This week marks the 10th anniversary of a reason we’re in the mess we’re in: the GOP Congress and President Clinton repealed the Glass-Steagall Act. In short, it killed some pretty important aspects of banking laws dating back to the Great Depression. Restrictions on interplay between commercial banks and investment banks were essentially eliminated.
As reported in The New York Times, “’Commercial banks played a crucial role as buyers and sellers of mortgage-backed securities, credit-default swaps and other explosive financial derivatives,’ Demos, a nonpartisan public policy and research organization, wrote in a report discussing the problems it said were caused by the repeal of Glass-Steagall. ‘Without the watering down and ultimate repeal of Glass-Steagall, the banks would have been barred from most of these activities,’ Demos said. ‘The market and appetite for derivatives would then have been far smaller, and Washington might not have felt a need to rescue the institutional victims.’”
And the news just gets better: “U.S. deficit sets October record of $176.4 billion”
Tens of thousands of American Service Members are deployed in hostile and remote regions of the world, including the Middle East, Afghanistan, and on ships throughout international waters. The physical conditions they must endure are difficult and they may be separated from loved ones for long periods of time.Operation Gratitude seeks to lift morale and put smiles on faces by sending care packages addressed to individual Soldiers, Sailors, Airmen and Marines deployed in harm's way.** Operation Gratitude care packages contain food, hygiene products, entertainment items and personal letters of appreciation, all wrapped with good wishes of love and support.
Through Collection Drives, Letter Writing Campaigns and Donations of funds for shipping expenses, Operation Gratitudeprovides civilians anywhere in America a way to express their respect and appreciation to the men and women of the U.S. Military in an active, hands-on manner.
Learn more - and help out - by visiting Operation Gratitude's website!