Why Financial Reform Has Been Screwed
Report: More than 1,400 former lawmakers, Hill staffers are financial lobbyists
Even for Washington, the revolving door between government and Wall Street spins at a dizzying pace. More than 1,400 former members of Congress, Capitol Hill staffers or federal employees registered as lobbyists on behalf of the financial services sector since the start of 2009, according to an exhaustive new study issued Thursday. The analysis by two nonpartisan groups, Public Citizen and the Center for Responsive Politics, found that the “small army” of financial lobbyists included at least 73 former lawmakers and 148 ex-staffers connected to the House or Senate banking committees. More than 40 former Treasury Department employees also ply their trade as lobbyists for Wall Street firms, the study found.
Via the Washington Post
See also:
Report: Revolving Door Spins Quickly Between Congress, Wall Street (Open Secrets) and (Public Citizen)
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June 8th, 2010 at 10:45 am
and to think that pales in comparison to the ‘defense’ industry, and agriculture…
June 8th, 2010 at 10:46 am
Until the system completely breaks we are screwed.
June 8th, 2010 at 10:52 am
Basically, the country’s been sold down the river with the active connivance of the governing class. Why does this issue, which explains pretty much everything else, never make it onto electoral platforms?
June 8th, 2010 at 10:53 am
“Keynesian endpoint”…”magic elixir that has morphed into poison”?
He seems to be saying that nations have shot their stimulus wads and now things will get worse. Haven’t heard Dimon announce the inning lately.
June 8 (Bloomberg) — Nations have reached a “Keynesian endpoint” as exhausted balance sheets leave policy makers with few options to bolster economic growth, according to Anthony Crescenzi, an investor at Pacific Investment Management Co., the world’s largest bond-fund manager.
“Time, devaluations, and debt restructurings might be the only way out for many nations,” Crescenzi wrote in an e-mailed note titled “Keynesian Endpoint” that referenced the Great Depression era economist John Maynard Keynes. Debt-fueled spending programs aimed at combating the global financial crisis of 2008 are among policy tools now “being seen as a magic elixir that has morphed into poison.”
June 8th, 2010 at 10:57 am
That was why I predicted that Obama was going to fail with his delta force administration going in and taking on this army of the status quo. If I could call stocks like I call politics I’d be a very rich man right now
BTW, has anybody heard from the POW Obama lately?
June 11th, 2010 at 10:32 am
We get the government we deserve. Most people I meet don’t care a whit about politics, economics, current events, etc… They care about American Idol, the Lakers, and Biebermania. Most people I meet don’t bother to investigate candidates, listen to campaign speeches, read up on voting records, check facts, etc… They vote based on slogans, campaign ads, perceptions of social status, etc…
In other words, most people are morons. Consequently we have a moronic government.
Democracy in action.
June 11th, 2010 at 10:42 am
Yep we’re screwed. Hey COMMON MAN how positive are you that John (what financial crisis?) McCain would have pulled this whole mess out into smooth sailing waters? Thats what I thought . Dont worry though your new messiah Sarah Palin will take you to the promised land…LOL.
“If I could call stocks like I call politics I’d be a very rich man right now” Guys like you blame whoever is in charge and overlook the fact that this is an Oligarchy fool, that’s who’s in charge not the president, he doesn’t stand a chance against these guys no one does. That’s what this article is about, read it again!!
June 11th, 2010 at 10:52 am
Legislative capture by corporate behemoths, the revolving door between government and industry, the selective application and enforcement of laws, the corporatization of key elements of our military structure, and the realization of full corporate personhood are all indications that we have become a full-blown Corporatocracy.
The middle class will be crushed before this comes to a political head, if only for the reasons franklin411 cites, above.
Small and individual players, siding with the corporatists in the spirit of, “if you can’t beat ’em, join ’em,” will only strengthen that which will eventually crush them.
Other than that, it’s Friday!
June 11th, 2010 at 11:14 am
On the other hand Franklin, since “our” government (call it what you will, but this “ain’t” democracy the way it was “splained” to us) has morphed into some oligarchic, aristocratic, corporate mafia style game where the ones with the most money to buy our all too human “representatives, watchdog groups, and justice system “call the tune” (write the bills, “sway” the vote, etc.), most of the “little people” you like to look down upon just figure WHY BOTHER?
Most of us are too busy trying to keep our heads above water as we watch our environment being traded for corporate profits, health “care” benefitting the insurance industry (at the expense of its own clients and workers for the most part), and the banking sector (among many others) profiting by the way it’s all rigged (pay to play).
The system is designed to keep the status quo from changing for the better at a glacial pace, while “pork” and “essential projects” (like our military adventures) eat up more than that for which our tax dollars can provide. Voting has become a complete farce since 2000 and no matter who’s elected, the same moronic policies, unsustainable energy and rampant resource depletion, and resultant worsening of the standard of living for most (for the benefit of the few) occurs.
Despite warnings from the EPA, NOAA, and many others, things continue to decline. The latest energy scam, just to illustrate what we’re being forced to comply with, involves gas and oil well drilling practically anywhere, no matter the consequences (or will of the property owners in some cases). I’ll refer you to the documentary Gasland (http://www.hbo.com/documentaries/gasland/index.html) for your viewing pleasure.
June 11th, 2010 at 11:44 am
Wow, f411 and I actually agree on something. Must be a full moon?
June 11th, 2010 at 11:46 am
Agree with mathman at the same time, which is why I’ve casted my last vote in national elections for the foreseeable future. Waste….of…..time. It’s not because I don’t care. I care TOO much. I’m sure others feel the same.
