View Full Version : Don't Think Campaign Financing is the Number One Issue Facing America?

10-30-2013, 10:29 AM
Look how easy it is for the two parties to work together in the House when they have the right incentive!

In the wake of the financial crisis, many people were less than enthusiastic about the prospect of footing a multi-billion dollar bill every time Wall Street gambled its way into a corner. So, when Congress passed a new set of financial regulations known as Dodd-Frank in 2010, it included a provision that required banks to conduct some forms of derivatives trading in a more isolated way in an effort to reduce risk and make government bailouts less likely. Many reform advocates would have preferred much stronger protections, but given the $12.4 million in campaign contributions and $105 million in lobbying expenditures by Wall Street industry groups attempting to influence the law, it was certainly better than nothing.

Now, the House is scheduled to vote on a bill that would roll back these derivative regulations and let banks go back to the same set of rules that let them break the economy in the first place. This brings us to insane part: According to the New York Times, the bill is currently enjoying "broad bipartisan support" in the House. So, why is it that both parties have found a way to agree on a substantive regulatory change at a time when partisan bickering is supposedly making any progress impossible?

It's certainly not because the public is up in arms about rolling back derivative regulations -- most Americans have never heard of derivatives trading, let alone pressured their Member of Congress to deregulate it. No, this is happening for a very different reason: Big bank lobbyists wrote this bill.

That's not a cute turn of phrase or an exaggeration -- The New York Times reports that 70 of the 85 lines in the new House bill reflect recommendations made in a piece of model legislation drafted by lobbyists for Citigroup, another bank that played a major roll in the 2008 crisis and also received billions of federal stimulus dollars. The same report also revealed "two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word." You can even view the original documents and see how Citigroup's lobbyists redrafted the House Bill, striking out ideas they didn't like and replacing them with ones they did. Wall Street is quite literally writing its own rules.

Don't you feel better now? Hilarious!

10-30-2013, 10:39 AM
The solutions are obvious but there is no political will to go there. For example, we could return good jobs to the US by taxing foreign investment. That would create a big incentive for investment here at home in new sectors of the economy (rapid rail, alternative energies etc).

But who is even talking about it? Certainly not Obama, who is busy serving his masters on Wall Street.

After the 2008 bail out Wall Street used a chunk of its payoff to buy everything the bankers did not already own. They bought Congressmen and Senators, Judges, even more of the media (including PBS), the White House.....

This is why I have no patience for the partisan rants on the OM. Wall Street owns both parties. There is no true opposition party in the land. We are leaderless, and adrift.

The American people slumber on. MHG

11-01-2013, 04:42 PM
Eh, we know, the big corporations who give to the democrats are good and those to the republicans are evil. We know.

11-02-2013, 03:10 AM
Eh, we know, the big corporations who give to the democrats are good and those to the republicans are evil. We know.

Wrong. Both are amoral and are only interested in profits regardless of who they hurt. I don't want either party beholden to anyone other than their constituents.

11-02-2013, 09:10 AM
Eh, we know, the big corporations who give to the democrats are good and those to the republicans are evil. We know.


11-04-2013, 12:49 PM