Glass Steagall on Table in North Carolina Senate Race

Reflecting political reality in the country as a whole, in North Carolina, the Senate candidates of both parties are campaigning for a restoration of Glass-Steagall.

North Carolina Democrat Senate candidate Elaine Marshall, currently the state's Secretary of State, running against incumbent Republican Richard Burr, made restoration of Glass- Steagall a major issue in her campaign in the Democratic primary. In February 2010, Marshall collected over 2,700 signatures on a 3-point petition she delivered to Sen. Burr's office, demanding that the Senator vote up measures against Wall Street. Point 3 of the petition: "Reenact a modern Glass-Steagall Act. No bank should be too big to fail. The designation gives the institutions a government safety net that, over time, encourages risky behavior." When the primary drew near in May, a local paper reported Marshall (not the candidate favored by the DNC) as the candidate who "wants to re-enact Glass-Steagall Act, which was established in response to high-risk bank speculation during he Great Depression and repealed in 1999."

Now the official Democratic Party candidate, her campaign website continues to push for restoration of Glass-Steagall, on her "Wall Street Reform" issues page.

A LaRouche PAC labor contact reported yesterday that Marshall was the most animated and lively in her address to the machinists union (IAM) state meeting on Sept. 8, when she spoke about the need for toughening regulations on Wall Street. She didn't mention Glass-Steagall in that speech, but he when he spoke to her afterwards about Glass-Steagall, she enthusiastically told him she supported it. He told her: push that, and you'll win the election. The American people are fed up with Wall Street.

In June, the otherwise-neocon Sen. Burr endorsed Glass- Steagall and has been campaigning for it, too.

Notably, Democrat Marshall declared on August 26, that Presidential Deficit Commission co-chair Alan Simpson "should resign, or the President should fire him," after his infamous attack on Social Security ("a cow with 310 million teats").