Wright Patman’s Prescription for Healing the Cancerous U.S. Banking System

Published on Dissident Voice, by Doug Page, March 28, 2009.

I am scared. We all are scared. Our Wall Street obedient leaders who claim they are struggling valiantly to “solve” the banking crisis seem to meander uncertainly and ideologically, while they spend unimaginable Trillions of Dollars of our public money. All of this is using public money that we have borrowed, and we worry how we and our children will ever repay it. We worry that the Bail Out will do nothing for us.

Forty five years ago in 1964, Wright Patman had answers and solutions for our banking problems which he left for us in his Congressional Reports, in transcripts of Congressional Hearings, and in his speeches in the Congressional Record.

Wright Patman was an extremely well qualified expert on our side. He was a lawyer, a former District Attorney, a former Representative in the Texas Legislature, and a long time Congressman. Wright Patman served as a Congressman from the North East corner of Texas for 47 years beginning in 1929 and ending in 1976. He was Chairman of the United States House Committee on Banking and Currency until 1975. He was an avid New Dealer. He served in Congress on the banking committee at the time of the 1929 Stock Market Crash, the Great Depression, the New Deal recovery efforts, financing World War II, and the post war boom period. Unlike current Representatives and Senators, he was not taken in by private Wall Street Banks for one second and he fought to expose Wall Street Banking evils and power.

Patman from his long experience with our banks provides evidence that Thomas Jefferson’s 1802 view of private banks was accurate:

  • I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.

Luckily for us, Patman summarized his long experience with Wall Street Banking in his 50 page report, A Primer on Banking published by the U.S. Government Printing Office in 1964. It was his gift for us, his warnings, and his suggested reforms that are very relevant today even though our banking problem has gotten many times worse …

Wall Street’s plan to rescue itself is a covert class war by the top 1% against the rest of us. Wall Street seeks to solve the problem of the huge public debt to China by inflating the dollar so that each of our dollars buys less and less. This will put us into poverty. China is well aware of this Wall Street strategy which involves cheating China also. China would be repaid with inflated dollars that will buy less and less. Strangely enough, we have a common interest with China in stopping this sly anti-social Wall Street scheme. (full long text).

(Doug Page is a retired lawyer for unions, a former Democratic politician, and a life long observer of government, unions and business. He can be reached by e-mail).

Links:

Doug Page’s website

More articles by Doug Page

PRESIDENT OBAMA: TAKE ADVANTAGE OF THE WALL STREET DISASTER TO BRING US STABLE SECURE LIVES, December 27, 2008;

The Pardon, by Seymour Hersh, December 29, 2006;

PATMAN, John William Wright, (1893 – 1976);

Biographical Directory of the United States Congress.

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