NOT A PENNY MORE UNTIL WE HAVE PECORA HEARINGS (with talking points)

[Lyn]

Read statement about what Pecora is and why it is needed at bottom.

NOT A PENNY MORE UNTIL WE HAVE PECORA HEARINGS (Update with talking points)
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William Black was on Alex Jones tonight and he talked about Pecora hearings again. This is getting out there. This is what he said everyone should do.

Please send it out far and wide. Every tea party in the nation should use this as their talking points and demands.

Talking points should be:

NOT A PENNY MORE OF OUR TAXPAYER MONEY UNTIL WE HAVE PECORA HEARINGS!

1. Demand Pecora Hearings.
2. Remove the failed bankers/CEOs from their positions in power.
3. Replace them with honest bankers.
4. Find the facts about the real value of the assets.
5. Find out who participated in the fraud.
6. Indict them.
7. Look for the achilles heal that allowed for the fraud to occur.
8. Write laws and regulation that prevent this from happening again like Glass Steagall.

Remind everyone that through the major fraud that occurred in the banks they stole half of everyone's pension funds, retirement funds, and 401ks, and if this continues they are going to steal the other half. Everyone should be mad as hell and focus on this problem only.

Demand justice and demand that these criminals are prosecuted.


This was discussed in an interview with William Black (see below) as well as how it should be a focus of the tea parties


http://www.infowars.com/

If the following is still up (has other guests listed as well) then you can click on listen now.

TODAY ON THE ALEX JONES SHOW

…..William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s and appeared recently on the Bill Moyers Journal


If it is not, then scroll below that to THE ALEX JONES SHOW ARCHIVE
Click on April 2009, then when it comes up, click on the show for April 10


William K. Black on Bill Moyer
http://www.pbs.org/moyers/journal/04032009/watch.html

http://finance.yahoo.com/tech-ticker/article/225823/Mortgage-Fraud-...


Articles On The Crisis:

The Big Takeover
http://www.rollingstone.com/politics/story/26793903/the_big_takeove...

The Quiet Coup
http://www.theatlantic.com/doc/print/200905/imf-advice

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In 1932, after the election of Franklin D. Roosevelt, defeated Pres. Hoover, speaking on behalf of Wall Street bankers and investment firms, tried to enlist FDR's support for a bank bailout. Banks were failing, and there were runs on the banks in more than 26 states.

FDR refused to support a bailout, saying he needed more time "to study the matter." (Though he was elected in Nov. 1932, he was not inaugurated until March 1933).

After the election, and continuing into 1933, a Congressional Commission was established, to look into the causes of the crash of 1929, and the continuing crisis. This Commission took on the name of its chief investigator, Pecora, and was given subpoena power, and full investigative powers, to look into the causes of the deepening depression.

Ferdinand Pecora had been a prosecutor in the New York City District Attorney's office, and was known for his preparation, and his toughness. He and his staff did extensive investigation into the wheeling and dealing of the most powerful Wall St. firms, and then brought the leading officials of those firms before the Committee. Those officials included J.P. Morgan, Jr., and Thomas Lamont, of JP Morgan Bank, as well as officials from National City Bank (today's Citigroup), Chase National, and the leading utility companies, which were in a monopolitic alliance with the banks.

In interrogating those officials, Pecora brought out how their firms propsered, and they had personally prospered, following the crash of October 1929, and how they had engaged in systematic tax evasion, hiding profits, and corrupt practices, while shutting down American factories and farms, foreclosing homes and commercial properties, and denying power and water to private homes, businesses, and municipal governments.
These hearings were very public, some covered live on radio. Thanks to the work of Pecora and his staff, the American people were able to see the systemic fraud committed by these Wall Street titans, while millions of Americans were homeless, unemployed and hungry.

This put enormous pressure on the Congress to act, which FDR used, for three kinds of actions:

1. He declared a bank holiday and an audit of the banks. Those which were broke, i.e., had far less assets than debt, were put into bankruptcy reorganization, i.e., protection, so that the banks would remain open, but the bad debts wer frozen, i.e., held, to be written down over time (excpet in cases of egregious bankruptcy, in which case the banks were closed).

2. The Securities Exchange Commission was established, to regulate Wall Street brokerage firms, to insure that brokers who invested other people's money were under strict rules.

3. The Glass-Steagle Act was passed, which regulated banks, putting up a wall of separation between banks which loaned money for mortgages (savings and loan banks), commercial banks, investment banks, and insurance companies. This act stayed in place up through the early 1970s, during which time the U.S. economy had consistent growth, as measured in physical, rather than monetary terms (i.e., constant increase in production of physical goods, through productivity gains, and reinvestment into successful industries and commercail businesses).

Since the early 1980s, there has been a concerted, and successful, effort, to remove regulations, and to wipe out Glass Steagle provisions. This effort has been funded by think tanks associated with the same firms which had been targeted by Pecora, including Citigroup, the Morgan interests, DuPont, Chase, Goldman Sachs, etc. With the passage in 1999 of the Gramm-Leach-Bliley Act, whose key sponsor, Texas Republican Senator Phil Gramm, coordinated with the Secretary of the Treasury, Larry Summers, Glass Steagle's final remaining provisions were wiped from the books.

The deregulation mania of the 1980s and 1990s, combined with the elimination of Gass-Steagle, allowed Wall Street investment banks and commercial banks to engage in practices -- such as derivatives trading -- which had been illegal under the previous regulatory laws. This built up a huge financial bubble, which was then built even bigger by Federal Reserve Chairman Alan Greenspan, through the unleashing of Fannie Mae and Freddioe Mac, to build a real estate bubble.

These bubbles have popped, with hundreds of trillions of dollars of unpayable, and unsupported, debt, on the books of the banks, which are now called "too big to fail." Instead of using bankruptcy reorganization, as FDR did, and reimposing regulations, both Treasury Secretary Paulson and now, Geithner, in collaboration with Fed Chair Bernanke, are trying to bail out those bankrupt financial institutions, with taxpayer money.

That is why we need a Pecora Commission today, to show who did this, what they did, and then to rally public wrath against this systemic fraud and corruption, so that these perpetrators are fired and jailed, rather than rewarded, with a bailout. Instead of more funds to bailout the crooks, we need federal credit channelled into infrastructure, creating jobs and doing necessary work.