Lobbyists

When I watch Senate and Congressional hearings on C-Span, I see a number of people seated behind the Senators and Congresspersons. I have assumed that they were employed as part of a representative’s staff.

When the banking system exploded in crisis in September 2008, Fed chairman Bernanke and Treasury Secretary Paulson insisted that they needed mega-billions of dollars in immediate funding to avoid the destruction of civilization. I believed them. The Congress believed them and gave them our money.

In March 2009, two non-profit organizations, Essential Information and The Consumer Education Foundation, released a report, “Sold Out”, on political lobbying by the financial industry. For every Senator and Congressperson, there are five financial lobbyists. Perhaps that’s who I see sitting behind our representatives at those hearings. The one page summary of the report, as well as the full report, can be found here at Wall Street Watch.

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