Make no mistake about it, we face an economic crisis of enormous proportions. But the rush to bail out Wall Street firms with a “hair on fire” urgency rings so hollow when you consider how much the American people have already gone through. Millions of people have lost their homes to foreclosures. Many are being forced onto the streets, as tent cities are popping up in major cities. But nothing happened to fix the sub-prime mess, brewing for two years now, until Wall Street had a cash-flow problem.
The biggest problem seems to be that the government is now moving, not because they are inclined to make public policy for the good of the American people, but because their campaign donors have asked them to. You can see campaign finance’s fingers in the presidential race as well, as Wall Street donors dominate the upper echelons of each candidates’ major fundraisers and both candidates flounder and walk the thin line between offending their donors and offering real leadership.
As a seeming palliative to the financial crisis, the House introduced yesterday HR 7022, the Fair Elections Now Act, “To reform the financing of House elections, and for other purposes.” This bill would provide full optional public financing for congressional elections. It’s companion bill in the Senate has been mired in Congressional inaction. We can see how quickly Congress can act when it (more…)
