The Bankers are Not Your Friends
The Bankers are Not Your Friends
I don’t know that much about Senator Dick Durbin, (though I am glancing over his voting record as I write this) but I did run across this interesting little quote from him today.
Durbin is a Democratic Senator from IL, and apparently he said recently:
“And the banks – hard to believe in a time when we’re facing a banking crisis that many of the banks created – are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
How interesting.В I suppose it’s hardly surprising,В since even after the freaking financial meltdown, the banks are still “where the money is…” but it sure seems to me that essentially the banking boys ought to be personae non grata on Capitol Hill, since by nearly all accounts, they directly caused this crap.
Looking at Durbin’s evaluation by special interest groups (courtesy of “Project Vote Smart,”) in 2008 the National Tax Limitation Committee gave Senator Durbin a grade of F in its special report. Hmm, I can venture an educated guess that the National Tax Limitation Committee is a conservative leaning organization in large part centered around keeping the collective wealth of this nation in the pockets it currently resides in. (That is, under the control quite literally of far less than 1% of the population.)
So, if that organization thinks Durbin is no good, my guess is, that he probably has a good head on his shoulders.
At any rate, the quote from Durbin ought to be thought provoking, and since he’s been “On the Hill” since 1996, I would think that he knows what he’s talking about.
The bankers were not the “friends” of this country in 2003, or 2007, or in 1999, when they successfully got the Glass-Steagall act of 1933 repealed under the Clinton Administration…which led directly–if convolutedly–to the current financial meltdown.
They certainly are not the friends of this country (or for that matter, of the world) today.
Oh, yeah, wait. They do make huge campaign contributions.В That’s why they’re still listened to, I suppose. Never mind, my bad. That makes it all right then…
May 30, 2009
Tags: business, common sense, Congress, economy, insanity, money, priorities, Republicans, taxes Posted in: Insane
2 Responses
It’s about time corporate campaign donations were outlawed in this country (along with special interest groups). Perhaps then you’d find Capitol Hill being answerable to the people who put them there instead of corporate America. The whole system is just plain incestuous.
Oh I agree totally. Lobbying should be heavily regulated if not outlawed. Here’s some numbers to chew on, courtesy of http://www.opensecrets.com:
From 1998 to 2008, the number of registered lobbyists increased by more than 6,000, and the industry is on track to spend $3.18 billion this year, up from $1.44 billion in 1998.
There are currently 10,770 professional, registered lobbyists on Capitol Hill. There are 435 Representatives and Senators on Capitol Hill. I’m far from a math person, but gee, that’s about 25 registered lobbyists PER congressperson. And we think congress makes decisions based on what is good for the average American person? Or that lobbyists don’t have undue influence, Uh, Hello?
Thanks for stopping by and for your thoughts.
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