Dr. Robert Reich at has an excellent piece today (Feb. 5) on the Congressional hypocrisy involved in its subservience to Wall Street. He calls it as it is, bought and paid fors.
Call me old fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.
Dodd left out the most telling detail, of course. Wall Street is where the campaign money is. Dodd of all people knows that. He's been on the receiving end of lots of it over the years.
Wall Street firms and their executives have been uniquely generous to both political parties, emerging recently as one of the largest benefactors of the Democratic Party. Between November 2008 and November 2009, Wall Street firms and executives handed out $42 million to lawmakers, mostly to members of the House and Senate banking committees and House and Senate leaders. During the 2008 elections, Wall Street showered Democratic candidates with well over $88 million and Republicans with over $67 million, putting the Street right up there with the insurance industry as among the nation's largest equal-opportunity donors.