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Washington's Wall Street Sugar Daddies
Key Excerpts from Article on Website of Yes! Magazine
Posted: August 28th, 2012
http://www.yesmagazine.org/people-power/washingtons-wall-str...
How much is democracy worth to you? If youre like most people, its priceless. But for the hedge funds and insurance companies on Wall Street, it does have a price tag: approximately $4.2 billion. Thats how much the Finance, Insurance, and Real Estate (F.I.R.E.) sector has invested in political influence through campaign contributions and lobbying since 2006. That comes to $1,331 a minute spent on political power. The new report is called Meet the F.I.R.E. Sector: How Wall Street Is Burning Democracy. It was developed by Elect Democracy, a nonpartisan effort ... to expose and challenge the impact of corporate money in U.S. politics. The report ... analyzes exactly how Wall Street has secured ... industry-loyal voting practices in Congress: by shoveling stacks of campaign cash in the direction of Congressional hopefuls from both major political parties. That money lets these industries get what they want in Washington. The F.I.R.E. sector contributed $879 million to members of Congress since 2006, and took positions on 383 bills during the 112th Congress. For instance, they supported Free Trade Agreements with Korea, Panama, and Colombia in 2007, and backed the bailout in 2008. Bills they opposed include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009, the Limited Homeowner and Investor Loss in Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike Act of 2011. At every turn, the F.I.R.E. sector demands special treatment for Wall Street while consumers, homeowners, and students get stuck with the bills.
Note: Though not a major media source, Yes! Magazine is one of the very few media working towards positive, sustainable solutions to the problems of our world. For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
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