Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.
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.
No wonder two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the the head of the Federal Reserve Bank of Kansas City have all said that the United States is controlled by an oligarchy.
With the exception of a handful couple of Congress members who have the American people’s interest in mind, Congress is bought and paid for.
Note: A friend on the Hill made an important point to me by email.
The story isn’t just that a lot of members are bought and paid for, it’s that some aren’t.