I just read a thought-provoking article on Huffington Post. Freddie Mac has paid $2 million to kill the legislation of regulating the risky investment company. The receiver of this two million dollar is a Republican consulting firm called DCI. DCI group is a “strategic public affairs and global issues management firm.” Campaign is the way DCI most often used to address the issue for organizations or corporations. In 2000, Senator Hagel sponsored a bill that called for regulation in the market. And then the gigantic loan corporation Freddie Mac started secretly paying money to DCI and hoped to stop the bill from passing. At first all Republicans were for the bill, and at last the bill died because there weren’t enough Republicans’ vote. Freddie Mac didn’t want its name to appear publicly. Everyone thought it was DCI, but actually it was Freddie Mac who undermined the whole regulation plan.
McCain said the other day Fannie Mae and Freddie Mac were “one of the real catalysts, really match that lit this fire.” He was right on this. These two gigantic investment companies were part of the chain in the economy crisis. I understand that all companies are profit-seeking. But there’s a limit to do this. If the bill have had passed, maybe we don’t have to face this economic downturn now. On the other hand, government officers should take responsibility too. If they have not been easily persuaded, if they have been more provident, they could have done their best to let the bill pass. Governors should see what’s best to middle-class, rather than vested interest.
What’s your reason for wake up in the morning?
6 years ago
2 comments:
Making money at all cost seems to be the mantra of businesses. The problem is our government has become to tied in with these businesses so there is a giant lack of oversight. Who knows what news will come out next on how the banking industry is secretly trying to make money behind our backs.
I agree with you. Running a business needs more than cash. Those giant companies need national government then they can have a strong political support and clouts they need. Governors should take on the responsibility. They are supposed to serve the citizens. I mean main street citizens other than elites on Wall Street.
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