One Law For The Rich, And …
With so many seniors in dire straits around the world, it can be distressing to read the headlines. CNN has a particularly upsetting one: Where’s the bank bailout money?
“What the banks have said largely is that we’re using the money to stimulate the economy, to get the economy moving,” said Sarah Binder, a senior fellow at The Brookings Institution, a Washington think tank. “That’s far, far too general to know what … the banks are doing with the money.”
The vague responses from the banks should not come as a shock, said one U.S. House Financial Services Committee member who opposed the bailout.
“One of the fundamental problems with the Wall Street bailout was the people who had caused the problem were never called in front of Congress to explain what they had done, what needed to be done,” said Rep. Thaddeus McCotter, a Michigan Republican.
One hopes that those who do not have lobbyists will be kept in mind too. However it is often the squeaky wheel that gets the oil.
Footnote: If you are interested in books on Money, then why not visit the Money section of the Money Bookstore.
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banking | Barry Welford, 23 Dec 08
By David Leonhardt
, December 23, 2008 @ 7:13 am
Those without lobbyists get the “trickle down” effect. They get help in much smaller amounts much later on. In Canada, one of the seniors’ lobbyists, Dan Braniff, was touted by a few people as a candidate for the Senate. Didn’t get appointed, though.
By Barry Welford
, December 23, 2008 @ 7:28 am
That’s the problem, David. Seniors aren’t on the politicians’ radar screens except during elections. Yet it’s an increasing share of the population. One might have thought in the latest flurry of Senate appointments there was room for Braniff: he was a stronger candidate than some of the other appointees.