Published on Oct 30, 2012 by vonveezil2
13 yr old Jennie lays it out plain and simple why to vote for Romney November 6th.
Published on Oct 30, 2012 by vonveezil2
13 yr old Jennie lays it out plain and simple why to vote for Romney November 6th.
Expressing the sense of Congress that the use of offensive military force by a president without prior and clear authorization of an act of Congress constitutes an impeachable high crime and misdemeanor under Article II, Section 4 of the Constitution.
Whereas the cornerstone of the Republic is honoring Congress’s exclusive power to declare war under article I, section 8, clause 11 of the Constitution: Now, therefore, be it
Resolved by the House of Representatives (the Senate concurring), That it is the sense of Congress that, except in response to an actual or imminent attack against the territory of the United States, the use of offensive military force by a president without prior and clear authorization of an act of Congress violates Congress’s exclusive power to declare war under Article I, Section 8, clause 11 of the Constitution and therefore constitutes an impeachable high crime and misdemeanor under Article II, Section 4 of the Constitution.
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http://swissdefenceleague.wordpress.com/ Follow that site to keep informed about radical Islam. – provided in response to reposting of “NEW FILM EXPOSES RADICAL MUSLIM “DECEPTION”
30-Minute Version of the New Documentary Film. The Third Jihad movie exposes the war the media is not telling you about. It reveals the enemy our U.S. government is too afraid to name. One person who is not afraid to tell you the truth is Dr. Zuhdi Jasser, a Muslim American and former physician to the U.S. Congress. After the FBI releases a radical Islamist manifesto describing how to destroy America from within, Dr. Jasser decides to investigate. http://thethirdjihad.com/
A fellow blogger, upaces88, recently posed the question “Why is he (Obama) still sitting there in OUR OVAL OFFICE? Has the entire civilized world gone insane?” Well, to satirize Toy Story’s character Buzz Lightyear’s statement, “To insanity, and beyond!”
CIA training includes Muslim Brotherhood leader
Our friend and colleague John Guandolo recently posted a column (see below, highlights added) on the Breitbart Big Peace website. Mr. Guandolo is a former FBI agent whose understanding and analysis of the Muslim Brotherhood in America is second to none.
|When you read his column, ask yourself why the CIA is utilizing the president of ISNA, which was found to be a funding source for the terrorist organization Hamas, as one of its presenters at a “Countering Violent Extremism Workshop?”|
As Guandolo notes, John Brennan, President Obama’s top counter-terrorism advisor, has “scoffed at the idea the Muslim Brotherhood has penetrated the U.S. government.”
|If you want to know the truth, visit our website, select the Contributing Member option, and then select the $35 donation level.
We will mail you a DVD called “Unmasking the Muslim Brotherhood.” This DVD contains two presentations, one conducted by Mr. Guandolo, that document just how wrong John Brennan is. You will be shocked.
With Muslim Brotherhood entities and individuals burrowed deep into our government, is it any wonder we’re seeing a purge of any references to radical Islam in our counter-terrorism training materials and lexicon?
by John Guandolo
Over the last several years, the presence of Muslim Brotherhood (MB) operatives working inside the federal government advising our senior leaders has been definitively documented (see articles here, here and here). This penetration of our system is shocking and constitutes an immediate danger for American citizens. The success of the MB’s influence operation from within our government is now manifesting itself with national and global implications for the security of America and its citizens.
In July of this year, the CIA hosted a 2-day training program at its headquarters in Langley, Virginia entitled “Countering Violent Extremism Workshop for the National Capitol Region.”
Present at this conference were local, state, and federal officials from nearly every law enforcement, military, and intelligence organization around the Washington Metropolitan area. In addition to the senior CIA, FBI, and DHS officials conducting the training, members of the Muslim community moderated and led the training throughout the 2-day program. Notable among these was Imam Mohammed Magid who participated in speaking about “Building Communities of Trust: A Local Example of a Partnership between the All Dulles Area Muslim Society (ADAMS) and Law Enforcement.”
How was Imam Magid vetted to speak at CIA Headquarters? And who vetted him?
The ADAMS Center is a Muslim Brotherhood front organization. It was founded by some of the most senior Muslim Brothers in the United States, to include Ahmed Totanji, who still resides in Herndon, Virginia. Its website proclaims “[ADAMS] is a membership organization registered in the State of Virginia as a non-profit, tax exempt corporation and is affiliated with the Islamic Society of North America (ISNA).”
