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Campaign Finance Reform

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The Harsh Light of Cromnibus.

“One of the frustrating things about covering American politics from a vaguely left-liberal perspective is that many of the left-left theories turn out to be true, or true enough. You try to point out to the street protesters and tenured Marxists that things are more complicated than Noam Chomsky and the late Paul Sweezy would have you believe, and, all too often, it turns out they aren’t much more complicated. The richest 0.1 per cent really is getting richer and richer while most Americans see their living standards stagnate. The C.I.A. really did torture people in secret prisons overseas, and the N.S.A. has just received authorization to carry on gathering all of your phone records. The big banks and corporations really do run Washington—or, at least, that’s how it seems on this chilly December day.”

As the terrible-idea-filled, regulation-gutting “CRomnibus” became law earlier this month — thanks to a tag-team lobbying operation by Barack Obama and Jamie DimonThe New Yorker‘s John Cassidy laments what it means for American democracy: Namely, the banks clearly write the laws. “‘It’s morally reprehensible,’ Sherrod Brown, the Ohio Democrat, told reporters. ‘They’re saying government bailouts are back.'”

By the way, if the bad news is too much to handle these days, there was one silver lining to the godawful CRomnibus: Crom may laugh at the four winds, but it does alright by space. Otherwise, well…

Now Matters are Worse.

“Really, it’s weird. The man takes the Metro to work, and yet he handily dismisses what every human American knows to be true: That if dollars are speech, and billions are more speech, then billionaires who spend money don’t do so for the mere joy of making themselves heard, but because it offers them a return on their investment. We. All. Know. This…[But] since the chief can find no evidence of silky burlap sacks lying around with the Koch brothers’ monogram on them, it must follow that there is no corruption — or appearance of corruption — afoot.”

Here we go again. Dahlia Lithwick looks over the Court’s disastrous 5-4 decision in McCutcheon v. FEC [opinion] — a.k.a. Citizens United all over again — and the corrosive effect it will have on public confidence in government. “[I]n a kind of ever-worsening judicial Groundhog Day of election reform…the Roberts Five has overturned 40 years of policy and case law, under an earnest plea about the rights of the beleaguered donors who simply want to spend $3.6 million on every election cycle.”

With Friends Like These.

“If the reporter’s own mother was losing $90 of foods a month out of an already-meager allotment, or the reporter’s son or daughter, I very much doubt that reporter would describe that loss as merely symbolic. I don’t know that reporter thinks their own breakfast, their own lunch, or their own dinner is merely symbolic. This is real money coming out of the grocery carts of real families.”

In Salon, former USDA official Joel Berg reads the riot act to lazy journalists and spineless Dems over the soon-to-pass Farm Bill, which cuts Food Stamps for the poor while expanding crop insurance subsidies for wealthy farms. “It infuriates me, that we live in a country with tens of thousands of actual loopholes that benefit the ultra-rich, [whereas] this is a provision authorized by law, perfectly legal, perfectly sensible, that governors of both parties have utilized…[Calling Food Stamp cuts “closing a loophole” is] basically a fabricated excuse. And it’s a smokescreen to obfuscate the fact that they’re taking food away from hungry families.”

Berg goes on: “George W. Bush proposed a billion dollars in cuts to SNAP, and virtually all these people were aghast at how horrible it is. For them to then turn around and justify cuts that are [eight] times as large as what George W. Bush proposed is a little hard to swallow. I do think our political system is basically evil versus spineless now.”

This. It’s the same dynamic you see on the NSA, on the Grand Bargain, and on countless other issues. And this is why I hard to find it to take so many Dems seriously anymore. Here’s the bill passage pablum from Senate Ag Chair Debbie Stabenow: “Congress is on the verge of taking bipartisan action that will create jobs and help reduce the deficit. This is not your father’s Farm Bill. It implements major reforms and ends unnecessary subsidies…Congress can pass a bipartisan bill that helps take us into the future and beyond the policies of the past.” And here’s the missing subtext: “Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) has received more contributions from the crop production industry than any other senator.”

Ain’t no use jiving, ain’t no use joking. Everything is broken, and we need to stop enabling it or it will never, ever get better.

Too Big to Countenance.

“Today, the nation’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — are nearly $2 trillion larger than they were before the crisis, with a greater market share than ever. And the federal help continues — not as direct bailouts, but in the form of an implicit government guarantee. The market knows that the government won’t allow these institutions to fail. It’s the ultimate insurance policy — one with no coverage limits or premiums.”

Joining ranks across the partisan divide, Senators Sherrod Brown and David Vitter introduce legislation aimed at ending Too Big To Fail: “The senators want the major banks to increase their own tangible equity so that shareholders, and not just taxpayers, take responsibility for their risky actions. They want the banks to have greater liquidity by holding more assets they can immediately turn into cash in a financial crisis. They say they want to keep Wall Street banks that enjoy government backing from gaming the financial system with credit derivatives and other risk-inflated schemes, which even JP Morgan Chase’s own employees failed to catch until too late.”

