As financial reform legislation is being debated in the Capitol, members of both parties, even those with said legislation before their committees, are reaping the benefits of Wall Street's coffers through an endless stream of fundraisers.
With almost $2 billion spent by the financial industry in the past 10 years on campaign contributions, it isn't difficult to understand why the average American doesn't trust either party to do the right thing when it comes to regulation and reform.
How can members of Congress perform their duties and make tough legislative choices when their livelihood is dependent on the groups that they are to monitor? While most people elected to Congress get their by claiming to be an outsider who wants to change the system, once they are in, they are the system and often will do whatever it takes to remain there.
Sen. Specter (PA) proved this fact by stating that the reason he switched parties was not out of a sudden change of ideology or event in his life, but because he felt he couldn't get re-elected by his prior party. While certainly not a noble reason to change parties, at least he admitted what probably the rest of the elected officials in DC won't: that getting re-elected is the most important aspect of the job and nothing can be done to jeopardize that.
So I suppose we shouldn't be surprised that the financial industry will most likely get to write the reform legislation to meet their needs and desires, even at a cost to the rest of us. Perhaps it's silly to think that members would be concerned about how their actions affect the common people; after all, when was the last time you gave $1.7 billion to fund their campaigns?
"So tonight, to you, the great silent majority of Americans, I ask for your support."
Richard M. Nixon, November 3, 1968