Imam Magid is the Executive Director of the ADAMS Center. He is also the President of the Islamic Society of North America (ISNA), the largest Muslim Brotherhood organization in the U.S. which was found to be a financial support entity for Hamas in the largest terrorism financing and Hamas trial in U.S. history (US v Holy Land Foundation, Dallas, 2008). Having Magid advise and teach U.S. intelligence and law enforcement officials can only be aptly described as insane. According to officials at Langley who were willing to speak on the condition of anonymity, this is an outrage – but none of the leaders on the inside seem to understand the gravity of this threat. To say the fox is in the hen house would be an understatement.
But the insanity does not end there. Imam Mohammed Magid continues to be a guest in the White House, works with the National Security Council, advises the Secretary of State, is on the DHS Homeland Security Advisory Working Group, and has received an award from the FBI. Magid continues to be treated by American leaders as if he is a friend, yet he is the leader of the largest MB front in the U.S. which financially supports the terrorist organization Hamas.
The question must also be asked – who vetted the other “leaders” from the Muslim community who moderated panels and led the training at CIA Headquarters? Are any of them Muslim Brothers or sympathetic to the MB cause?
When, over a long period of time, American leadership works side by side with and are advised by individuals and organizations who are proven to be hostile to the United States, it is no wonder the shooting at Ft Hood was called a “crime” by the FBI not an “act of terrorism” and why it was called “workplace violence” by Pentagon officials writing the after action reports. It is no wonder DHS and others in our government define the threat as “violent extremism” (which is actually a meaningless term) instead of calling it what it actually is – the Muslim Brotherhood’s jihadi movement in the United States which is a support network for terrorists. And, it is no wonder that a military attack by Al Qaeda on an American consulate in Libya would be identified by the Obama Administration as the result of a YouTube video which was “offensive to Muslims” instead of what it truly was. Sadly, the amazing heroism of the men who battled over 200 Al Qaeda fighters for 6 hours is getting lost in the shuffle.
Recently, Counter Terrorism Czar John Brennan scoffed at the idea the Muslim Brotherhood has penetrated the U.S. government. At what point will Mr. Brennan be held accountable for willfully failing to perform his duty and uphold his Oath to the Constitution. When will the other leaders such as the Secretary of State, the Director of Central Intelligence, the FBI Director, and the President be held to account for this egregious and treasonous behavior?
The National Security apparatus of the United States is deeply penetrated and is being dangerously manipulated by a hostile foreign threat. This necessarily means that significant foreign policy decisions involving the Islamic world will not only fail to achieve their intended outcome, but they will serve to advance the cause of our enemies.
One can only hope that a Romney Administration will take bold and decisive actions to purge the government of our enemies and those who willfully and unwittingly support them.
…that do business with Israel. This is just another point of stupidity that is foisted on the world by an organization that is more corrupt than any other on the planet.
It is high time that the US stop all funding for the UN and to kick them the hell out of America. It is a failure on a grand scale similar to its predecessor the League of Nations.
U.N.’s war on Israel puts American economy in crosshairs
The Washington Free Beacon has obtained a report soon to be released by the United Nations that calls for an international campaign of legal attacks and economic warfare on a group of American companies that do business in Israel, including Hewlett-Packard, Caterpillar Inc., and Motorola Solutions Inc.
The Human Rights Council (HRC), a body dominated by Islamic countries and known for its hostility to, and heavy focus on, the Jewish State, issued the report. The George W. Bush administration refused to participate in the HRC, but President Barack Obama joined it soon after taking office. Members of the HRC include infamous human rights abusers such as Saudi Arabia, Qatar, Jordan, Libya, China, and Cuba.
The Obama-approved body maintains a “Special Rapporteur on the situation of human rights in the Palestinian territories [sic].” The current rapporteur is American college professor Richard Falk, a 9/11 “truther” who once posted an anti-Semitic cartoon on his personal blog.
In a letter to U.N. Secretary-General Ban Ki Moon, the Anti-Defamation League’s Abraham Foxman blasted the report and the HRC’s special rapporteur: “We believe you should have prevented the Secretariat from being a party to Mr. Falk’s anti-Israel agenda. Mr. Falk’s entire tenure as Special Rapporteur has served to undermine the credibility of the institution of the United Nations.”
