LaRouche Proposes Homeowners and Bank Protection Act in Foreclosure Crisis
Aug. 22, 2007 (EIRNS)The following release was issued by the Lyndon LaRouche Political Action Committee (LPAC).
The Lyndon LaRouche Political Action Committee is mobilizing to get Congress, on return from recess after Labor Day, to enact the Homeowners and Bank Protection Act of 2007. This is legislation that Lyndon LaRouche proposes as the only means, at this late date, for stopping millions of home foreclosures and evictions this year and next, and for launching a larger process of bankruptcy restructuring of the U.S. and global dollar-based financial system, which is now already doomed. Governors and state legislators all across the United States will enthusiastically join in this effort, which some leading bankers and Democratic Party figures, briefed on LaRouche's proposal, have already declared is "doable" and the "only salvation" for the American people.
Here are the essential features of the Homeowners and Bank Protection Act of 2007:
By September-October, unless this legislation is enacted as a first order of business of the 110th Congress in September, many millions of Americans will be evicted from their homes, setting off a process of social chaos that must be avoided. The freezing of foreclosures is the vital first step in a thorough reorganization.
Under this plan, the Federal Reserve System will be, itself, put through bankruptcy reorganization, and transformed into a Third National Bank of the United States. As developed in Lyndon LaRouche's just-released draft platform for the Democratic Party, these actions shall be complemented by the creation, by treaty agreement among leading nation-states, of a new Bretton Woods System, based on fixed exchange rates, and long-term treaty agreements for large-scale development projects on a global scale.
LaRouche said the foreclosure tsunami is occurring, not in a mere housing crisis or mortgage crisis, but a disintegration of the entire global financial system. There is no bottom to this collapseunless a legislative fire-wall is created now, and a halt to the income drain on the population, brought on by the hyperinflationary debt bubbles created by Alan Greenspan and his ilk.