Democrat Martin O’Malley delivered a kind of one-two punch in his presidential candidacy announcement in Baltimore on Saturday. On one hand, his speech was nearly all about economic populism. On the other, the event itself, apart from O’Malley’s address, was about identity politics. The combined effect was a presidential rollout that said the former Maryland governor can compete with any Democrat when it comes to taxing the rich and breaking up the big banks, and at the same time can outrun Hillary Clinton when it comes to gay marriage and immigration.