Will Senate Banking Committee Chairman Christopher Dodd, D-Conn., be seduced by the siren song of bipartisanship and allow the nation's largest banks to gamble with what amounts to a taxpayer-paid insurance policy? more »
The U.S. Chamber of Commerce is spending millions of dollars in an over-the-top campaign to turn small business owners against strong financial reforms in general and the creation of a consumer financial protection agency in particular, But one poll indicates that the entrepreneurs the campaign is targeting aren't buying it. A woman running a Richmond, Va., business explains why.
truthdig.com — What happened to all the tough talk from Congress and the White House early last year? Why is the financial reform agenda so small, and so late? Part of the answer is that the American public has moved on. A major tenet of U.S. politics is that if politicians wait long enough, public attention wanders. A larger explanation, I am afraid, is the grip Wall Street has over the American political process. The Street is where the money is and money buys campaign commercials on television. Wall Street firms and executives have been uniquely generous to both parties, emerging as one of the largest benefactors of the Democrats. Between November 2008 and November 2009, Wall Street doled out $42 million to lawmakers, mostly to members of the House and Senate banking committees and House and Senate leaders. In the first three quarters of 2009, the industry spent $344 million on lobbying — making the Street one of the major powerhouses in the nation’s capital.
On the pending vote to confirm Fed Chair Ben Bernanke to a second term, a senior administration official is quoted as complaining about the lack of support from Republicans. "Someone's learned the wrong lesson from the Massachusetts race and it's not President Obama," he says. Oh, really?