The report attempts to instigate a campaign of boycott, divestment, sanctions, and legal action against a litany of international companies doing business in Israel. In addition to American companies, the U.N. targets include major European firms such as Veolia Environnement, Group 4 Security, the Dexia Group, the Volvo Group.
By Cliff Kincaid October 27, 2012 NewsWithViews.com
MUCH MORE, CONTINUE READING AT: http://swissdefenceleague.wordpress.com/2012/10/27/new-film-exposes-radical-muslim-deception/
The Glass-Steagall Act has remained one of the pillars of banking law since its passage in 1933 by erecting a wall between commercial banking and investment banking. In effect, the law keeps banks from doing business on Wall Street, and vice versa. In actuality, there are two Glass Steagall measures. The first was the Glass-Steagall Act of 1932, a bookkeeping provision that allowed the Treasury to balance its account. And what is commonly known today as the Glass-Steagall law is actually the Bank Act of 1933, containing the provision erecting a wall between the banking and securities businesses. It also laid the groundwork for legislation that would allow the Federal Reserve to let banks into the securities business in a limited way.
Causes For and Brief History of Glass-Steagall Act
Fundamental to an understanding of the passage of the Glass-Steagall Act is the fact that by 1933 the U.S. was in one of the worst depressions of its history. A quarter of the formerly working population was unemployed. The nation’s banking system was chaotic. Over 11,000 banks had failed or had to merge, reducing the number by 40 per cent, from 25,000 to 14,000. The governors of several states had closed their states’ banks and in March President Roosevelt closed all the banks in the country.
Congressional hearings conducted in early 1933 seemed to show that the presumed leaders of American enterprise — the bankers and brokers — were guilty of disreputable and seemingly dishonest dealings and gross misuses of the public’s trust. Looking back, some historians have come to a different conclusion about the role such abuses played in bringing down banks. Some historians now say the chief culprit of bank failures was the Depression itself, which caused real estate and other values to fall, undermining bank loans.
Securities abuses played a minimal role in the collapse of banks, these historians say, and caused few failures among the New York banks with the largest Wall Street operations.Causes For and Brief History of Glass-Steagall Act
Read more: Glass-Steagall Act – Further Readings
The Banking Act of 1933 was probably the newly-elected Roosevelt administration’s most important response to the perceived shambles of the nation’s financial and economic system. But the Act did not change the most important weakness of the American banking system — unit banking within states and the prohibition of nationwide banking.
This structure is considered the principal reason for the failure of so many U.S. Banks, some 90 percent of which were unit banks with under $2 million in assets. (In contrast, Canada, which had nationwide banking, suffered no bank failures and only a few of the over 11,000 U.S. Banks that failed or merged were branch banks.)
Instead, the Act established new approaches to financial regulation — particularly the institution of deposit insurance and the legal separation of most aspects of commercial and investment banking (the principal exception being allowing commercial banks to underwrite most government-issued bonds).
The primary force behind the law was Mr. Glass, a 75-year-old senator who stood 5 feet 4 inches. A former Treasury secretary, he was a father of the Federal Reserve System and a critic of banks that engaged in what he considered the risky business of investing in stocks. He wanted banks to stick to conservative commercial lending, and he exploited the antibank sentiment to push through the changes he wanted. But just two years after Glass-Steagall was enacted, Mr. Glass helped lead an effort to have it repealed, as “he thought it was a mistake and an overreaction.” Mr. Glass passed on in 1946 at the age of 88. Mr. Steagall (pronounced stee-GAHL), a Democratic who was chairman of the House Banking and Currency Committee, developed a passion for helping farmers and rural banks from growing up in Ozark, Alabama. He had little interest in separating banking from Wall Street, but signed on to the bill after Mr. Glass agreed to attach Mr. Steagall’s amendment, which authorized bank deposit insurance for the first time.
For several years before 1933 Senator Glass had wanted to restrict or forbid commercial banks from dealing in and holding corporate securities. He strongly believed that bank involvement with securities was detrimental to the Federal Reserve system, contrary to the rules of good banking, and responsible for stock market speculation, the Crash of 1929, bank failures, and the Great Depression. It is generally accepted that he was unable to achieve the goal of separating commercial and investment banking until revelations concerning National City Bank were brought forth in the Senate Committee on Banking and Currency’s Stock Exchange Practices Hearings. Disillusionment with speculators and securities merchants carried over from investment bankers to commercial bankers; the two were often the same, and an embittered public did not care to make fine distinctions. The Banking Act of 1933 was passed and quickly signed into law.