Naturally, the banks will be fighting this with everything they have, and Goliath usually wins these fights in Washington. They’re already leaning on one of their favorite Senators, Chuck Schumer, to block Brown from ascending to Chair of the Senate Banking Committee. Nonetheless, the progressive-conservative alliance here suggests, at the very least, a new wrinkle in the game.

In related news, companies are also wheeling out the Big Guns to threaten the Securities and Exchange Commission over potential new corporate disclosure rules for political spending — namely, making businesses disclose their campaign donations to their shareholders. Seems innocuous enough, but of course, “[t]he trade associations lining up in opposition to the rule amount to a roll call of the most politically influential — and highly regulated — industries in the country.”

You May Say They Were Dreamers…

“Like many of his peers, Havens was a songwriter…But Havens also knew a great contemporary song when he heard it, and made his name covering and rearranging songs by Bob Dylan and the Beatles. ‘Music is the major form of communication,” he told Rolling Stone in 1968. “It’s the commonest vibration, the people’s news broadcast, especially for kids.’ Richie Havens, folk singer, troubadour, and opener of Woodstock, 1941-2013.

“Bob radiated a passion for justice, and with joyful fervor he inspired everyone around him to share his belief in, and commitment to working for, a more democratic and just society. Through a long and varied career, Bob took on many roles and causes – but all of the chapters in his remarkable life were connected by his essential decency, kindness and compassion.” Bob Edgar, former Congressman, campaign finance activist, and president of Common Cause, 1943-2013.

Pay-to-Play, Enshrined. | The Veal Pen.

[I]n establishing OFA and through it extending an open palm to Washington’s corps of lobbyists and their masters, Obama is in danger of hitting the history books as a president who gamed, exploited, and ultimately joined a corrupt system rather than cleaning it up…Millions of Americans voted for Barack Obama thinking he understood what’s happening and would do something about it. Instead, he’s making things worse.

Common Cause president Bob Edgar reads Obama the riot act for his many transgressions on the campaign finance front. “He still has time to change course and I’m enough of an optimist to hold out hope that he will. But it’s getting tougher.” On this as on so many other fronts, I myself am no longer that optimistic. (Obama Lucy picture via this Atlantic Monthly article.)

“We talk a lot about broken models. The DC progressive model is broken. It does nothing but facilitate the injustices readily evident in this case.” In related news, and in the wake of his recent Salon piece about the administration’s phantom financial fraud task force, Dave Dayen argues its time for progressive organizations in DC to get adversarial or go home. Well-meaning people all over this country concerned about any number of issues hand over their hard-earned money to these groups, and they aim to speak broadly for liberal values. The accountability doesn’t stop on Wall Street. It needs to be shared by the DC progressive community.”

Update: “There’s a certain conventional wisdom that President Obama wants stronger campaign finance laws, and to protect our democracy from the corrupting effects of money in politics. It’s a story that you should no longer believe.” The Sunlight Foundation weighs in against Obama as well. “The arc of the Obama presidency may be long, but so far, it has bent away from transparency for influence and campaign finance, and toward big funders.”

The Best Republic Money Can Buy.

In the 2010 election cycle, 26,783 individuals (or slightly less than one in ten thousand Americans) each contributed more than $10,000 to federal political campaigns. Combined, these donors spent $774 million. That’s 24.3% of the total from individuals to politicians, parties, PACs, and independent expenditure groups. Together, they would fill only two-thirds of the 41,222 seats at Nationals Park.

According to a recent report by the Sunlight Foundation, 0.1% of the country made almost a quarter of the campaign donations last year. It’s a great system, tho’.

Calvin, Job Creator.


Also making the rounds on Facebook, this ancient Calvin & Hobbes strip anticipates the socialized-losses-for-me-but-not-for-thee mindset of contemporary “job creators.” Thank goodness they only have one-and-ahalf major political parties behind them to back their play.

Another D’oh From Simpson.


Told that the data came directly from the Social Security Administration, Simpson continued to insist it was inaccurate, while misstating the nature of a statistical average: “If you’re telling me that a guy who got to be 65 in 1940 — that all of them lived to be 77 — that is just not correct. Just because a guy gets to be 65, he’s gonna live to be 77? Hell, that’s my genre. That’s not true,’ said Simpson, who will turn 80 in September. Understanding life expectancy rates at age 65 in 1940 is central to understanding Social Security itself.

In keeping with his informative interview with Alex Lawson last fall, former Wyoming Senator and co-head of the president’s deficit commission Alan Simpson — while railing against AARP — proves once again knows as little about Social Security as he does about hip-hop. So, yeah, by all means let’s put him in charge of social insurance “reform.”

Simpson’s forceful gesture came after an extended diatribe against Social Security, which he said is a ‘Ponzi’ scheme, ‘not a retirement program.’ Simpson argued that Social Security was originally intended more as a welfare program.Um, no. But, in Simpson’s defense, the president who appointed him also harbors some misunderstandings about Social Security. And at least the Senator is right on public financing of elections. So, there’s that.

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