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The Delaware Way The Glass-Steagall Act - YouTube
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welcome back to the Delaware way if
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you've been watching the show for a
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while you'll know that I've called our
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next guest the Bernie Sanders of
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Delaware representative John kawal co is
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here he's the Democrat from the 25th
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district as always thanks for being here
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and now the Delaware primary counts and
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Bernie Sanders very well may be coming
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to the state have you met him before I I
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did actually December of 2014 I met
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about a six conference six azia is a
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progressive group it's a state exchange
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information exchange I believe in Van
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Jones it was the one of the creators on
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that and in Washington in December of
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2014 he was a speaker and I went out to
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me afterward and I said if you come to
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Delaware I guarantee you'll win it does
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he have a shot here and there I calling
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right I think it's a shot because i saw
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i saw 350 people at that opening of his
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headquarters in and that dwarfed the the
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the Hillary turned out of her
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headquarters was less than 100 I mean it
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was enthusiastic it right the range was
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young old in between it was not just the
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college student crowd that you read
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about and you're endorsing him and
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you're campaigning for him you're
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raising money for them yes I actually
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contributed worth to to the Sanders
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campaign that I've every contribute that
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he can't paid in my my life and you open
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up the headquarters for him hello and
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Delaware's in play I mean it's the same
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day as the primaries for Pennsylvania
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and Maryland so I don't understand why
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the candidates wouldn't stop it would be
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easy I hope so you don't mean maybe it
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is pure numbers you know numbers aren't
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big enough but I I think he's the type
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of Kennedy that does like to go to
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places though they're out in a way he
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seems to feed off of that that crowd
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enthusiasm what state wins are becoming
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a big thing yep and so it's another
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state win and another one he could put
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in his call ya when you start talking
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about delegate delegate counts and it
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gets closer and closer closer then you
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start talking about how many states that
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you would you know and how many say is
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you going to bring to did it matter
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let's talk about something that's
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important to both Bernie Sanders n to
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you to reinstate glass-steagall now you
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have a bill in the legislature in
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Delaware to do just that but you have no
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power over that no no no that's why my
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but it's not a builds a house key card
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resolution which has the effect of a
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officially notified Congress that we the
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Delaware delegation once that
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state glass-steagall it's called a house
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concurrent resolution it is urged
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Congress to reinstate glass-steagall
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I've already had this dialogue at a
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national level in 2013 when I introduced
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a resolution at the National Council of
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state legislators to urge Congress to
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reinstate glass-steagall it's so
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important it's so important to our funny
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important to explain well in 1933
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glass-steagall was put in place because
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the two separate the commercial banks
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for the investment banks and two
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separate commercial banks from being
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allowed to engage in investment to help
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premise was that commercial banks would
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guarantee deposits $250,000 through the
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feds that's always no risk of them so
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then taking that money that was no risk
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and they investigate can lead to a
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temptation to invest it in something
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rather sketchy type things and does not
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a serta guaranteed to succeed or not
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they had a free pass and the whole idea
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is that this led to to our crash this
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led to our yeah but it but there's an
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argument against that as well and I know
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Hillary Clinton espouses to this
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argument and many Republicans do too
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because it wouldn't have prevented
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Lehman Brothers it wouldn't have
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prevented Bear Stearns it wouldn't be
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prevented merrill lynch from going under
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but but there are if you read a
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statement from Public Citizen made to
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the Maryland General Assembly who's
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considering this type of resolution also
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there there are very significant points
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we're leaving Lehman debacle failure was
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contributed to by the fact that there
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was banking industries and they were
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forced to it to bide Lehman and leave it
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was forced to buy another industry so
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they're all integrated actually the
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mortgage business is integrated even in
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the insurance industry is integrated it
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is corporate banks the commercial banks
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being allowed to become investment
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vehicles but it certainly is a
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legitimate i would say trench that
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prevents a that natural instinct to just
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like go willy-nilly with the investors
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money shareholders my taxpayers money
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because we lost 13 trillion dollars the
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american economy during the crash and
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that doesn't affect just a bank or the
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bank investors or or even the mortgage
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holders that affects every one of us you
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me anybody has a penny in any kind of
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investment vehicle whether it be mutual
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fund not suffer through that
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anxiety and that reality of an economic
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downfall jobs were lost millions of jobs
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were lost and this is all a result of
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the fact that we do not regulate the
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industries we should be regulating with
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a sincerity in a formality that will
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disallow them from being tempted and
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acting on that temptation representative
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cuoco as always I appreciate you coming
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in John kawal Co who represents the 25th
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district and he is as you might be able
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to tell a Democrat the Delaware way
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continues after this
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