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Living in denial

September 1, 2012
The Daily Mining Gazette

To the editor:

In 1928, America experienced the type of economy we saw in the early Bush years. The working class prospered. More Americans joined the middle class.

In 1928, greedy bankers decided to take the U.S. off the gold standard. To achieve this, they used a stock market ploy known as "short selling" to trigger a market crash, creating the recession of 1929.

By 1933, as short sellers stripped off the remaining wealth of the working class, the recession of 1929 became the Great Depression of 1933.

In 1934, Congress enacted the "Glass-Steagall Act" to outlaw "short selling." Once the Uptick Rule demanded by Glass-Steagall was in place, the U.S. economy began to rebound.

It took five decades to erase the scars of the Depression, and it took five decades for the American people to forget the short sellers who decimated the market in October 1929 and crashed the U.S. economy.

In 2005, the Democrat-dominated U.S. senate demanded the repeal of the Uptick Rule as the housing market in the U.S. began showing hairline fractures and the subprime mortgage industry began to collapse.

In 2007, the demand became a deal breaker as Indonesia's central bank collapsed and the world's faltering economy reverberated through Wall Street. The GOP House caved. Glass-Steagall was repealed and the Uptick Rule was suspended. The short sellers were back.

As Wall Street stock brokers were touting the "premium value" of the stock they were selling to their clients, short sellers from the same investment banks were shorting the same sticks, and once again, selling the bottom out of the market, slowing the economy and bringing America to its knees, and right into the recession of 2008.

Are we now in a Depression or going into one? Ask the millions who've lost or are losing their jobs, homes, businesses, retirement funds, etc.

The Glass-Steagall Act with its Uptick Rule must be permanently restored, outlawing the unethical bankers/wall streeters from their criminal plunder of trusting Americans.

Meanwhile, the political puppet show goes on to entertain the masses into believing one corrupted political party is better than the other.

Why do we live in denial and keep re-electing the same long-term incumbents who are water boys for the global banking/money powers?

Larry Korpi

Elo

 
 

 

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