Monday, October 18, 2010
Politics Dave Reichert's Glass-Steagall Jaw
Posted by Goldy on Mon, Oct 18, 2010 at 8:47 AM
In justifying their editorial abandonment of Rep. Dave Reichert in favor of political newcomer Suzan DelBene, the Seattle Times lauded the Democratic challenger for her nuanced and knowledgeable grasp of the issues:
DelBene is not a guaranteed Democratic vote. She would have gone further to reform Wall Street, including reviving the Glass-Steagall Act — the Depression-era legislation that once kept commercial lending separate from investment activities. DelBene seems to grasp the urgency to simplify and reinvigorate government oversight.
But Reichert... not so much. Indeed, when he was asked about the subject Saturday morning at a candidate forum in Newcastle, Reichert didn't even know what Glass-Steagall was...
Reichert gave a meandering speech that contained few specifics. At the end of his speech, the moderator asked for questions from the floor. A woman asked Reichert to describe his position on whether the Glass-Steagall Act should be reinstated. Reichert said he's not familiar with the act.
Or at least, Reichert isn't familiar with the act... anymore.
Whether Reichert never knew what the Glass-Steagall Act was, or just can't remember it since taking a tree limb to the head, I don't know, but whatever the reason, it's part of a pretty troubling pattern. Back in August, the Seattle Times ed board publicly castigated him for being unable to explain his opposition to Wall Street reform, yet six weeks later he was still unable to articulate an answer when asked again by KING-5 TV's Robert Mak.
Is Reichert unable to learn and retain information about complex issues like these, or is he simply too lazy or disinterested to try? Either way, and whatever the cause, you'd think this might give pause to voters who take this election seriously.
1
I love how Reichert is trying to handcuff DelBene to Pelosi even though DelBene has never cast a vote in the congress.
3
Given the tenor of political debate right now, not knowing what Glass-Steagall is can be turned to his advantage. We've all heard the repeated complaint coming out of the conservative camp that there are just too darn many laws on the books. All this regulation, how's a small business-person supposed to do business? (etc. etc.) In this context ignorance about a specific law can be turned into a strength: How can I be expected to know all the laws when there are so many? We need to simplify the system!
Remember Palin saying she disagreed with a number of Supreme Court rulings, and then being unable to name one since Roe v. Wade? O'Donnell did the same thing last week, after complaining about 'activist judges.'
Ignorance of the law will not hurt him with his base.
Remember Palin saying she disagreed with a number of Supreme Court rulings, and then being unable to name one since Roe v. Wade? O'Donnell did the same thing last week, after complaining about 'activist judges.'
Ignorance of the law will not hurt him with his base.
4
Proteus @3,
It's not Reichert's base that keeps him in office, but rather the 8th CD swing voters who have been convinced that he is some sort of level-headed moderate. These are the kinda voters that might be swayed by his obvious lack of competence.
It's not Reichert's base that keeps him in office, but rather the 8th CD swing voters who have been convinced that he is some sort of level-headed moderate. These are the kinda voters that might be swayed by his obvious lack of competence.
5
@3 - And how many times has Sarah Palin been elected since publicly flouting her ignorance? And what's Christine O'Donnel's lead over her opponent?
Being a moron may get you a job on a cable news show, but it doesn't win over the voting public.
Being a moron may get you a job on a cable news show, but it doesn't win over the voting public.
6
@3 I fault the Dems for not being articulate enough about why these laws were on the books and what catastrophes they prevent. The same people who claim we have too many laws aren't complaining about the laws an everyman deals with on a day to day basis. These are laws that prevent the financial industry from scamming everyday people out of retirements and homes. That's one of the problems I have with the right wing. The elites talk about less government and the base thinks 'Yes!, less permits...etc.' but what the elites mean is less government control over bank executives and Wall Street. That has lead to one disaster after another and forces the government to play an expensive game of catch up to prevent a total collapse of the economy.
7
Not being strong on economics is one thing, complete disinterest in it is another matter. Understanding Glass-Steagall, why it was put in place, what it represented for this country for 50 years, what the implications of it's repeal are, and how that repeal relates to the financial collapse, current economic woes, and potential legislative remedies is crucial. It is mandatory for every member of Congress. For the past two years, Glass-Steagall and the Gramm-Leach-Blilely bill that undid important parts, have been two of the most talked about and debated bills.
Meanwhile, Reichert has been campaigning on his opposition to TARP and Wall Street reform.
This level of incompetence and ignorance is a firing offense.
Meanwhile, Reichert has been campaigning on his opposition to TARP and Wall Street reform.
This level of incompetence and ignorance is a firing offense.
8
Probably can't blame the tree branch for this one-- I'd bet Reichert never knew what Glass-Steagall was. It's obvious he slept through his high school history class.
9
He was never the sharpest quill on the porcupine in the first place. But to not even be able to bullshit your way through a question like that ought to disqualify one from holding political office; any politician worth his/her salt should be able to quickly make up some BS answer that turns the topic to whatever their pet soundbite is. "Well, Glass-Steagall is all very well, Tiffany, but what I really want to talk about today is Gleeble Reform. The Gleebles are just out of control, and they're costing the middle-class taxpayers too much money."
10
The reason Reichert is against Wall Street reform is because he is told to be against it by the party brass. Be against it and the check is in the mail. Has anyone checked out this clown's net worth before he went to DC and what it is now?
11
Here's a video of Reichert's blunder: What's the Glass-Steagall? http://www.youtube.com/watch?v=5SFVLm_Ox…
Question: "I agree with you that over-regulation is not a good thing, but do you think that they should reinstate The Glass-Steagall Act and at least separate the banks' ability to gamble with our money?"
Reichert: "Well, the Glass-Steagall Act is one that I'm not familiar with. I'm sorry I have to go back and look at that, but I do agree it's something that we haven't dealt with on the House side in committees that I've had, so I'd be happy to look at that and come back and give you an answer on that." [ Newcastle Chamber, 10-16-2010
Question: "I agree with you that over-regulation is not a good thing, but do you think that they should reinstate The Glass-Steagall Act and at least separate the banks' ability to gamble with our money?"
Reichert: "Well, the Glass-Steagall Act is one that I'm not familiar with. I'm sorry I have to go back and look at that, but I do agree it's something that we haven't dealt with on the House side in committees that I've had, so I'd be happy to look at that and come back and give you an answer on that." [ Newcastle Chamber, 10-16-2010
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