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David Stockman Reiterates Call for Glass-Steagall Now
13 February 2014
(LPAC)—David Stockman, who was a Michigan U.S. Congressman and later was President Ronald Reagan’s director of the Office of Management and Budget (OMB), told a large audience in Washington, D.C., on Tuesday night that Congress must immediately reinstate Glass-Steagall and take other measures to totally bust up the too-big-to-fail banks. Stockman, a conservative icon, has recently written a 700-page book called The Great Deformation: The Corruption of Capitalism in America, which attempts to trace the history of the buildup of a massive war-economy and financial bubble, dating back to Woodrow Wilson. Speaking before a private audience of several hundred people at the exclusive Cosmos Club, Stockman assailed the extraordinary level of defence spending and rise of an enormous government-backed financial bubble as two sides of the same corrupting system that has now reached a breaking point. In response to a question from the audience, Stockman gave a powerful endorsement to the need to reinstate Glass-Steagall. He described Carter Glass as ``a great American and personal hero.’’ [JS_] |