Posted in the Boyertown Forum
#1 Jul 11, 2011
Our present economic failure began in 1913 with the establishment of the Federal Reserve System.
The scheme worked as long as it could remain free from political influence and pressure.
In 1933, in response to the Great Depression, Congress enacted the Glass-Steagall Act separating investments and commercial banking activities by disallowing banks to engage in “risk” ventures. It was repealed in 1999; however, the banks had already out loaned themselves by providing loans for homes across America with very few strings attached to people who could never, ever complete payments toward the interest let alone the principle loans resulting in the 2008 collapse of the housing market.
The Federal Reserve System failed us given it submission to political influence and failure; and, it needs to be made a branch of the Federal Government operating much like that of our Supreme Court.
At the same time we need to re-enact Glass-Steagall.
Of course, all of the above will require a Federal Balanced Budget Amendment forcing our leaders to match spending to income.
All of this of course is very bitter, but it is our only hope of survival as a free and independent nation.
Clayton M. Leister
#2 Jul 18, 2011
This country is head one way - down. It will be a long time before things get better, if they ever do. We had it good. Now it is time for someone else to take over. I have never seen so many homes for sale or vacant. Jobs are not coming back to this country. If you have retirement money it will be gone. If you have kids they will have a lower standard of living. No one our young are turning to dope.
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