Read a Pacific Northwest, liberal perspective on world, national, and local politics. From majestic Redmond, Washington - the Northwest Progressive Institute Advocate.

Monday, October 18, 2010

Dave Reichert doesn't know what the Glass-Steagall Act is (sad, but true!)

Nice catch by Suzan DelBene's campaign:
QUESTION [at Newcastle Chamber of Commerce Forum]: I agree with you that overregulation 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?

DAVE 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.
Talk about being unstudied! Reminds me of this answer from four years ago:
RYAN BLETHEN: Do you believe the FCC should push changes wanted by media conglomerates? If so, does Congress need to create laws that promote local and diverse ownership of the press and media?

DAVE REICHERT: That's an issue that I am not familiar with, and I will have to pass on that question.
Not familiar with, not familiar with... notice a pattern?

Amazingly, back in 2006, the Times endorsed Reichert, even after he admitted in the above debate transcript that he didn't know anything about one of their signature issues. But that was only because the Blethens despised Darcy Burner. Darcy's not running this time around, and as a consequence, Reichert didn't get their support by default. Instead, it went to Suzan DelBene.

Now we're seeing repeat after repeat of that moment from the 2006 debate at Meydenbauer Center. Reichert's like a deer caught in the headlights.

If Reichert knew anything about the history of economic security legislation in this country, he'd know about the Glass-Steagall Act. It set up a firewall between commercial and investment banking which was only torn down by Republicans and President Clinton at the end of the 1990s. Our own Senator Cantwell is the sponsor of a bill to restore Glass-Steagall, and Suzan DelBene supports that effort. Dave Reichert, meanwhile, doesn't even know where he stands.

“The public deserves better than a ‘woefully unprepared’ Dave Reichert who ‘comes up short’ again and again,” said Scott Whiteaker, communications director for Team DelBene, referring to local columnists and editorial writers who have given Reichert's record a failing grade. “Dave Reichert’s latest gaffe shows why he has zero credibility on the economy and perfectly illustrates how he doesn’t understand how to address the challenges we face today.”


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