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Did campaign contributions and lobbying by the financial sector contribute to the meltdown on Wall Street?

Results so far:

Yes
72% 128 votes Total: 177 votes
No
28% 49 votes

instead of addressing the problems within this Department, instead enlarged government again at the taxpayer's expense and created the ineffective "Taxpayer Advocacy" office.

Not only do I question where Congress had any authority whatsoever to rescue or bail out these bankers, a legislatively created economic crisis to begin with, but whether these Senators and Congressman ethically should have been able to even vote on the bill, since as major investors in the stock market who also receive perks and donations from the lobbyists for the banks, insurers and Wall Street have an inherent individual conflict of interest.

Freddie Mac and Fannie Mae were created during the Carter Administration under another unconstitutional Act of Congress. As a mortgage institution created by Congress itself, and by inference then a governmental institution, how then was it allowed to corporately make political campaign contributions to candidates running for governmental office? It would appear Congress then created it's own source for political campaign contributions, and was used by many candidates on both sides of the aisle (BOTH Obama and McCain received heavy campaign donations from Freddie and Fannie, and other financial institutions).

It is also interesting in that the mortgage mess is being blamed for this economic crisis. Who actually is responsible for the mortgage mess? The bankers and many of those career politicians on the Hill right now who passed the bill.. The ones who also lobbied so very hard during this administration to reform and deny bankruptcy protection to Americans through their lobbying efforts on the state and federal level and are responsible for the unconstitutional non-judicial foreclosure laws in this country. The hypocricy of these banks and lending institutions being a force in denying the relief to Americans they now are receiving due to Congress's largesse with the federal checkbook is the true definition of insanity, while many have even extended these loans to non-U.S. citizens.

No mention has also been made that with respect to AIG, we are bailing out not simply a U.S. corporation, but a global one. AIG has 130 subsidiaries in foreign nations alone. It was also interesting that this vote was rushed through without investigating in the slightest the validity of these bankruptcies themselves. Is it perhaps possible that funds were shifted to subsidiaries overseas and are being protected in foreign banks until the smoke clears, like possibly the


Below are the top articles rated and ranked by Helium members on:

Did campaign contributions and lobbying by the financial sector contribute to the meltdown on Wall Street?

Yes
  • 1 of 13

    by T. M. Beeker

    ENRON was proof positive of this situation. The depth of corruption and blatant manipulation of the market should have resulted

    read more

  • 2 of 13

    by Jeremy Horne

    Why should one be surprised about this assertion?

    People do not understand context.. Think of your little boxes of "campaign

    read more

No
  • 1 of 7

    by Lisa Bells

    It seems that Wall Street has become the focus of the world, for its financial crisis and then the bailout program. We witnessed

    read more

  • 2 of 7

    by Rayne Britt

    I don't believe lobbyists are the reason for this particular problem. I have seen a lot of good ideas and insights into the

    read more

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