Bring back Glass-Steagall as an issue in the primary.

[Motown_Johnny]

Last edited Thu Jul 9, 2015, 02:00 PM - Edit history (1)

My prediction:

One of our leading candidates will be strongly in favor. There will be absolutely no doubt about where this candidate stands on this issue.


The other leading candidate will try to be on all sides of the issue at once and never give a straight answer as to supporting it or not.


I am not saying which candidate is which but I think we all know, don't we? That in itself speaks volumes.




*Sorry gang, but at this point there are only two leading candidates. It is early so things can and will change, but this post is in the here and now and there really are only two leaders right now.*

[still_one]

1. and I predict that no matter who is President, they will not be able to bring back Glass-Steagall

until at least the next Census, when just maybe the gerrymandering in the house might be reversed

[JaneyVee]

2. Um, Hillary is all for financial regulation, even...

Hired a Wall Street watchdog into her campaign. And are you talking about the steagall vote that was passed 90-8 in the senate and 362-57 in the House? It was veto-proof. That being said, I would like to hear from all candidates about reinstating the parts of steagall that were stripped.

[jwirr]

6. Glass-Steagell was passed in 1932 to divide the investment bankers from deposit banks. It was

repealed in 1999 during the Clinton administration. And yes it may have been veto-proof but I would have much preferred that he would have made then override the veto.

As to reinstating it - this would once again divide the banks up. Not make them smaller but protect deposits. The deposit banks would be covered by FDIC funds like it used to be and the money we put into the bank would only be loaned out on a local basis for homes, cars and school loans. So it would protect the little people and stimulate the local economy.

On the other hand the investment bankers who engage in risky loans etc. will no longer be covered by FDIC - the risk will be their own and taxpayers will not have to pay for their loses. They will still have the right to invest in any way they want but they do not have our money to gamble with.

I think we should be able to get this through the Senate if we all get behind it but the House is another question. With so many Rs in the House we most likely will not be able to turn them away from their Wall Street backers. We will have to hope that we can pass this after we get a Democratic president.

[Motown_Johnny]

15. .

http://thehill.com/policy/finance/247119-warren-bill-could-create-headache-for-hillary

^snip^

Warren bill could create headache for Hillary


For liberals who are already wary of Clinton's ties to Wall Street, Warren's reintroduction of the bill could bring the issue to the campaign trail, even though the bill itself has virtually no chance of becoming law this Congress.

It gives her challengers an issue showing daylight between themselves and the Clinton, who retains a formidable lead in the polls, despite Sanders’s rise.

"The progressive wing of the party is getting louder and louder, and as such I expect both [Sanders and O'Malley] will try to draw a contrast with Hillary Clinton when it comes to Wall Street," said Democratic strategist Jim Manley.

Robert Borosage, co-director of the liberal Campaign For America's Future, praised Sanders and O'Malley for supporting Glass-Steagall.

[jwirr]

3. Already called my congress persons.

[Rosa Luxemburg]

4. This is a big one

Republicans may be shamed into supporting Warren and Mccain?

[DemocratSinceBirth]

5. Bernie already owns the demographic that is all aflutter about Glass Steagall.

If he really wants to expand his base he needs to get to HRC's left on gun control, just sayin...

[Maedhros]

8. That seems to be a rather specific issue to base a campaign on.

Reinstating Glass-Steagall would have a much far-ranging, long term, and significant impact on American prosperity.

Bernie is to the left of Hillary on every other issue, and it's not like he's a Second Amendment warrior. His gun control policy is left-of-mainstream, but not as radical as some others' owing to his constituency.

[DemocratSinceBirth]

9. I am all for restoring Glass Steagall

But I just don't believe the average American is going to care whether they buy their stocks and mutual funds from Fidelity, Vanguard, and Scott Trade instead of Citi Bank, Wells Fargo, and Chase Manhattan.


I trust my political antenna because I marry book smarts to street smarts... Whether my political antenna is working or is faulty will be revealed in the fullness of time.

[Maedhros]

13. I work for a major national bank.

There are very, very good reasons to keep banking, insurance and investment activities separate. For one, it prevents the type of bubble/burst economic cycle from hitting so hard, so deep into the economy.

[mmonk]

14. Definitely a major issue for this voter.

[Motown_Johnny]

19. They care about the financial collapse

and spelling out how the repeal contributed to the collapse will hit home.

