Martin O’Malley Repeats Call to Re-Instate Glass Steagall
Martin O’Malley, former Maryland governor and Baltimore mayor, today on morning television issued a call for reinstating the Glass Steagall rule. He appeared on nationwide MSNBC TV, where, besides fielding questions about his intentions for the presidential candidacy in the Democratic Party, his first remarks addressed the economic crisis. He stressed to “Morning Joe” hosts, that,
The hosts then asked, what would be the one rule that should be passed to reverse the income inequality–the rich get richer, the poor get poorer? “What’s one thing that reverses that trend?”
O’Malley:
“Because one of the things we haven’t talked about too much, is that for all of the pain from the home foreclosures and the job losses, the concentration of wealth after each of these last two busts on the stock market actually increased!
“In other words, while other people lost homes, the people at the top came out even further ahead.”
Next week, O’Malley is travelling to Iowa, known for being a caucus state, but also home to farm state support for re-instating Glass Steagall as national priority. Newly retired Iowa Sen. Tom Harkin (D) introduced a bill in 2013 to re-instate Glass Steagall (S. 985).
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