Nothing but the Truth!
January 22, 2010 (San Diego) -- The US Supreme Court this week decided it is a violation of the First Amendment to prohibit corporations from directly contributing to political campaigns. This decision comes at a time when banks and brokers are guilty of running confidence games on the taxpayers. Public confidence in the integrity of banks is at an all-time low.
Since 1909, there have been restrictions on direct contributions by corporations, That hasn't stopped the flow of money. The US election laws have many loopholes which allow laundered corporate money to go to tax-free "fundations" which then contribute to "friendly" politicians.
But this decision will open the floodgates and allow direct corporate management of the political arena, something which has been going on for years but has been disguised.
US politics had long been controlled by access to mother's milk- money. But now the charade of "cleaning up" contributions and pretending they come form private donors will cease.
Why did the US Congress approve the bank and brokerage bailout? Every few years, politicians in Washington have to run for office. For that, they need ready cash to spend for getting re-elected. So voila--a bailout!
Butl labor unions will also be able to donate to their favorite liberal politicians. Will this result in a wash? I doubt it. Corporate profits have been rising faster than labor union membership. If anything, the Supreme Court decision will lead to more political polarization and a decline in Independent candidates.
The fact is, money wins elections. Perhaps we should just hold elections on E-Bay and use the auction profits to pay down the national debt.
Will Power is a retired history teacher and creative writing instruction.