Most people don't even buy mutual funds. They just want to know that something is being done to keep the banks from screwing them again. This is a home run for Bernie and Hillary is going to look really bad on the issue. Either she has to denounce something her husband did as President or she ties herself even more closely to big banks. it is a Lose-Lose for her.

[DemocratSinceBirth]

21. I have had casual conversations with people through the years...

I have had casual conversations with people through the years about Trayvon, Columbine, Charleston, Newton, Virginia Tech, et cetera. I have never had a conversation about Glass-Steagall... Respectfully, if you believe folks are running around with their hair on fire braying about banksters, corporatists, the 1%-99% divide and there are a plurality or majority of them that can catapult any candidate to the presidency there is nothing I can do to disabuse you of that notion.

There is no inchoate proletariat waiting to be mobilized.

Oh, Secretary Of State Clinton is an adroit politician and she will have no problem separating herself from her husband if she finds it politically advantageous. And after all she wasn't made from Bill's rib, the Book Of Genesis notwithstanding.

[Motown_Johnny]

22. I didn't say that anyone's hair was on fire

you said that people didn't care

I say that they do

[Maedhros]

26. Meh, I think you're projecting your own biases into what you're seeing.

Regardless of what anyone feels, reinstating Glass-Steagall is important. A good political leader will get people to understand this.

[Motown_Johnny]

16. This will come up in the debates

One candidate will score points by being decisive and showing leadership while the other will look evasive and untrustworthy.


We all want stricter gun control laws, but Sen. Sanders doesn't need to change his position to try to win votes. He will run on his record. Even in the wake of Newtown we couldn't even get background checks for gun sales. Gun control won't be in the top ten as far as issues go in the primary. They are not that far apart and nothing resembling what (D) primary voters want is politically possible anyways. It sucks, but it is true.

Sen. Sanders is using economics as his message and this issue is exactly where he is strong. It is also where Sec. Clinton is weak.

[sadoldgirl]

7. I am not so sure that this will be enough,

because banking games have become so complicated.

How about making derivatives illegal in the US at least?

They are the Las Vegas kind of gambling.

[FSogol]

10. Martin O'Malley wants it back. From last month on the 80th anniversary of Glass-Steagall passing:

Over 80 years ago, our country figured out—through the passage of Glass-Steagall—how to protect our national economy. We need to reinstitute Glass-Steagall, and keep commercial banks and investment banks from becoming so big that they harm our economy.

[bigtree]

18. from March

Gov. Martin O'Malley: Prevent another crash, reform Wall Street (March 19)

"The most serious structural reform we can make is reinstating the 1933 Glass-Steagall Act that kept commercial banks separate from investment banks. Under Glass-Steagall, our country did not see a major financial crisis for nearly 70 years. If that law hadn’t been repealed in 1999, the crash would have been contained.

The largest banks should be broken up into more manageable institutions. Today, five banks control half of the financial industry’s $15 trillion in assets. Even members of Congress, several Federal Reserve Board governors, and major players in the financial industry are recognizing that institutions that are too big to fail are too big to succeed."

[FSogol]

20. +1. Good op-ed. n/t

[RiverLover]

11. R & K!!

O'Malley has been talking about it....if only he got press attention, we would all know this.

[LWolf]

12. It's a pretty well-established pattern.

One nails an issue, the other is silent, or vague, or tries to catch up after the fact.

[JustAnotherGen]

17. And let's go one more step and try and get it done NOW

This was an open letter bigtree posted - it's at O'Malley's site.

Fill out this one.
https://martinomalley.com/dear-wall-street/

Or get something going like it at your candidate's site/facebook group, etc. etc.

We shouldn't have to wait for the next big thing - to get something done - that never should have been UNDONE in the first place.

[NCTraveler]

23. You don't have to hint at it. Shout O'Malley from the rooftops. nt.

[elleng]

25. YAAAAYYY!!!

[elleng]

24. I HOPE DU realizes that there is more than 1 candidate strongly in favor.

"Over 80 years ago today, Glass-Steagall was signed into law. We must work now to reinstate it."

- Martin O'Malley

Over 80 years ago, our country figured out—through the passage of Glass-Steagall—how to protect our national economy. We need to reinstitute Glass-Steagall, and keep commercial banks and investment banks from becoming so big that they harm our economy.

http://www.democraticunderground.com/1281892

[Raine1967]

27. 2 words:

MARTIN O'MALLEY!!!