September 10, 2010 - Following the September 7th Democratic Party Congressional candidate's debate for Massachusetts 4th CD seat, during which Rachel Brown thoroughly demolished long-time Congressman Barney Frank, reducing him at times to nonsensical stammering and blubbering, (the video of the debate can be found on the front page of this website) she issued the following statement:

"In addition to the general incompetence and lying, which characterized Barney Frank's participation in our debate, he returned, over and over, to a thoroughly discredited line, against Lyndon LaRouche's and my call for the restoration of the Glass Steagall legislation, by arguing that Glass Steagall would not have stopped the financial collapse, which unfolded between July 2007 and September 2008, precisely as Mr. LaRouche had forecast it would, on July 25, 2007.

"What Barney is trying to cover up, with his lies, is his complicity, as an operative for Wall Street and City of London financial interests, in a persistent, systematic effort, to destroy the U.S. economy, through especially the chipping away at, and then the outright repeal, of the Glass Steagall law, to turn our nation into a gigantic speculative casino economy. Frank and his controllers ultimately succeeded. By repealing Glass Steagall, in 1999, they created the greatest financial bubble in history. (Watch The Takedown of Glass-Steagall to learn more.)

"Had Glass Steagall been kept in place, the financial interests which profited from the bubble, which grew at the expense of the real, physical economy, would have never been able to produce this bubble.

"In 1933, shortly after his inauguration, President Franklin Roosevelt backed the passage of the Glass Steagall law, as the decisive step toward reversing the collapse of the banking system. Glass Steagall played the critical role in not just reversing the Great Depression, but opening the door for financing the great infrastructure projects – such as the Tennessee Valley Authority (TVA), Hoover Dam, CCC and WPA projects – which rebuilt the productive capacity of our nation. This legislation served our nation well, for more than six decades, until its repeal.

"The restoration of Glass Steagall today would have the same effect that it did, under FDR, in 1933. First, instead of never-ending bailouts of bankrupt financial institutions, as Barney, President Obama, Federal Reserve Chairman Bernanke, and Treasury Secretary Geithner continue to push, we must terminate the claims of the worthless, toxic assets, such as Mortgage-Backed Securities and an endless variety of derivative obligations, created during the twenty-year take-down of Glass Steagall. Our society is being destroyed by this bailout process, as is the value of the U.S. dollar, which has been propelled into a hyperinflationary trajectory which, if not stopped, will lead to a fatal implosion of the economy. The reintroduction of Glass Steagall would take these worthless assets off the books, and clean up the presently diseased balance sheets of banks and financial institutions.

"Second, this would allow the utterance of large amounts of federal credit, which could be channeled into great projects, which would create immediately millions of productive jobs. The most important of these projects is the North American Water and Power Alliance (NAWAPA), which could alone employ between 3 and 4 million people immediately. Further, NAWAPA represents the kind of high-technology project which assures not only an increase in the production of real, physical product to the economy – instead of make-work jobs – but is also the pathway to other, necessary projects for the U.S., such as the building of new cities, high-speed rail, nuclear power production, as well as a connection to major international cooperation in great projects, such as the Bering Straits Tunnel, which would connect the United States with projects in Siberia, and Eurasia generally.

"What worked under FDR in the 1930s, will work again today. Join my campaign, in the last days leading up to the September 14 primary, to retire Barney, and President Obama, so that we may again restore real physical productivity to the American economy, and the dignity of creative work to the American people."