Why Financial Reform Died: “Banks Run Congress”
The short answer: Key members of Congress are owned by the financial services group’s lobbyists.
The longer answer: Lobbyists from the financial industry have paid hundreds of millions to Congress, the Bush and Obama administrations. (See yesterday’s Total Campaign Contributions/Lobbying by TARP Recipients)
Virtually all key Congressional members and senators on committees overseeing finances and banking are owned by the industry — they are Bought and Paid For.
This is easy to confirm in black-and-white. See for yourself: here, here, here, here, here and here.
Manhattan Institute senior fellow Nicole Gelinas says:
The too-big-to-fail financial industry has been good to elected officials and former elected officials of both parties over its 25-year life span
And economic historian Niall Ferguson says:
Guess which institutions are among the biggest lobbyists and campaign-finance contributors? Surprise! None other than the TBTFs [too big to fails].
No wonder two powerful congressmen said that banks run Congress.
And they are not alone, Two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the President of the Kansas City Federal Reserve have each observed that the United States is controlled by a financial oligarchy.