By Creature
I wouldn't mind the profits so much if the money made was being pumped back into the economy. The point of all the rescuing was to first stabilize the banking system, then to energize the economy, in part, by loaning out the money made. Instead they hoarded, they padded their balance sheets, and they covered over their toxic losses with new math.
I was naive to think the banks would act in good faith. I thought it was understood that when the taxpayer covers your ass and saves you from the cliff that maybe the banks would reciprocate. I was wrong. Business as usual rules the day.
They only tools the American people have left is reform and regulation. I hope the Congress and the Obama administration have the stomach for that fight. As of now, I doubt it very much.
Showing posts with label reform. Show all posts
Showing posts with label reform. Show all posts
Friday, July 17, 2009
Tuesday, April 3, 2007
Putting the kibosh on K Street
By Libby Spencer
Walmart now loves Democrats. It isn't exactly news that deep pocket corporate contributions aren't based on ideology. They traditionally hedge their bets and spend the money according to who is in power and as such serve as something of a barometer on the conventional wisdom over who's hot and who's not. But it does serve as a reminder that any politician can be bought. Payola is non-partisan and so unfortunately is political backscratching. I think it's another good argument for mandating public financing for campaigns.
For instance, would the dismal Medicare "reform" bill have been enacted without the undue influence of the pharmaceutical lobby? I think not when they essentially wrote the bill and sheparded it on the floor. And before you argue against my point, take a look at the numbers.
Lobbyists have effectively become unelected legislators. It's clear we're not going to be able to clean up the ethical mess inside the Beltway from the inside out. We won't negate the influence of lobbyists unless and until we remove the avenues through which they finance election and especially re-election campaigns. I can't think of a better reason to consider mandating public funding instead.
(Cross-posted at The Impolitic.)
Walmart now loves Democrats. It isn't exactly news that deep pocket corporate contributions aren't based on ideology. They traditionally hedge their bets and spend the money according to who is in power and as such serve as something of a barometer on the conventional wisdom over who's hot and who's not. But it does serve as a reminder that any politician can be bought. Payola is non-partisan and so unfortunately is political backscratching. I think it's another good argument for mandating public financing for campaigns.
For instance, would the dismal Medicare "reform" bill have been enacted without the undue influence of the pharmaceutical lobby? I think not when they essentially wrote the bill and sheparded it on the floor. And before you argue against my point, take a look at the numbers.
Lobbyists have effectively become unelected legislators. It's clear we're not going to be able to clean up the ethical mess inside the Beltway from the inside out. We won't negate the influence of lobbyists unless and until we remove the avenues through which they finance election and especially re-election campaigns. I can't think of a better reason to consider mandating public funding instead.
(Cross-posted at The Impolitic.)
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