by: Bill Moyers and Michael Winship
(Photo: Bill Moyers Journal)
Once again we're closing the barn door after the horse is out and gone. In Washington, the Federal Reserve has finally acted to stop some of the predatory lending that exploited people's need for money. And like Rip Van Winkle, Congress is finally waking up from a long doze under the warm sun of laissez-faire economics. That's French for turning off the alarm until the burglars have made their getaway.
Philosophy is one reason we do this to ourselves; when you worship market forces as if they were the gods of Olympus, then the gods can do no wrong - until, of course, they prove to be human. Then we realize we should have listened to our inner agnostic and not been so reverent in the first place.
But we also get into these terrible dilemmas - where the big guys step all over everyone else and the victims are required to pay the hospital bills - because we refuse to recognize the connection between money and politics. This is the great denial in democracy that may ultimately mean our ruin. We just don't seem able to see or accept the fact that money drives policy. It's no wonder that Congress and the White House have been looking the other way as the predators picked the pockets of unsuspecting debtors. Mega banking and investment firms have been some of the biggest providers of the cash vital to keeping incumbents in office. There isn't much appetite for biting - or regulating - the manicured hand that feeds them.
Guess who gave the most money to candidates in this 2007-08 federal election cycle? That's right, the financial services and real estate industries. They stuffed nearly $250 million into the candidate coffers.
http://www.truthout.org/article/mothers-milk-politics-turns-sour
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