Banks don’t have the money to extend loans, or help working people who are struggling in an economy that was destroyed by the banks, but apparently they have plenty of dough to spread through DC. According to the New York Times lobbying by banking interest have intensified as new legislation is brought to the Congressional floor to curb the power and corruption of banks. These last investments appear to have paid off well. For just a few million dollars, banks killed a provision that would have allowed judges to lower mortgage rates, saved $13 billion in fees and vouched banks even more bailout loot. Oh, if the common man had access to such easy money.
In the graph above, it is obvious that the stale economy has done nothing to slow down bank lobbying. The 2009 figure represents the first three months of the year.
None of this is surprising to students of C. Wright Mills. Government is an extension of elite interests. Corporate and bank lobbying is just another institutional insinuation of elite interests into government chambers supposedly dedicated to the good of the nation as a whole. Look forward to more of the same; some niggling legislation touted as populism, while behind the scenes the elite walk away with more loot and just as much influence as ever.
Thank you Stephen Pizzo from newsforreal.com. Stephen is encouraging Americans to walk out on their large, multinational banks in favor of local, community banks.
According to Pizzo, an any reasonable and attentive American, the Obama Administration is not likely to offer a real challenge to the banking system. No surprises there. With banking interests the funding base for the political economy it is unlikely that any viable reforms will be made of banking. Instead, bankers will continue to receive bailouts instead of pink-slips. There might be some prefabricated, politically expedient temporary measures of accountability that will be well publicised, but within the next few months the bankers will settle down to business as usual.
We cannot rely on the political body to drive a stake into the heart of its symbiotic economic body. It is, therefore, up to the American people to make the necessary excisions.
Pizzo suggests a massive walkout of the major banks. In most cases there are local alternatives to international banks. The Independent Community Bankers of America have a search engine for community banks in your area. I was surprised when I typed in my address just how many options their were and how many services the local banks offer.
Check out your options and take your money out of the hands of corrupt and incompetent banking conglomerates.
Twenty years ago the infamous oil taner Exxon Valdez, commanded by a drunk, spilled 10.8 million gallons of oil into Alaska’s beautiful Prince William Sound. The oil slick covered over 11,000 square miles and destroyed the natural habitat of the Alaskan shore.
Though there were some efforts to clean up the overwhelming contamination, these were mostly unsuccessful. Local residents claim that Exxon was not cooperative in efforts to clean the sludge. According to reporter Greg Palast, even after twenty years, the oil remains hidden in the sediment of the shoreline. Palast Article
Since we know that Exxon has not spent the last twenty years effectively cleaning their own mess, what has it been doing? Why, it’s spent over $10 million on politicians! In this case, over 86% of contributions went to the Republican Party.