Financial Reform that Isn't: Restoring the Status Quo

[Political Heretic]

Author: Craig Harrington
Published On: 06/23/09
Source: www.EconomyInCrisis.Org

The Obama administration took office amid a wave of change in Washington, D.C. Congress and the White House were now controlled by liked-minded progressives looking to get things done and change the status quo. The old Republican regime was marginalized to such a degree that its votes were no longer necessary to pass any legislation.

With this sort of power and authority it would seem as if major sweeping mandates would pass in a flash; reform would come in wave after wave. Unfortunately, this is not at all what happened in the U.S. The Obama administration has shown that it is, after all, nothing more than a cog in the American political machine. The vast reforms proposed for the banking industry, the insurance industry, the credit and finance markets, or stock and commodity trading, were all swept quickly under the rug or watered down to the point of becoming irrelevant.

Americans wanted help, hope, and progressive reform. What they have received instead is voluminous government edicts, legislative reform bills, or executive orders which largely prop up the old crumbling economy. According to MediaChannel.org, the elite Wall Street interests were given free reign to pick and choose which oversight they would prefer.

Major power brokers at firms across the country got to decide what regulations they would adopt and which would simply be too difficult for them. The administration has certainly dictated terms to the auto industry, and it has made its pro-“free trade” stance clear to battered manufacturers. But, just like its Republican predecessor, it is giving plenty of leeway to the financial giants.

MediaChannel.org describes the Geithner-Summers-Obama “reform” package as something which does more “to restore the old financial order” than to restructure it or bring the entire enterprise under public control and scrutiny.

In essence, after billions of dollars spent and thousands of hours wasted, we have arrived precisely where we were to begin; sitting atop an artificially inflated economic bubble hoping to get ahead before it all crumbles again.

http://economyincrisis.org/articles/show/3040
http://mediachannel.org/

Why is this the Case?

Lobbying Dollars Spend QUARTER ONE ONLY 2009

Health Care, Health Insurance, & Pharma
3. Pharmaceutical Research and Manufacturers of America: $6,910,000
6. Pfizer, Inc: $6,140,000
12. American Medical Association: $4,240,000
18. American Hospital Association: $3,580,000
19. Eli Lilly and Company: $3,440,000
37. America's Health Insurance Plans, Inc: $2,030,000
39. CVS Caremark Inc: $2,005,000
47. Blue Cross and Blue Shield Association: $1,800,000
49. GlaxoSmithKline: $1,780,000
63. Merck & Co: $1,500,000
65. United Health Group, Inc: $1,500,000
69. Sanofi-Aventis U.S. Inc: $1,460,000
76. Novartis: $1,347,134
87. Abbott Laboratories: $1,260,000
89. Astrazeneca Pharmaceuticals, LP: $1,250,000
92. Medtronic, Inc: $1,238,000

Oil
2. Exxon Mobil: $9,320,000
4. Chevron U.S.A. Inc: $6,800,000
7. Conoco Phillips: $5,980,935
16. BP America, Inc: $3,610,000
20. Marathon Oil Corporation: $3,380,000
45. American Petroleum Institute: $1,810,000

Defense
5. Lockheed Martin Corporation: $6,380,000
11. General Electric Company: $4,540,000
28. Northrop Grumman Corporation: $2,570,000
30. Boeing Company: $2,410,00
51. Honeywell International: $1,760,000
73. Raytheon Company: $1,360,000

Telecoms
10. AT&T Services, Inc: $5,134,873
14. Verizon (excluding Verizon Wireless): $3,760,000
21. National Cable and Telecommunications Association: $3,370,000
23. Comcast Corporation: $2,760,000
68. Motorola, Inc: $1,470,000

Automotive
22. General Motors: $2,800,000
27. United Services Automobile Association: $2,590,244
52. Ford Motor Company: $1,750,000
84. Toyota Motor North America: $1,290,000
86. Alliance of Automobile Manufacturers: $1,264,400

Financial
32. Financial Services Roundtable: $2,260,000
33. Prudential Financial, Inc: $2,180,000
41. American Bankers Association: $1,890,000
61. Visa, Inc: $1,540,000
74. Investment Company Institute: $1,359,917
75. Securities Industry and Financial Markets Association: $1,350,000
82. J.P. Morgan Chase Bank, N.A.: $1,310,000
90. Citigroup Management Corp: $1,250,000
90. Credit Union National Association: $1,250,000

Biotech
36. Monsanto: $2,094,000
40. Biotechnology Industry Organization (BIO): $1,920,000
44. Bayer Corporation: $1,843,672

Railroads
24. Association of American Railroads: $2,759,545
54. Union Pacific Corporation: $1,717,108
71. BNSF Railway: $1,400,000

Life Insurance
42. American Council of Life Insurers: $1,867,075
44. New York Life Insurance Company: $1,840,000
64. State Farm Insurance: $1,500,000
93. The Northwestern Mutual Life Insurance Company: $1,237,000

Other
1. Chamber of Commerce of the U.S.A.: $9,996,000
8. National Association of Realtors: $5,727,000
9. U.S. Chamber Institute for Legal Reform: $5,480,000
13. AARP: $4,090,000
15. Southern Company: $3,650,000
17. Altria Client Services Inc: $3,580,000
25. Amgen, Inc: $2,750,000
26. National Association of Broadcasters: $2,600,000
29. Edison Electric Institute: $2,550,000
31. Fedex Corporation: $2,370,000
34. Textron, Inc.: $2,140,000
35. General Dynamics Corp: $2,101,945
38. International Business Machines (IBM): $2,030,000
43. United Technologies Corporation: $1,860,000
46. Recording Industry Association of America: $1,810,000
48. CTIA-The Wireless Association: $1,790,000
50. Time Warner Inc. $1,780,000
53. The Dow Chemical Company: $1,735,000
55. American Electric Power Company: $1,716,913
56. Microsoft Corporation: $1,650,000
57. Qualcomm, Incorporated: $1,620,000
58. Wal-Mart Stores, Inc: $1,600,000
59. L-3 Communications: $1,580,000
60. Exelon Business Services, LLC: $1,540,000
62. Johnson & Johnson Services, Inc: $1,530,000
66. Norfolk Southern Corporation: $1,485,026
67. Koch Companies Public Sector LLC: $1,480,000
70. American Airlines: $1,450,000
72. Oracle Corporation: $1,390,000
77. Air Transport Association of America, Inc.: $1,340,000
78. Disney Worldwide Services, Inc.: $1,330,000
79. Sepracor, Inc: $1,324,157
80. National Association of Home Builders: $1,320,000
81. UPS: $1,316,426
83. Siemens Corporation: $1,300,000
85. Duke Energy Corporation: $1,282,770
94. Distilled Spirits Council of the U.S., Inc: $1,230,000
95. Business Roundtable: $1,220,000
96. Wellpoint, Inc: $1,220,000
97. American Wind Energy Association: $1,212,504
98. F. Hoffmann-La Roche Ltd: $1,206,427
99. National Rural Electric Cooperative Association: $1,200,000
99. CBS Corporation: $1,200,000

[Political Heretic]

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