How DC Insiders Help Wall Street

[eridani]

http://readersupportednews.org/opinion2/277-75/24566-how-dc-insiders-help-wall-street

Looking over the last few weeks of news, if you would seek a single headline that sums up the Hulk-like grip in which corporate America holds the U.S. Congress, this might be it: “Eric Cantor’s Loss a Blow to Wall Street.”

So wrote The Wall Street Journal, that Pravda of the One Percent, on the day after House Majority Leader Cantor lost his Virginia GOP primary to Tea Party upstart David Brat. “Since he was first elected to Congress,” the Journal noted, “Mr. Cantor has been Wall Street’s go-to guy on issues big and small… he was a top recipient of Wall Street donations and he regularly stood up for the banks, securities firms and insurance companies.”

That’s right: on behalf of poor, beleaguered high finance, Eric Cantor stood up to the little guys who had the gall to have their jobs and mortgages pulled out from under them. Blackstone Group, Scoggin Capital Management and Goldman Sachs – Cantor’s largest campaign contributors – don your mourning weeds and muffle the drums. Never mind his other alleged perfidies and character flaws: it’s the deprivation faced by the financial community that has been created by the end of Cantor’s inside connections – that’s what you and the Journal are lamenting.

Pity Wall Street. At year’s end, your errand boy will be out of office, but probably in a far, far better-paying job than he has ever had before – and most likely in your industry.

So it’s actually somewhat heartening that Cantor’s loss was due in part to those very same connections. His opponent David Brat told a campaign rally, “All the investment banks up in New York and DC, whatever, those guys should have gone to jail. Instead of going to jail, where’d they go? They went onto Eric’s Rolodex.”

[Rod Beauvex]

1. Not sure how to feel.

On one hand, Cantor helping Wall Street is disgusting me, but on the other hand, Wall Street losing an ally is always good news.

Guess they'll have to go to find a Democrat now. Or try to sway the Tea Partier to the dark side.