The Occupy movement was initiated to be an American version — or at least, an American echo — of the Arab Spring. They did not succeed at shutting down Wall Street, despite heroic efforts by thousands of activists to camp out and literally occupy public space.

Occupy had appeal in much the same way as the Tea Party had appeal — this was a grass roots action being made in answer to the bank bailouts of 2008. It is to be applauded any time that we see the grass roots of America, showing stepped-up concern for America’s well-being.’

Occupy also had quizzical features, such as eschewing centralized leadership and refusing to issue a set of demands. That last point — failing to agree upon a set of demands — became a point of weakness, because the movement could say, “We’re the 99%, and we’re here ____ ” but it could not fill in the blank. Absent consensus, there is no way to “take it to the next level.”

Then, of course, the federal government coordinated a shut down for the movement, evicting activists from public spaces nationwide. The movement has seemed to be relatively quiet ever since.

Now, a different movement is coming along and saying, “End Wall Street.” I am speaking of the LaRouche movement, which is very different in nature and character than Occupy Wall Street.

Is Lyndon LaRouche an old nemesis? In my own case, yes, because he and I were political rivals in 1984. (Both independent candidates for U.S. President, we struggled to be a third alternative to Ronald Reagan and Walter Mondale.)

Right now, it is time for me to bury the hatchet with LaRouche, and to have a welcoming smile for the recent activist campaign of his LaRouchePAC: They are campaigning for Congress to restore the Glass-Steagall Act and thereby to bankrupt many of Wall Street’s largest firms.

There will be no confusion about this point: I am not Lyndon LaRouche. We differ on some matters, like nuclear energy (he’s for it, I’m against it). I am not joining the LaRouchePAC or movement, but I am surely smiling in their direction, because I too know that to restore financial sanity to America, it is absolutely necessary that America must reinstate the Glass-Steagall Act.

America must reinstate the Glass-Steagall Act. For all of the Occupy Wall Street people, this is the one central demand that should have been the focus of Occupy. Admittedly, it seems to be a dry, clinical discussion — for most people, it’s not very sexy to talk about the Glass-Steagall Act. But, America did it once before, and America can do it again. This is how to walk back much of the financial insanity that has befallen the United States in the new millenium.

Glass-Steagall was a reform enacted due to the Great Depression, and it was the law of the land from 1933 to 1999. For people who are in the 99%, we can note that the American middle class actually grew and had its best decades in the 1950s and 1960s. (For the U.S. middle class, life got worse after that.) Under Glass-Steagall, it was possible for the middle class to grow and prosper.

I want to offer a simple principle that may assist those who advocate the return of Glass-Steagall. Big boys are supposed to be able to pull up their own socks, and tie their own shoes.

In some ways, that was one underlying message of the Glass-Steagall Act. The separation of commercial banking from investment banking meant that government (FDIC) insurance would apply only to commercial banking, and that there was no government guarantee for those who stepped in to the Wall Street casino — namely, the investment bankers. The government would guarantee bank deposits, not wagers of those who speculate on the market value of “securities.”

Imagine a return of Glass-Steagall. Investment bankers will still be free to step into the casino. They will still be free to wager and speculate. But, if they incur losses, there will be no government bailout. Big boys are supposed to be able to pull up their own socks, and tie their own shoes.

Through bailouts, the American government and taxpayer have been backstopping Wall Street and taking on their losses. It is time to say, enough is enough, and “no more” to that. The return of Glass-Steagall would mark the end of privatizing the profits, and socializing the losses, on Wall Street. It would end this rigged system that we have been horrified to watch since 2008.

To restore the Glass-Steagall Act is exactly what we should be doing at this time, along with repealing the Commodity Futures Modernization Act of 2000, which legitimized financial derivatives and exotic securities. In so doing, we would restore the status quo ante — the ground rules which served America up to 1999.

If any person tells you, “It’s impossible to reinstate Glass-Steagall,” we can note that it’s equivalent to saying “It’s impossible to live through the 1990s.” Clearly, because America did it once, it is indeed possible to live through the 1990s. America also lived through 66 years under the Glass-Steagall Act; 137 years without the Federal Reserve; and, 224 years with no PNTR trade giveaway to Red China. (PNTR would be another good repeal, as it would also return America to the status quo ante, pre-1999. Repealing the Fed is another good idea.)

It’s time to encourage the big boys to pull up their own socks, and tie their own shoes, rather than doing so on the backs of the American middle class. It’s time to insist that the U.S. government must do the right thing, and reinstate the Glass-Steagall firewall between commercial and investment banking. To do so is a necessary first step to restore America into good form. It is already in keeping with my “politics of practical idealism,” and it’s a chance for Congress to do something decisive, rather than fiddling at the margins.

Four U.S. Senators already moved decisively — on July 11, 2013, Senators Warren, McCain, Cantwell, and King introduced a bill for the “21st Century Glass-Steagall Act of 2013.” The announcement can be found at this URL: http://www.warren.senate.gov/?p=press_release&id=178

To read more about the return of Glass-Steagall, look for an article here:

http://moneymorning.com/2013/07/13/after-14-years-of-free-for-all-glass-steagall-is-back/

This is the legislation to get behind. For a bombshell video that looks ahead to implementing the legislation, with breathtaking specificity, check the August 3 upload by LaRouchePAC at YouTube:

http://www.youtube.com/embed/9moNZ4TacB4

As the video says, “End Wall Street Now!”. Activists and concerned citizens should please share this on Facebook, elsewhere, and repeat until the rubber meets the road. 😉