RSS Feed
Twitter
Facebook
Email
HomeSold Out »
How Wall Street and Washington Betrayed America!!
Posted by Larry Doyle on March 4, 2009 11:03 AM |
While politicians, bankers, regulators, and commentators can and will point fingers as to where and how our system of financial oversight broke down, make no mistake it was due to too many people making and taking too much money!! I have highlighted the grotesque system of lobbying that has developed and corrupted our society in More Legalized Bribery.
We watch daily hearings on Capitol Hill in the spirit of doing what is right for our country. Please!! Spare me the nonsense and pandering. While collectively we deal with markets that are now down over 50%, the pols and the bankers have effectively robbed the bank and left the taxpayers with the bill to clean up the mess. Barron’s wrote a brief piece on this topic: how the Financial Sector Spent $5 Billion Lobbying Washington Over the Last Decade!!
It is high time we attach names and faces to those politicians and lobbyists who fed at this trough!!
LD
The report is available at: http://wallstreetwatch.org/soldoutreport.htm#
It names corporations and their lobbyists.
Looks like it is a pretty good introduction in terms of what happened, starting from the Glass Steagal act to the Credit default fiasco.
Wow!! Thanks for sharing this awesome link. In reading through it, I was struck by this quote.
“Congress and the Executive Branch,” says Robert Weissman of Essential Information and the lead author of the report, “responded to the legal bribes from the financial sector, rolling back common-sense standards, barring honest regulators from issuing rules to address emerging problems and trashing enforcement efforts.
They bought the meltdown for $5 billion and the people may never recover from their greed.
Lizzy,
The pols get paid 5bln and the taxpayers are going to be paying multiple trillions. If you look at it from a cost benefit analysis, that was a lousy deal that our pols made. No surprise there.