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Posts Tagged ‘campaign contributions’

60 Minutes: Washington’s Legalized Bribery

Posted by Larry Doyle on October 22nd, 2013 9:33 AM |

The release this morning of September’s employment report  indicates that our economy continues to limp along like a wounded dog.

But while many in our nation seriously wonder how they will make ends meet, there is one group in our nation that has developed a business plan for which most companies would be vilified — if not prosecuted — but which for them their cup overflows.

Just who are these visionaries that have developed a secret sauce that fills their coffers with booty and elevates the individuals to almost untouchable status? Who are they? Our politicians in Washington who are engaged in what can only be defined as legalized bribery.

For those who missed the expose on what looks and feels very much like a scandalous scheme of payola, let’s navigate and watch a 13-minute 60 Minutes must-view segment. (You will likely want to take a shower after watching this.) (more…)

Questions of Fairness and Rectitude

Posted by Larry Doyle on February 8th, 2012 6:45 AM |

Stephen Moore wrote a commentary entitled A Fairness Quiz for the President in the Wall Street Journal yesterday which generated hundreds of comments. The comments seemed to break down largely along party lines. I think most of those commenting might not grasp the full picture.

With our nation in the midst of an increasingly confrontational political debate, I think it useful to promote serious questions of fairness and rectitude. In doing so, I would like to reference a fair bit of Mr. Moore’s commentary while passing over some of his more overtly political statements. Additionally, I include my own ‘sense on cents’ and add some of my own questions at the end. (more…)

What Should ‘Occupy Wall Street’ Demand?

Posted by Larry Doyle on October 11th, 2011 9:44 AM |

I received a call yesterday from a reporter from a highly regarded periodical inquiring about my recent commentary, ‘Occupy Wall Street’ Should ‘Occupy Washington’.

Having had a number of previous discussions with this reporter, I welcomed her question as to what I thought the OWS movement should look to achieve or demand.

I prefaced my comments by stating that I hope civil unrest and random violence do not come from these demonstrations. America needs a lot of things but we certainly do not need riots. (more…)

Consumer Financial Protection or Wall Street Beats Main Street?

Posted by Larry Doyle on March 3rd, 2010 9:49 AM |

News that a newly proposed Consumer Financial Protection Agency will be housed within the Federal Reserve is another shot across the bow in terms of Wall Street owning Washington and beating Main Street.

Am I surprised by these results? Not at all. The power of the Wall Street lobby is enormous and ultimately the crowd in Washington needs the money from Wall Street in order to pretend they represent the interests of Main Street. All the press conferences and politicking on the topic of consumer financial protection truly amount to nothing more than pure bluster. The bottom line of Wall Street banks feeds the bottom line of many politicians in Washington on both sides of the aisle. (more…)

AIG “Robs the Bank”

Posted by Larry Doyle on March 15th, 2009 9:07 AM |

When an entity has an 80% equity stake in a company, one may think that nothing of substance could happen there without that majority shareholder’s consent. Well, how is it that the black hole known as AIG to Pay $450 Million in Bonuses

We may see some arm waving and loud pronouncements from Congress about investigations, but the question still begs as to how this happened. The government took this majority stake in AIG last September. Are we to believe government representatives were both unaware of potential contractual payments and that they did not approve them? How could the government approve payments within a division that brought the global markets to its knees? 

Perhaps we should revisit the theme of my piece, How Wall Street Bought Washington.  Embedded in that piece, we can see the insurance industry lavished $220 million in campaign contributions and $1.1 billion in lobbying dollars on Washington over the last decade. AIG was one of the primary sources of that money.

Follow the money!!

LD

Sold Out

Posted by Larry Doyle on March 4th, 2009 1:12 PM |

Our loyal reader Fiscal Liberal shared a report from Wall Street Watch called Sold Out that I want to make sure is properly highlighted. In this report, I was taken by the quote on page 2 of the executive summary:

the financial sector showered campaign contributions on politicians from both parties, invested heavily in a legion of lobbyists, paid academics and think tanks to justify their preferred policy positions and cultivated a pliant media–especially a cheerleading business media complex.

That statement is a strong indictment of our entire system of government, commerce, academia, and media. It is not a stretch to formulate a tidy little conspiracy. The most important question, though, is who is looking out for the general public?

Thank you Fiscal Liberal for sharing the report. I strongly recommend this piece to everyone.

LD






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