Crumbs, specially in an economic juggernaut like the US,is still a considerable asset to the middle class. And, better to receive crumbs than no crumbs. I do agree that this does not mean it's all okay.Mediocrity is never okay.<quoted text>
Yes, they did leave crumbs years ago while the Republicans gave the whole loaf of bread to Wall Street.
Clinton changed all that when he terminated Glass/Steagall and many other bad policy, so Wall Street can contribute to Democrats also.
NAFTA, 1996 Telecommunications bill, etc. etc.
Obama had the most donations from average Americans then any other president before him, AND STILL sold out to Wall Street.
Financial Sector Investments In Congress and the Senate Banking Committee / January 21, 2010 /
The financial sector greased the wheels of deregulation in Congress in the decade leading up to the economic meltdown. In the wake of the crisis, financial firms hope to erect enough roadblocks in the way of reform to preserve the status quo. http://www.consumerwatchdog.org/resources/Fin...
Obama's Half-Baked Bank Reform
Wall Street has already figured out how to game the president’s proposal to reform the banking system. Former Goldman executive Nomi Prins on how to stop the trickery./ January 22, 2010 / http://tinyurl.com/yz4tz8g / by Nomi Prins
Seeing Paul Volcker, former Fed Chair and chairman of the Economic Recovery Advisory Board, lord over President Obama yesterday as he made his proposal to limit the scope and size of financial institutions, it was easy to imagine him saying “I told you so.” Volcker, after all, has been a long time advocate of slicing up banks and prohibiting them from the majority of speculative activities.
But as I called around New York and Washington yesterday, it already seems that Wall Street has figured out ways to circumvent the administration’s plan, which centers on “proprietary trading”—risky bets the banks make for their own accounts.
Time to Reign in Out-of-Control Corporate Influences on Our Democracy
by Ralph Nader / January 23, 2010 /http://tinyurl.com/ycwqwnw
Thursday's 5-4 decision by the U.S. Supreme Court in Citizens United v. Federal Election Commission shreds the fabric of our already weakened democracy by allowing corporations to more completely dominate our corrupted electoral process.It is outrageous that corporations already attempt to influence or bribe our political candidates through their political action committees (PACs), which solicit employees and shareholders for donations.
Perhaps Justice Kennedy didn't hear that the financial sector invested more than $5 billion in political influence purchasing in Washington over the past decade, with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the current financial collapse,according to a 231-page report titled: "Sold Out: How Wall Street and Washington Betrayed America" (See: http://www.wallstreetwatch.org ).
The Center for Responsive Politics reported that last year the U.S. Chamber of Commerce spent $144 million to influence Congress and state legislatures.
As to half-baked laws, the president can only sign the diluted laws that congress has passed. Otherwise, there are no laws. Of course, banks have found ways to circumvent the new laws, as Repub majority in congress saw to it that loopholes would prevail - after all, what are friends for? I recall when Obama invoked not paying bonuses to bankrupt bank and brokerage execs and how he was hauled down.As to the electoral process and financing of campaigns ,I was pretty clear on that a few hours ago. We have the same problem here with elections financing, and so do most "democratic" countries.
P§: forgive me, had to cut a bit off your post, mine could not fit in otherwise.