It's called "fascism
San Jose Mercury News
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Sept. 23 Additional Readers' letters
From Mercury News reader
"Letters to the Editor'
From the readers of the Mercury News
NOTE: The following letters are unedited and reflect only the views of the author.
In 1933, in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass-Steagall Act (GSA). This act separated investment and commercial banking activities. At the time, "improper banking activity", or what was considered overzealous commercial bank involvement in stock market investment. The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA) in 1999. Without forcing a veto vote, this bipartisan, veto proof legislation was signed into law by President Bill Clinton on November 12, 1999. What you've got here is really the end of the Reagan Revolution. And I hate to bring up the bad "F" word, but, you know, there is a model for this, and Mussolini had it in Italy, and it's called "fascism.It's where your big corporate interests throw in with government, destroy the freedom of the rest of the people, and preserve their power. Everybody forgets, private corporations and banks did quite well, made out quite well in Italy and Germany in those days, you know? And I am really worried about this assault on our democracy.
Ted Rudow III,MA