March 11, 2009 (LPAC)--A specter more terrifying than Karl Marx's communism'' is haunting Wall Street, according to the latest article, today, in a series in Bloomberg News called "'Glass-Steagall' Specter Returns to Haunt Wall Street (Update 2).''

Bloomberg is the outfit founded by New York Mayor Michael "Benito'' Bloomberg. The article, focusing on a March 6 conference at New York University's Stern School of Business, says, "A decade after Wall Street killed off the Glass-Steagall Act ... its ghost has returned to haunt the financial industry....'' It says that Paul Volcker, adviser to Obama, pushed this Glass-Steagall return at the NYU conference and that FDIC Chief Sheila Bair signalled the same intent in a March 8 interview.

Even more ominous, President Obama might agree with them. Look at his Cooper Union speech on March 27, 2008, where then-candidate Obama said that the 1930s regulatory legislation "needed to change.... But by the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.''

If there is any attempt to bring back Glass-Steagall, there will be "opposition from the same people who fought so hard for the death of Glass-Steagall,'' warned "Ace'' Greenberg, the former CEO of Bear Stearns, in an interview with Bloomberg.

London Financial Times' reporter John Gapper, who also spoke at the NYU conference, sounds the same warning, with a more direct swipe at Volcker. Gapper says, "Paul Volcker has his sights on Goldman Sachs,'' and warns that Volcker proposes "two tier banking'' that would strictly separate banks with depositors from investment firms that can speculate. Gapper quotes Volcker saying "'Goldman Sachs would have to be split up if you separated
these functions.' It will be very interesting to see Goldman's reaction if Mr. Obama takes up Mr. Volcker's suggestion."

http://www.larouchepac.com/node/9549

Brown delivered a perverse fantasy, in which America's historical resistance to British imperial crimes, became instead a record of unified Anglo-American purpose. He defined America's task now as preserving the British-led international banking swindle, in opposition to any attempt to rescue the world from that collapsed system.

The British spokesman said, "The very creation of America was a bold affirmation of faith in the future...." This is useful: we had previously thought that the British had played a negative role in the American Revolution.

Brown explained that the world "looked to Washington D.C. as `a shining city upon a hill,'" and that "our friendship [was] formed and forged over two tumultuous centuries...." By that chronology, the friendship got off to a roaring start about when British forces burned Washington to the ground (1814), and got even friendlier with British aid to the slaveowners' Confederate war to smash the U.S.

He said he "grew up in the 1960s as America, led by President Kennedy, looked to the heavens and saw ... a new frontier...." Unfortunately, the British-Wall Street axis murdered Kennedy for having such an outlook. No doubt to remind us of the danger such a point of view can put a President in, today's London Times carries, right beside a transcript of Brown's speech, an archive photo of President Kennedy being shot to death in Dallas.

Brown announced that the majestic British queen has awarded an honorary knighthood to the stricken Senator Ted Kennedy, because "Northern Ireland is today at peace." Well, it is truly a puzzler to remember, which occupier was it, that brought centuries of cruelty and chaos to Ireland, requiring U.S. intervention to bring "peace"?

The successor to Tony Blair said "we grieve with you" when "a young American soldier is killed in conflict ... in the plains of Afghanistan and the streets of Iraq." This is good to know, after Blair's WMD intelligence buoyed up Bush for Baghdad, and now that British forces directly superintend the global heroin trade's center in the Afghan Helmand province.

Brown declared his "support to ensure there is no hiding place for terrorists, no safe haven for terrorism." That will come as thrilling news for U.S. and other intelligence services coping with "Londonistan" -- the undisturbed English headquarters for most of the world's terror groups, groups financed by British-laundered dope profits.

The Prime Minister lectured America and the world on how to deal with the "economic hurricane" that "has swept the world." As the City of London's quadrillion dollar offshore banking pyramid dissolves, Brown says, "you [U.S.A.] are restructuring your banks. So are we [British]. But how much safer would everybody's savings be if the whole world finally came together to outlaw shadow banking systems and offshore tax havens?"

This attitude is especially refreshing, correcting the impression Brown gave earlier in his visit, when he was reportedly desperate to head off U.S. moves against offshore criminals.

He assured the Congress that if his program is followed, we will see "trade once again the engine of prosperity, [and] the wealth of nations restored." How the heart sings! -- to hear again from the British source, the truths of Free Trade, of Trade itself (rather than production) as the source of wealth, and the grand homage to the East India Company's Adam Smith, whose 1776 book "Wealth of Nations" warned the American rebels they could never escape destiny's assignment to be mere plantation suppliers of raw materials to the foreign empire.

He closed with praise for Franklin Roosevelt, which was very reassuring in light of the attacks against FDR now pouring out of London into the world's media, reviving Churchill's central role in burying FDR's policies after World War II.

With this, Brown called for renewal of the "special relationship" that has blazed so brightly over the years.