Friday, March 12, 2010

The wolves own the henhouse

You know we can bitch till the end of time about the failure of individual politcians, or even the parties generally, to "change the way DC works" but in the end what seems to be the root of the problem is the damn revolving door.
The same Washington lobbyist who led the sub-prime mortgage industry's successful bid to shoot down government efforts to curtail risky lending is now helping pay-day lenders to water down the financial-regulatory reform bill currently before Congress.

Wright Andrews has developed a niche representing some of the least sympathetic and most predatory players in the financial industry. A veteran lawyer-lobbyist and one-time aide to Democratic senator Sam Nunn, Andrews has lobbied extensively of late for a trade association for pay-day lenders -- which offer short-term, high-interest loans to the working poor, often triggering a cycle of debt for their customers. During the last decade, Andrews ran three different trade groups for the sub-prime mortgage industry, whose home loans defaulted in massive numbers to set off the financial crisis.
I don't know how it could be constitutionally possible, but I don't see any way to permanently solve this part of the problem unless we could ban any former office holders, or their staffers, from lobbying Congress -- ever.

[More posts daily at The Detroit News]

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Blogger Capt. Fogg said...

"ban any former office holders, or their staffers, from lobbying Congress -- ever. "

Now there's a thought!

4:27:00 PM  
Blogger Libby Spencer said...

I don't see any other way to stop the corruption Fogg. Trouble is, it's probably wildly unconstitutional somehow. But then again if they can put a one or two year limit on it, wonder why it can't be a lifetime limit?

4:42:00 PM  

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