the military isn't acting as the police in your city. Having the ability to activate the military to aid in emergencies like natual disaters makes it easier for humanitarian aid to be given to local municipalities. Yes the military did help during the disaster from the hurricane Katrina, but that aid was very limited in scope, and could not include law enforcement powers. National guard can be called upon by a governor of a state for disasters also. The concept of wanting the military to aid the local civilian population in times of emergency isn't anything new, but this gives the president power to use the military with less beaurcratic red tape to use the military for that purpose. In all your statements, you haven't shown anything that violates the Posse Comitatus Act.
For our freedoms, Posse Comitatus. For the economy of the middle class, Glass-Steagall. We should have both back.
YOU DO KNOW it was the REPUBLICANS that REPEALED THAT, RIGHT? When THEY HAD YOU WORRIED ABOUT CLINTON and the definition of is and JUDGING the MORALITY (with all the bs republicans do) THEY REPEALED IT and GOT US Enterprise THE MESS WE ARE IN. They extended EVERYTHING, mortgage, insurance, investment banks and made loans at 40 to 1. THAT IS WHY WE ARE Enterprise THIS CONDITION. Paulson was ASKED in the senate hearings "WHY" and his response was "The administration said KEEP TO THE IDEOLOGY". Republican voters are passive and told to STFU when their administration is in. CHENEY even SHOT someone in the face and the VICTIM APOLOGIZED TO CHENEY! You don't need to tell me but the REPUBLICAN VOTERS don't have a CLUE what those neo-cons are doing and the others are just too dam AFRAID to say anything about it.
Posse Comitatus would be my priority over figuring out the banking mess.
Both but if I had to choose just one......and as I look at who IS President; Posse Comitatus.
I would have to go with Posse Comitatus.
Glass-Steaggall , no brainer. I mean every conservative will tell you all you need is citizens with guns and the Warner Act is usless.
Sorry Glass-steagall is BS. Europe never had a Glass-steagall and nothing ever happened. I want Posse Comitatus back.