The Republican Platform’s Surprise Revival of Glass-Steagall Legislation

Maybe there are 2 sides as The Big Short suggests. What would Michael Burry think about Donald Trump? Let’s face it – you can’t fight it unless you understand it and you certainly can’t lead the fight if you are in bed with the “other side”.

Justice League

David Dayen

THE LAST-MINUTE DECISION to include in the Republican platform a call to restore the firewall between commercial and investment banking comes as a surprise, because Donald Trump himself has never publicly addressed or endorsed such a reform in his year-long presidential run.

Trump did once say at a debate in New Hampshire, “nobody knows banking better than I do,” but a review of the transcripts of all 12 Republican debates shows that he never endorsed restoring Glass-Steagall, legislation first passed in 1933. Websitesdevoted to detailing Trump’s positions find no record of him having any opinion on the Depression-era law. The issuespages of Trump’s presidential website steer clear of anything related to banks or finance.

In fact, Trump campaign manager Paul Manafort, who first leaked word that the platform would endorse the reintroduction of Glass-Steagall, ran a campaign consulting firm in the 1980s that helped elect to…

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