Restrictions and Repeals in the Bank Holding Company Act
Curbing banks’ ability to grow too large has been a common theme in legislation through the years. During the 1930s and 1940s, banks stuck to the basics of taking deposits and making loans. Congress didn’t intervene again until 1956, when it enacted the Bank Holding Company Act to keep financial-services conglomerates from amassing too much power. That law created a barrier between banking and insurance in response to aggressive acquisitions and expansion by TransAmerica Corp., an insurance company that owned Bank of America and an array of other businesses. Congress thought it improper for banks to risk possible losses from underwriting insurance. While many banks today (1990s) sell insurance products provided by insurers, banks can’t take on the risk of underwriting.
Several attempts since 1933 by commercial bankers, and at times regulators, to repeal or draft exceptions to those sections of the law that mandate separation of commercial and investment banking — usually referred to alone as ‘Glass-Steagall Act’ — generally have not been successful. As a result, the United States and Japan (which was forced to adopt laws similar to the U.S. Banking statues after the Second World War), alone among the world’s important financial nations, legally require this separation. (Japanese banks can engage in many securities activities, however, including underwriting and dealing in commercial paper and ownership of up to 5 percent of non-bank enterprises.).
The Provisions Within the Sections of the Glass-Steagall Act
The Glass-Steagall Act has come to mean only those sections of the Banking Act of 1933 that refer to banks’ securities operations — sections 16, 20, 21, and 32. These four sections of the Act, as amended and interpreted by the Comptroller of the Currency, the Federal Reserve Board and the courts, govern commercial banks’ domestic securities operations in various ways.
Sections 16 and 21 refer to the direct operations of commercial banks. Section 16 and 21 refer to the direct operations of commercial banks. Section 16, as amended by the Banking Act of 1935, generally prohibits Federal Reserve member banks from purchasing securities for their own account. But a national bank (chartered by the Comptroller of the Currency) may purchase and hold investment securities (defined as bonds, notes, or debentures regarded by the Comptroller as investment securities) up to 10 per cent of its capital and surplus. Sections 16 and 21 also forbid deposit-taking institutions from both accepting deposits and engaging in the business of ‘issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stock, bonds, debentures, notes or other securities’, with some important exceptions. These exceptions include U.S. Government obligations, obligations issued by government agencies, college and university dormitory bonds, and the general obligations of states and political subdivisions. Municipal revenue bonds (other than those used to finance higher education and teaching hospitals), which are now of greater importance than general obligations, are not included in the exceptions, in spite of the attempts of commercial banks to have Congress amend the Act. In 1985, however, the Federal Reserve Board decided that commercial banks could act as advisers and agents in the private placement of commercial paper.
Section 16 permits commercial banks to purchase and sell securities directly, without recourse, solely on the order of and for the account of customers. In the early 1970, the Comptroller of the Currency approved Citibank’s plan to offer the public units in collective investment trusts that the bank organized. But in 1971 the U.S. Supreme Court ruled that sections 16 and 21 prohibit banks from offering a product that is similar to mutual funds. In an often quoted decision discussed at length in section IV of this chapter and in Chapters 2,3,4 and 5, the Court found that the Act was intended to prevent banks from endangering themselves, the banking system, and the public from unsafe and unsound practices and conflicts of interest.
Nevertheless in 1985 and 1986 the Comptroller of the Currency decided that the Act allowed national banks to purchase and sell mutual shares for its customers as their agent and sell units in unit investment trusts. In 1987, the Comptroller also concluded that a national bank may offer to the public, through a subsidiary, brokerage services and investment advice, while acting as an adviser to a mutual fund or unit investment trust. Since 1985 the regulators have allowed banks to offer discount brokerage services through subsidiaries, and these more permissive rules have been upheld by the courts. Thus, more recent court decisions and regulatory agency rulings have tended to soften the 1971 Supreme Court’s apparently strict interpretation of the Act’s prohibitions.
Sections 20 and 32 refer to commercial bank affiliations. Section 20 forbids member banks from affiliating with a company ‘engaged principally’ in the ‘issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities’. In June 1988 the U.S. Supreme Court (by denying certiorari) upheld a lower court’s ruling accepting the Federal Reserve Board’s April 1987 approval for member banks to affiliate with companies underwriting commercial paper, municipal revenue bonds, and securities backed by mortgages and consumer debts, as long as the affiliate does not principally engage in those activities.
