Trump Puts Glass-Steagall in the Thick of the Election Campaign
Oct. 27, 2016 (EIRNS)—About halfway through his campaign speech yesterday in Charlotte, North Carolina—touted on his website as his policy for "urban renewal for America’s inner cities"— Republican presidential candidate Donald Trump said:
"I will also pursue financial reforms to make it easier for young African-Americans to get credit to pursue their dreams in business and create jobs in their communities. Dodd-Frank has been a disaster, making it harder for small businesses to get the credit they need. The policies of the Clintons brought us the financial recession—through lifting Glass-Steagall, pushing subprime lending, and blocking reforms to Fannie and Freddie. It’s time for a 21st-century Glass Steagall and, as part of that, a priority on helping African-American businesses get the credit they need."
A few paragraphs later, Trump added: "Equal justice also means the same rules for Wall Street. The Obama Administration never held Wall Street accountable."
Later in the speech, Trump also warned that Hillary Clinton’s policies could lead to World War III. After ripping into her and President Obama’s failures in Libya, Iraq, Egypt, Syria, the Russian Reset, the Asia Pivot, etc., Trump stated: "Now, Hillary Clinton wants to confront nuclear-armed Russia with a shooting war in Syria that could lead us into World War III." In an earlier speech in Florida, Trump had also warned that the US could "end up in World War III if you listen to Hillary Clinton."
Trump’s call for Glass-Steagall is getting some coverage in the U.S. media. For example, Reuters headlined its wire: "Trump calls for ‘21st century’ Glass-Steagall banking law," and notes that the Republican Party has that in its platform (but fails to mention that it is also in the Democratic Party platform). The article reports that Glass-Steagall was repealed under Bill Clinton.
Lyndon LaRouche commented today that what Trump said is a credible idea, but is it true? Hillary is a foul ball and has to be politically wiped out, but that doesn’t make the other side geniuses, necessarily. There’s a question as to Trump’s seriousness. We don’t know at this point, but we have to find out what’s behind this. But the issue is on the table, so people can’t duck it.