Who else could retain so much power in Washington besides the banksters who trashed the economy? For those wondering how in the world they can continue to receive so much money both from a corporate perspective and a compensation perspective, no need to look beyond Wall Street's lobbying efforts that are being funded by the taxpayers. The profiles in courage in Congress remain as gutless as ever and beholden to lobbyists. More from Arianna Huffington:
According to Sen. Dick Durbin, the banks "are still the most powerful lobby on Capitol Hill. And they frankly own the place."Obama used harsh language yesterday related to the hedge funds that held out for a better deal though Arianna is right that Treasury folded to some of their demands. It wasn't perfect but stepping back, I'd still say this was an OK change and worth noting. Obama will never be a radical change kind of president but he does show a willingness to move in the right direction. He is listening, it seems, so I'd put this in the "to be watched" category. If in six months there's no movement, then we will be in big trouble.
When it comes to reforming our financial system, we are truly through the looking glass. I mean, since when did it become "to the vanquished go the spoils"? How do the same banks that have repeatedly come to Washington over the last eight months with their hats in their hands, asking for billions to rescue them from their catastrophic mistakes, somehow still "own the place"?
But the banks continue to be rewarded for their many failures.
