Letter to Obama re. Gramm-Leach-Bliley Act of 2000/2001

To:       Sens. Obama, Clinton, Bunning…

            Reps. Chandler, ?

 

 

I write to direct your attention to the Gramm-Leach-Bliley Act of 2000/2001—more precisely, to its so-called “Enron loophole.” I suppose the Act includes some positive and desirable provisions. This ‘loophole’ isn’t one of them. It is enabling the last months’ rounds of increasingly insane speculative assaults on oil futures, to say nothing of other less obviously pernicious effects upon energy markets of many kinds (not to forget the Enron debacle itself).

            Surely, it is long past time to rescind this destructive piece of legislation. I urge you to lend your considerable acumen and authority to work for early and decisive action on this matter. True, I’m just one unknown citizen—an ordinary, struggling consumer. But I’m reasonably certain that this one action will have measurable positive effects upon the cost of commodities critical to the lives and livelihoods of virtually all of us. It is perhaps the only single, simple measure, short of nationalizing the oil industry (which at times also appeals to me), that might bring such results.

            I would also ask that you give thought to additional steps that might serve to help stabilize pricing for as many essential commodities as possible. The list of customary intangibles affecting cost and supply of ordinary commodities is already huge and unwieldy. Most of these, however, come under the heading of ‘natural’ variables. When unfettered, unregulated greed pure and simple is injected into the mix, civilization itself is eventually threatened. Frankly, if the present pattern of steadily escalating attacks upon the fabric of American life is permitted to continue unchecked, I can only predict a much earlier collapse of our system than any of us would like to contemplate.

            And wouldn’t that be a bitter irony—that we ourselves, not Bin Laden or other foreign powers, brought on our own demise?

            In conclusion: I deeply hope that the last 8 years have been instructive enough that we can begin reining in greed, arrogance and brute stupidity. I’m not that far from the end of my life. When that day does come, I’d really like to meet it with renewed pride and faith in my country. You are in a position to help that wish come to fruition.