Thursday, March 5, 2009

$5 Billion Buys a Lot of Influence

Like the title says, $5 billion buys a lot of influence. Have you wondered why the financial institutions were bailed out so quickly, with hardly any questions asked and no oversight instituted? Have you wondered why we are bailing out private banks?

Well, a recent report says "banks, investment firms and others made $1.7 billion of political contributions, and spent $3.4 billion on lobbying efforts in the last decade". Furthermore it details "more than a dozen political and regulatory decisions out of Washington since 1998 that favored the financial services industry and are now credited with contributing to the financial and economic meltdown".

It is time to put some limits on political contributions and lobbying by business. Look what they have done to us in the name of profits.

1 comment:

  1. Lobbying is one of those areas where capitalism and politics collide. I'm be in favor of severely restricting corporate campaign contributions, I hope it happens.