One of the great untold scandals in the current meltdown is Wall Street's ability to "recycle" taxpayer funds into campaign contributions. Congress, despite its recent scolding of the financial wizards ("We're shocked, shocked!), was their active accomplice in de-regulating the banking industry. And why not, when Wall Street filled their campaign coffers with contributions? And for Wall Street, it's simply a good investment - donate lots of money and Congress will look the other way while you loot the economy. How else to explain Congress, and notably Senator Chuck Schumer, enabling billionaire hedge fund operators to pay a maximum of 15% in taxes?! But I guess that's not a problem in a Washington D.C. where most cabinet appointees don't pay their own taxes. We in the hinterland are fast learning that paying taxes is for "little" people. You know. . . the suckers outside the beltway.
So here's a key question: why are we spending our money to bail out the financial wizards who wrecked the economy, who will then use some of that money to make campaign contributions so Congress will (wink, wink, nod, nod) let them continue to run amuck? If Congress is serious about fixing this mess, they must ban any entity receiving bailout funds, as well as their senior executives, from making campaign contributions for any political purposes. This ban should remain in effect as long as they owe the taxpayers any money and for a period of five year after that.
Would this abridge their freedom of speech? Not at all. Acceptance of taxpayer money should be contingent on their not using our money to influence policymakers.
It seems pretty obvious, right? But if you think Congress will act accordingly . . . well, I have this lovely bridge in Brooklyn I'd like to sell you. Or how about a really sweet financial derivative?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment