The immense strength of the Israel lobby in the U.S.

How much sway does Israel and its AIPAC lobbyists have over Congress? More than you'd ever believe:

Aipac has persuaded more than three-quarters of the members of the US House of Representatives to sign a letter calling for an end to public criticism of Israel and urging the US to "reinforce" its relationship with the Jewish state.

Continue ReadingThe immense strength of the Israel lobby in the U.S.

Why financial reform will never happen

President Obama, 1/29/09:

...when I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses -- the same amount of bonuses as they gave themselves in 2004 -- at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that if they don't provide help that the entire system could come down on top of our heads -- that is the height of irresponsibility. It is shameful.
President Obama, 1/14/10:
As we all know, our country has endured the deepest recession we've faced in generations. And much of the turmoil was caused by irresponsibility on the part of banks and financial institutions. Firms took reckless risks in pursuit of short-term profits and soaring bonuses, triggering a financial crisis that nearly pulled the economy into a second Great Depression. ... My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people -- folks who have not been made whole, and who continue to face real hardship in this recession. We want our money back, and we're going to get it. And that's why I'm proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street. If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers.
New York Times, 2/7/10:
Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda. Republicans are rushing to capitalize on what they call Wall Street’s “buyer’s remorse” with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash. ... Though Wall Street has long been a major source of Democratic campaign money (alongside Hollywood and Silicon Valley), Mr. Obama built unusually direct ties to his contributors there. ... Wall Street lobbyists say the financial industry’s big Democratic donors help ensure that their arguments reach the ears of the president and Congress. White House visitors’ logs show dozens of meetings with big Wall Street fund-raisers, including Gary D. Cohn, a president of Goldman Sachs; Mr. Dimon of JPMorgan Chase; and Robert Wolf, the chief of the American division of the Swiss bank UBS, who has also played golf, had lunch and watched July 4 fireworks with the president.
Bloomberg News, 2/10/10:
President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay. The president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount of money” for Main Street, “there are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.” “I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.” Obama sought to combat perceptions that his administration is anti-business and trumpeted the influence corporate leaders have had on his economic policies. He plans to reiterate that message when he speaks to the Business Roundtable, which represents the heads of many of the biggest U.S. companies, on Feb. 24 in Washington.
Any questions? And are trillion-dollar bailouts for these firms also a part of our "free-market system"?

Continue ReadingWhy financial reform will never happen

NASCAR Patches for Congressmen

I heard one new idea in last night's State of the Union. In response to the Supreme Court deciding that multi-national corporations should have all the rights of individual breathing citizens -- allowing them to spend whatever they want to influence elections (as reported here) -- Obama suggested that all contacts between lobbyists and public servants be publicly documented. This includes the identity of the client corporations and amounts of money and time involved. The applause were uneven. This morning a new FaceBook group appeared: 'Our Corporate Congress': Make NASCAR-type patches mandatory Congress-wear. I'm not much of a joiner, but I like this idea. Allow the Congressman from Exxon to proudly wear the oil patch right next to his Monsanto and Pfizer badges. Let the senator who filibusters public transit bills proudly show his AAA patch and Ford logo.

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The problem with lobbyists

Jeffrey Sachs talks about the problem with lobbyists:

Lobbyists for powerful corporations are crawling over every piece of pending legislation- from health care, to banking regulation, to climate change -- keeping a chokehold on deep reforms. Jankowsky says that lobbying is transparent. . . . Special interests have already spent $2.5 billion dollars this year on 13,000 lobbyists like Mr. Jankowsky and his colleagues at the firm Akin Gump, with many contributing their expertise to gutting financial oversight of Wall Street, delaying control of greenhouse gas emissions, and preventing real controls on health insurance costs.

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More GOP Astroturf?

I watched Rachel Maddow last night, and one of her segments focused on the disruption of recent Democratic Town Halls by 'grass roots activists'. Her piece exposed the activists as following an agenda designed by a DC lobbying firm. In many ways this is worse that the Tea Party fiasco, since that was unfocused and generally laughable kookery. This, however, is targeted directly at health-care reform, and appears to be heavily funded by lobbyists for that industry (indeed, Rachel mentioned that some firms were sending 'representatives' to every state). I also happened to see many of the same clips on Fox & Friends this morning (forced upon me in the hotel gym). F&F 'reported' the 'protests' as legitimate outpourings of anger against the 'government's plans for healthcare reform'. I was surprised. Not! Think Progress has more on the Lobbyist memo.

Continue ReadingMore GOP Astroturf?