by Kristin Schaaf

Created on: October 28, 2008

A recession is imminent, the experts say. We're in the worst financial crisis since the Great Depression. Americans are not only fearful of what's to come, but also are left wondering: what led to the meltdown on Wall Street and the suffering of everyday people on Main Street, and what can we do about it?

Poor lending practices and a sharp increase in credit card debt have contributed to the current economic crisis, leaving Americans also asking who contributed to the poor decisions that were made in the first place. According to the Center for Responsible Politics, companies like Merrill Lynch and Lehman Brothers, which were bought out by the government at the fall of our economy, were among major contributors to political campaigns.

http://www.opensecrets.org/news/2008/09/wall-street- shakeup-connects-t.html

This raises the question did campaign contributions and lobbying by the financial sector contribute to the meltdown on Wall Street?

In looking at the numbers, it's easy to see the power that the financial industry wielded over campaigns. In 2008, the financial, insurance and real-estate industries contributed $373,178,766 to federal campaigns. This is more than five times the amount contributed in nearly two decades before. And, within that sector, "the two industries getting the most attention right now [are the] securities and investment industry and commercial banks" which have together contributed over $150 million to finance campaigns.

http://www.opensecrets.org/industries/indus.php?ind= F

According to the Center for Responsible Politics' Open Secrets website, dollars contributed by the financial industry played a significant role in the Wall Street bailout:

"Election after election, the finance, insurance and real estate sector has been the top campaign contributor in federal politics, giving more than $2 billion to federal candidates and political parties since 1989." This had a powerful impact on the vote for the $700 billion bailout for Wall Street, when "263 House members who supported the bailout received an average of $833,077 since 1989 from the industries that were most eager to see the rescue bill passed."

http://www.opensecrets.org/news/2008/10/in-houses-fi nal-bailout-vote-m.html

"In the Senatesenators who supported the bailout received an average of $3,986,723 from the financial sector since 1989 - 139 percent more than their opponents, who had received $1,671,029, on average. Even excluding the millions of dollars that senators running for president

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