Martin O`Malley on Corporations
SANDERS: Wall Street play by the rules? Who are we kidding? The business model of Wall Street is fraud. That's what it is. Wall Street representatives will not be in my cabinet. Wall Street today has enormous economic and political power. Their business model is greed and fraud. And for the sake of our economy, the major banks must be broken up.
O'MALLEY: There is not a serious economist who would disagree that the six big banks of Wall Street have taken on so much power and that all of us are still on the hook to bail them out on their bad bets. That's not capitalism: that's crony capitalism. That's a wonderful business model. If you place bad bets, the taxpayers bail you out. But if you place good ones, you pocket it.
[Moderator explanation]: Glass-Steagall is the Depression-era banking law repealed in 1999 that prevented commercial banks from engaging in investment banking and insurance activities.
Powerful, wealthy special interests here at home have used our government to create--in our own country--an economy that is leaving a majority of our people behind. An economy where a majority of our people are unheard, unseen, un-needed, and left to conclude that their lives and labors are literally worth less today than they were yesterday. We are allowing our land of opportunity to be turned into a land of inequality. Main Street struggles, while Wall Street soars.
A year ago, I held my second annual Change Maryland Business Summit on Improving Maryland's Economic Competitiveness. We became the leading voice on these issues. A year ago, this legislature created the Maryland Economic Development and Business Climate Commission, to make recommendations to make Maryland competitive. We are anxiously awaiting the recommendations of this commission. But, I am confident that we will find many areas of agreement to make Maryland a more business friendly and more competitive state, so that we can create more jobs and more opportunities for our citizens.
This burdensome tax and bureaucratic paperwork discourages the creation of new business, and drives small businesses and jobs elsewhere. This legislation would create a tax exemption on the first $10,000 in personal property, entirely eliminating this tax for more than 70,000 small business owners -- or one-half of all Maryland's businesses.
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