Congress-Bring Back Glass-Steagall. Prevent Another Financial Collapse

THE DOCTOR IS IN
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LAS VEGAS- Hello America, and how is the world treating you?

The financial woes and the failing banks was a big disaster. Years ago Wall Street was regulated. After the great depression laws were passed to prevent the banks from collapsing.

In the 1930's the Glass-Steagall Act went into effect. It separated commercial banks from investment banks. It was an excellent law. The Act put the brakes on uncontrolled speculation in the financial markets. Folks, this legislation worked very well for nearly 70 years. But in 1999 our idiot lawmakers repealed the act. They said that "we can rely on the integrity of the financial markets to police itself." Well, that was a slick, dumb move, wasn't it? For financial and/or political gain these incompetent politicians let the financial centers and Wall Street run amok.

I would wonder why Obama and his administration did no put the Glass-Steagall Act back in play when they pushed for financial reform.Remember the old adage: If it's not broke, don't fix it? The system wasn't broke. The banks were regulated.

The system worked for 70 years until the Act was repealed in 1999. Once the law was repealed all hell broke loose and here we are in an economic crisis that has the country on the brink. What does the administration do? They ignore the law that worked for decade after decade and they pander to the wishes of the corporations, bankers and Wall Street executives and refuse to replace the Glass-Steagall Act. Politics? You bet.

I predict that this country will experience another Wall Street and banking fiasco in the near future and when that happens the people we can blame is the current administration and Congress for not using the laws that we know can protect America.-And, that's my opinion. Make your own decisions. You decide.

Bradley W. Kuhns, Ph.D.,O.M.D.
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Dr. Kuhns can be reached by e-mail at:
bradleykuhns@gmail.com