June 29, 2018—“Conservative” financial press and media reacted strongly to certain Democratic victories in the Tuesday primaries, citing candidates’ support for the reinstatement of Glass-Steagall.
Most notable was the upset of 11-term Congressman Joe Crowley, by Alexandria Ocasio-Cortez, in New York’s 14th CD. Crowley had been long considered the likely replacement for Minority Leader Nancy Pelosi.
Besides the attack by Sean Hannity of Fox News, Bloomberg News on June 27 ran a headline: “Democratic Socialist Calls for Reviving Glass-Steagall Act”.
“She called for reviving the Glass-Steagall Act, the depression-era law that kept investment banking and consumer lending separate until it was scrapped in 1999. Some lawmakers blame the repeal for contributing to the 2008 meltdown, an argument that Wall Street firmly rejects.”
Ocasio-Cortez was an organizer for the 2016 Sanders Presidential campaign, and at the age of 28, could become the youngest member of Congress.