June 11th, 2010 at 11:54 am
No one is going to kill the goose that lays the golden eggs, whether it is in defense, ag, finance, or energy.
June 11th, 2010 at 11:55 am
so you really believe that mccain could or would do worse than obama. that’s a pretty large stretch.
continually alluding to palin and mccain is trite. right now you’re in bed with obama and the old story about the princess and the pea might remind you about the possibilities.
one thing that we have for certain is obama’s promise of ‘change’ and that’s not looking so good.
June 11th, 2010 at 11:58 am
This is where our man Rod Blagojevich sheds some light on the venal thinking of our friends in the political class.
Recall that, more than anything, Rod wanted “outta here” in the form of a high-paying job somewhere or cabinet post in exchange for the vacated Senate seat.
Difference being that Rod was a small-time crook version of his slicker brethren. Is their thinking any different?
June 11th, 2010 at 12:01 pm
@Transor: No, clearly not.
June 11th, 2010 at 12:05 pm
“so you really believe that mccain could or would do worse than obama.”
___________
McCain, who postponed his campaign in order to return to DC to work out the bail-out of the banks, now says he didn’t understand the bail out:
http://www.azcentral.com/news/election/azelections/articles/2010/02/22/20100222mccain-tarp0222.html
Meanwhile, Palin, the quitter and hypocritical sucker of the tit of Federal largess, whips the morons into a series of false-flag frenzies.
McCain is post-geriatric and irrelevant. OTOH, I’d love to hear Palin’s plan for fixing the economy (or for anything else substantive, on any real issue facing our nation).
June 11th, 2010 at 12:17 pm
dss Says:
June 11th, 2010 at 11:54 am
“No one is going to kill the goose that lays the golden eggs, whether it is in defense, ag, finance, or energy.”
You just nailed it!
June 11th, 2010 at 12:40 pm
Until the professional class is brought down to its knees, nothing will change. These people will do nearly anything to maintain their own lifestyles, regardless of how many others are affected (even their own children, and their’s).
Exploiting this human frailty (dependence) is what makes this system so incredibly effective.
June 11th, 2010 at 12:58 pm
One man, one vote isn’t working…watch out
June 11th, 2010 at 1:10 pm
@Marcus Aurelius
“OTOH, I’d love to hear Palin’s plan for fixing the economy (or for anything else substantive, on any real issue facing our nation”
Just ask Tina Fey — I’m sure that her characterization of Sarah Palin would not be far off the mark.
Tina had better think about leaving the country if Palin makes it into office. And given the following Palin is attracting, and the fact that Dubya was elected for not one, but TWO terms, I do not see that as difficult or impossible at all.
June 11th, 2010 at 1:28 pm
@everybody …
Don’t worry too much about the ubiquitous corruption within our government, back in the 30′s it was the 4th attempt at financial reform that finally succeeded, and that was after the economy had completely crashed and voters were throwing politicians out every chance they got.
Eventually, this sorry excuse for a representative democracy will go through a melt-and-repour, and we’ll get a shot at some sort of significant reforms. But not until the existing power structures have no remaining power.
That will be a few years, and hard years at that. I just wish that we had publicly funded (but capped) annual elections, so I could see the SOBs hit the road more frequently. And publicly funded elections would close down one of the major conduits that bribes ares paid through and politicians are purchased via. Which is why they most likely will never happen.
June 11th, 2010 at 2:21 pm
Hefty taxes on lobbyists would be a real help. Say, a registration fee starting at $100 for non-profits, ranging into the billions for Goldman lobbyists, based on the revenues of the organization the lobbyist represents. In addition a tax ranging as high as 90% on any donations made via lobbyists to congresscritters.
If only.
June 11th, 2010 at 2:36 pm
we need a good ol’ fashion revolution.
June 11th, 2010 at 5:33 pm
“High-frequency trader Getco hires key SEC staffer”
http://finance.yahoo.com/news/Highfrequency-trader-Getco-rb-4138081604.html?x=0&sec=topStories&pos=5&asset=&ccode=
This is reminiscent of Goldman hiring Shin Yukawa from Fitch before the ABACUS deals were built.
June 11th, 2010 at 7:29 pm
Or reminiscent of Goldman sending one of its employees to Washington to be the head of the SEC enforcement division, just last autumn.
http://www.businessinsider.com/found-photo-of-adam-storch-29-year-old-goldman-guy-who-is-now-coo-of-the-sec-2009-10
June 11th, 2010 at 10:44 pm
There’s a giant chasm between who’s in charge and who’s in power. Meditate on that. The President , any president is a yard monitor. The source of most people’s political frustration is a lack of understanding that.
And this: It doesn’t matter who’s president…. red jersey blue jersey , meaningless yard games, a way to occupy time , a hologram of self image, a way to emulate holographic structure .
June 11th, 2010 at 10:51 pm
@Constantnormal says
“back in the 30’s it was the 4th attempt at financial reform that finally succeeded, and that was after the economy had completely crashed and voters were throwing politicians out every chance they got.”
I was getting frustrated that Frank and Dodd seemed so totally incompetent at orchestrating financial reform. The Cynic in me thought the 2010 politicians were just shaking sticks at the Banks to maximize campaign contributions.
Now that I know that everything will get better, we just need total collapse of the world economy and 30% unemployment first; now I fell a lot better!
After we break the right shoulder, and Constantnormal’s forecast starts to unfold, I will be short paper assets and long water, guns and ammo.
June 12th, 2010 at 12:34 pm
We all thought Washington taxed Wall Street…When its the other way around…..Wall Street has been taxing Washington which is really us…