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big commissions for selling products that were expensive and toxic. I define this with my word play called Toxic Capitalism. The person who was taking on the Sub Prime Mortgage would use their house as collateral with promises that never materialized such as refinancing of their house. The end result was defaulting on the loan accompanied by loss of home and property.

IV. The Politicians

According to Capital Eye which is the News and Analysis Section of OpenSecrets.org, there were politicians on the take in the Wall Street Crisis. There is a list of politicians who were recipients of Fannie Mae and Freddie Mac Contributions between the years 1989 to 2008. The first ten politicians in the list in order of highest to lowest amount received reads like a Who's Who in Washington DC Politics. The names of Christopher Dodd, Barack Obama, John Kerry, Robert F. Bennett, Spencer Bachus, Roy Blunt, Paul E. Kanjorski, Christopher S. Bond, Richard C. Shelby, and Jack Reed are written in Capital Eye. If a reader were to scroll down, the names of Hillary Clinton, John Boehner, Harry Reid, and Bernie Sanders [the Socialist from Vermont who is an Independent] is also present.

V. Conclusion

The Wall Street Debacle did not have one cause but multiple causes. The campaign contributions and the lobbying by the financial sector was just simply the visible part of a cancer which has penetrated deeply in the American Financial Sector. Whether it could be fixed remains to be seen.

Reference:

"Tell Us, Did Media Miss The Financial Crisis?" Lansner, J ocregister.com October 8, 2008

http://lansner.freedomblog ging.com/2008/10/08/tell-us-di d-media-miss-the-financial-cri sis/4446/

"Root Cause of Financial Meltdown: Toxic Socialism"

http://neighbors.denverpost.co m/blog.php/2008/10/17/root-cau se-of-financial-meltdown-toxic -socialism/

BBC News: "Foreclosure Wave Sweeps America"

http://news.bbc.co.uk/2/hi/bus iness/7070935.htm

OpenSecrets.o rg: "Update: Fannie Mae and Freddie Mac Invests in Lawmakers"

http://www.opensecrets.org/new s/2008/09/update-fannie-mae-an d-freddie.html

Learn more about this author, Roberto Alvarez-Galloso.
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