‘Principally engaged’ was defined by the Federal Reserve as activities contributing more than from 5 to 10 per cent of the affiliate’s total revenue. In 1987, the DC Court of Appeals affirmed the Federal Reserve Board’s 1985 ruling allowing a bank holding company to acquire a subsidiary that provided both brokerage services and investment advice to institutional customers. In 1984 and 1986 the Court held that affiliates of member banks can offer retail discount brokerage service (which excludes investment advice), on the grounds that these activities do not involve an underwriting of securities, and that ‘public sale’ refers to an underwriting.
Section 32 prohibits a member bank from having interlocking directorships or close officer or employee relationships with a firm ‘principally engaged’ in securities underwriting and distribution. Section 32 applies even if there is no common ownership or corporate affiliation between the commercial bank and the investment company.
Sections 20 and 32 do not apply to non-member banks and savings and loan associations. They are legally free to affiliate with securities firms. Thus the law applies unevenly to essential similar institutions. Furthermore, securities brokers’ cash management accounts, which are functionally identical to cheque accounts, have been judged not to be deposits as specified in the Act.
Commercial banks are not forbidden from underwriting and dealing in securities outside of the United States. The larger money center banks, against whom the prohibitions of the Glass-Steagall Act were directed, are particularly active in these markets. Five of the top 30 leading underwriters in the Eurobond market in 1985 were affiliates of U.S. Banks, with 11 per cent of the total market. These affiliates include 11 of the top 50 underwriters of Euronotes. Citicorp, for example, has membership in some 17 major foreign stock exchanges, and it offers investment banking services in over 35 countries. In 1988, it arranged for its London securities subsidiary to cooperate with a U.S. Securities firm to make markets in securities in the United States. The Chase Manhattan Bank advertises that it ‘has offices in almost twice as many countries as ten [major listed] investment banks combined. Furthermore, commercial banks’ trust departments can trade securities through their securities subsidiaries or affiliates for pension plans and other trust accounts.
In summary, commercial banks can offer some aspects of investment advisory services, brokerage activities, securities underwriting, mutual fund activities, investment and trading activities, asset securitization, joint ventures, and commodities dealing, and they can offer deposit instruments that are similar to securities.
The Generally Accepted Rationale for the Separation of Commercial and Investment Banking
The generally accepted rationale for the Glass-Steagall Act is well expressed in the brief filed by the First National City Bank (1970) in support of the Comptroller of the Currency (William Camp), who had given the bank permission to offer commingled investment accounts. For this case (Investment Company Institute v. Camp, 401 US 617, 1971), which the Supreme Court decided in favor of the Investment Company Institute, FNCB’s attorneys described the rationale for the Act thus: (First National City Bank, 1970, pp. 40-2):
The Glass-Steagall Act was enacted to remedy the speculative abuses that infected commercial banking prior to the collapse of the stock market and the financial panic of 1929-1933. Many banks, especially national banks, not only invested heavily in speculative securities but entered the business of investment banking in the traditional sense of the term by buying original issues for public resale. Apart from the special problems confined to affiliation three well-defined evils were found to flow from the combination of investment and commercial banking.
Provisions of the Glass-Steagall Act were directed at these abuses:
(1) Banks were investing their own assets in securities with consequent risk to commercial and savings deposits. The concern of Congress to block this evil is clearly stated in the report of the Senate Banking and Currency Committee on an immediate forerunner of the Glass-Steagall Act.
(2) Unsound loans were made in order to shore up the price of securities or the financial position of companies in which a bank had invested its own assets.
(3) A commercial bank’s financial interest in the ownership, price, or distribution of securities inevitably tempted bank officials to press their banking customers into investing in securities which the bank itself was under pressure to sell because of its own pecuniary stake in the transaction.
A Summary of the Rationale Leading up to the Enactment of the Glass Steagall Act
The original (and in some measure, continuing) reasons and arguments for legally separating commercial and investment banking include:
BILL CLINTON REPEALED THE GLASS STEAGALL ACT IN 1999 ALLOWING ROTHSCHILD BANKING LEAGUE TO USURP AMERICA’S WEALTH BY FRAUDULENT DERIVATIVES.
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