Maine Senator Angus King wants to make banking boring again

Sen. Tom Carper (D-DE), Sen. Joe Manchin (D-WV) and Sen. Angus King (I-ME) speak to reporters on Capitol Hill, July 9, 2013 in Washington, DC.

Here's a truly awful advertising tagline that would go nowhere on Madison Avenue: "We make banking boring again". But is it possible that Wall Street needs this slogan?

Senator Angus King of Maine, an Independent who has been working with prominent Democrats and Republicans, says yes. Five years after the financial collapse, King is trying to bring back the Glass-Steagall Act, originally created after The Great Depression to split up commercial and investment banking. That restriction was later repealed in 1999 under the Clinton administration.

He joins Marketplace Morning Report host David Brancaccio to explain. Click on the audio player above to hear more.

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio
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Thanks for clarifying your stance. If I understand you correctly, you're saying that because King is a socialist democrat, any legislation he sponsors, particularly that which tries to restore a barrier between investment banking and normal banking, is automatically suspect. Did I get that right?

Are you serious?
You need to understand this Senator and his state and how and why they think the way they do.
Kings and Maine's perspectives are unique and you need to understand why.
King was elected as an independent but he is really a socialist democrat.

Another analogy that may help you understand perspective is Texas.
In Texas democrats are really republicans and republicans are really neocons.

It is all about perspective and that is shaped by ones origins.
Kings perspective on Glass-Steagle is from Consumer Protectionism rather than Corporate Rights.

What do the ad hominem attacks on King have to do with the legitimacy of King's efforts?

Disclosure: I grew up in Mane, attended high school with the author.
I was forced to leave Maine for a quality engineering education and a professional job, both of which are nonexistent in Maine. I was consequently able to retire at age 50. All my friends still in Maine all have graduate degrees and ALL make less than $10/ hour in Maine.
Maine is the textbook example of he failures of socialism- too dependent on the Fed.

Let us look at Maine to see where King comes from: Maine is one of the poorest states and receives more federal aid per Federal taxes paid, something like $1.72 for every federal tax dollar they send to DC. In Maine, the SOCIALIST mentality is prevalent, again Maine has some of the highest federal welfare assistance program enrollees in the nation. In summary, Maine is a poor welfare state, desperate for federal jobs and federal contracts and federal funds. Maine is more of a liability the rest of America than an asset.
King is a SOCIALIST DEMOCRAT, and NOT a political independent.
King is a reflection of the people he serves, he is a SOCIALIST.
Historically, Maine's politicians have done a TERRIBLE job of bringing home the bacon in the form of federal jobs, they simply are terrible trade-off politicans.
Maine is in crisis, they are totally dependent on the federal government for financial survival and their elected politicians are terrible breadwinners.
Maine's motto is "they way life used to be.-" that says it all - BACKWARD LOOKING!

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