Thomas Friedman finally got something right: “Our Congress today is a forum for legalized bribery.”
The fact that Friedman has recognized the problem just tells us how glaringly obvious it’s become.*
According to Americans for Campaign Reform, individuals and political action committees in finance, insurance, and real estate have contributed over $2 billion to federal campaigns since 1990, the largest sector by a factor of two. And candidates from both major political parties have taken the money almost in equal measure—always, of course, favoring the party in power and members of the relevant regulatory committees (Financial Services and Ways and Means in the House, Commerce, Banking, Finance, and Budget committees in the Senate).
The result is, the United States now has the best Congress the 1 percent in finance, real estate, and insurance can buy.
* It won’t surprise anyone that the only good solution Friedman can come up with is something he borrowed from someone else: “U.S. congressmen should have to dress like Nascar drivers and wear the logos of all the banks, investment banks, insurance companies and real estate firms that they’re taking money from.” That would be a good start.