Wednesday, April 29, 2009

Big Money Boys Own the Capital

Senator Dick Durbin confirmed what many understand, America has a corporatist government. He said:

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.

Dick left out the shadow banking system, many of which fled to commercial bank status last fall. Private equity, hedge funds and sovereign wealth funds remain in the shadows. They also own the place.

President Obama works to restart greed, with a tad less leverage. His plans have shadow bankers saving commercial bankers. They'll do so with taxpayer funding.

Despite my vote to throw the money changers out of our hallowed halls of government, it's clear corporatists own the Capital and the White House. Populist rhetoric sinks under dirty D.C. waters. A pox on the red/blue houses and their multitudes of corporate sponsors.

(Update from EPJ: Goldman Sachs new chief lobbyist, Michael Paese, was Rep. Barney Franks' top staffer. Add this name to the list of Goldman influence peddlers on financial system reform. Rep. Frank chairs the house committee undertaking reform.)