When the credit markets recently crashed, many politicians were almost hysterical in their zeal to pass a bailout bill. Were they just apoplectic over the possible collapse of the U.S. economy, or was there more to it?
Politicians were so ostensibly so freaked by the prospect of a post America that according to Brad Sherman (D), there were even threats of martial law if a bailout bill was not passed. Subsequent weeks have shown that the politicians, Fed chair Ben Bernanke, and Treasury Secretary Hank Paulsen are not sure what to do about the mess. So why were those in government so hell-bent on passing a bailout bill? Because Wall Street is, and has been, lining the pockets of politicians. Old and new, the money flows, and presidential candidates are no exception. In fact, if you lay your money on the winner-there just might be a payout down the road.
Hillary Clinton topped the generosity list of campaign contributors from Wall Street, but Barack Obama wasn’t far behind, coming in third behind Clinton and Rudy Guiliani. McCain has his hand in the till as well, but since he is receiving public funds for his campaign, that apparently limited his contributions. Wall Street does not want to back a loser either. McCain is consistenly behind in the polls, and with November right around the corner, what greased palm wants to back a loser?
So when November 4 rolls around, assuming Diebold doesn’t decide the election for you, the candidate that most reflects your values, that has proposed the the most reasonable sounding plan, the one you will be able to stand looking at the next four years, will ostensibly get your vote. Just keep in mind: you haven’t done a thing for the candidates, but Wall Street has…