LaRouche: O'Malley is Right about Glass-Steagall

March 12, 2015

Since last Friday, March 6, in Concord, New Hampshire, former Maryland Governor Martin O'Malley has been pressing his exploratory bid for the 2016 Democratic Presidential nomination around the central issue of the restoration of Franklin Roosevelt's Glass-Steagall law of 1933, overturned in 1999.

"We should get this out everywhere," Lyndon LaRouche said today.

"Both Glass-Steagall, and the fact that O'Malley's running on it. O'Malley's raised this question, and anyone who opposes that policy, has to be considered as a defective choice for a candidacy for President. O'Malley's the only one right now, who has the qualifications for being a Presidential candidate. The others will now have to declare themselves on this. You cannot 'go along to get along' forever with Wall Street."

What's the problem in the U.S.? It's that the financial side of things from Washington's standpoint, does not accord with the interests of the United States. It's the same problem in Europe: the point is that certain interests want to protect their financial interests, even though those financial interests are now becoming worthless.

Look at the whole European thing. Europe is actually raping Greece, and has been doing it for some time. And it hurts like Hell when you don't go along with that deal. So, people don't have a care for the world: they care for their own petty, cheap interests.

The time has come to break up the Eurozone. Just break it up. Tell them the time has come to break it up, on the very theme that that institution does not know how to behave itself. It's time to get rid of it, because it's becoming like an arrogant bastard. It has no rightful claims to authority over other nations.

What Europe is doing in their gambling system, means it's impossible to get peace in the Middle East or anywhere else. It means that if Greece pulls out, on the one hand, then the Eurozone collapses. But the opposite also works the same way. If they stay in, it disintegrates by the weight of their presence.

SEE "Glass Steagall"

The whole thing is fraudulent. This stuff has no value: this banking system. And they ought to get back to the United States policy. Forget the fact that a couple of clowns voted down U.S. law in 1999: Glass-Steagall must be restored. We've got to get that Glass-Steagall restoration and throw it at the U.S. Congress, and say "This fraud is what caused our problems."

"O'Malley's right," LaRouche said.

"It has to be done. It is the key step. That, of course, would sink Wall Street. That's the whole point. Anyone who's running on a Wall Street ticket doesn't deserve election."

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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,

"Our problems are not going to solve themselves. Many of the things that we did to dis-connect the hard work of American workers from the productivity of corporations are things that we did. So these are things we brought upon ourselves. We'd like to pretend that the economy blew in here on some sort of Gulf stream or jet stream. But the fact is, we make these rules. And we can make better rules in order to restore that link between hard work and the opportunity to get ahead."

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?"


"Well one thing that would-, one thing would be to re-instate Glass Steagall. For 70 years, we prevented banks from gambling with our money, and wrecking our economy and running roughshod over the common good that we share as a people; and having a stable and good economy. Everybody--I mean on both sides of the aisle--I mean, so many people say we should do that, and yet it remains undone. And some people in my own party are holding themselves out as promoting some sort of a Dodd-Frank Lite--'We don't want to offend anyone on Wall Street, so let us not talk honestly about how we can rein in this excessive behavior.'

"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).