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PRESS RELEASE


National LaRouche Campaign:
Smash Goldman Sachs,
Implement the LaRouche Plan

April 21, 2010 (EIRNS)—The national election campaign being conducted by LaRouche Democratic leaders Rachel Brown (4th CD-Mass), Kesha Rogers (22nd CD-Tex), and Summer Shields (8th CD-Calif) launched a coordinated offensive today against the criminal financial practices which the current Goldman Sachs scandal merely typifies, and for immediate implementation of the LaRouche Plan for bankruptcy reorganization, which represents the only workable alternative.

In his statement, entitled "Why Goldman Sucks," which is being distributed in the financial district of San Francisco today, Shields, who is running for the Democratic Party nomination from House Speaker Nancy Pelosi's district, says:

The April 16 decision by the SEC, to investigate the fraudulent practices of Goldman Sachs, should not stop at the doorstep of only that institution, but must lead to an emergency bankruptcy reorganization of the international banking system.

In her statement, entitled "Why We Must Have a Global Glass-Steagall," Rachel Brown, who is challenging Barney Frank for the Democratic Party nomination, asked:

Are you surprised by the recent allegations that Goldman Sachs was involved in a financial swindle? This has been the character of the economy, as statesman Lyndon LaRouche has warned, since 1987. The real question is: Why haven't we put this dead system through bankruptcy? Goldman Sachs received billions of dollars in bail-outs as they carried on this swindle, as did every other financial institution in the world. No one can hide from this global collapse, no matter how much we throw endless amounts of money at this bankrupt system.

Only a Global Glass-Steagall bankruptcy reorganization will separate the worthless assets, from those tied to the real economy. All derivatives, and related financial trash, will be thrown out. Don't let the Harvard economists fool you: these gambling bets are not improving the economy. There is no way for the economy to be safer when it's based on a financial bubble.

Candidate Kesha Rogers, the official Democratic Party nominee against Republican Pete Olson in the November election, put it this way in her statement, entitled "Expose the Fraud of the System!":

The case of Goldman Sachs opens the door to a sweeping criminal investigation, through a new Pecora Commission, to expose the systemic fraud of the entire bankrupt financial system. This only proves what American statesman and physical economist Lyndon LaRouche has been saying since his historic and highly accurate webcast in July 2007: The entire financial system is bankrupt. There is no saving this bankrupt system. The entire British monetary system of globalization is a fake, and the longer it is bailed out, the worse things will get....

We must expose these Wall Street criminals in public hearings, opening their books before the world, to discover just how deep their fakery and corruption goes, as was done during the Pecora Commission hearings of 1932-1934. There must be a system-wide reorganization of the banking assets according to 1933 Glass-Steagall standards, where worthless derivatives and other speculative gambling debts are trashed and wiped off the books, while all the legitimate assets tied to real, physical debts like pensions, mortgages, and legitimate commercial accounts, are protected from further looting by these financial parasites. We must tie the value of our dollars to physical production again, using the Constitutional powers of Congress to issue public credit for investment in productive jobs in agriculture, industry, infrastructure, and scientific and technological progress, refusing to allow international banks to speculate upon its worth like a commodity. The United States must collaborate with other major world powers, specifically Russia, China, and India, and form an alliance of sovereign nations standing together against the British monetary empire.