Book Cover

Democratic
Capitalism,  The Way to a World of Peace and Plenty


 

Repeal the Repeal !

Was anyone watching in 1999 when Glass-Steagall was repealed? This law was passed during the Great Depression because bankers were giving companies easy credit to do dumb things in order for their investment bankers to get deals with big fees.

The monster financial services company, Citi, demonstrated Wall Street’s lobby power when it was put together in anticipation of the repeal and with other big banks immediately gave Enron easy credit to do dumb things in order for their investment bankers to get deals with big fees.

Enron, the hedge fund on top of a gas line, was free to quadruple debt in five years to $13.6 billion. Alan Greenspan, head of the Fed, told Congress meanwhile that hedge funds do not need regulation because they get money from regulated banks (and he wasn’t even kidding).

After Glass-Steagall was repealed, thousands of Enron’s employees lost their jobs and pensions, and many others lost pension savings. Where is the democratic demand to repeal the repeal?  Citizens should, at least, demand that their government regulate hedge funds before more jobs and pensions are destroyed.

Ray CareyRay Carey

Ray Carey learned through managing companies for 33 years how to change the work culture to provide employees with their best opportunities to develop and contribute. This experience began as a 28 year old plant manager and later president of an electric motor company, and concluded with eighteen years as president , chairman, and CEO of ADT, Inc.

See Carey's autobiography of his work career in chapter two of his first book,

Democratic Capitalism, The Way to a World of Peace and Plenty.

For more information about Ray Carey and his advocacy of democratic capitalism, visit the pages of this website.