Saturday, November 15, 2008

Did Somebody Mention Corporate Power?

How do we know that the Obama administration will be under pressure to cave to corporations? I couldn't say it any better than Derrick Jackson did the Globe:

For the first time since 1994, the defense and healthcare industries gave a majority of campaign contributions to the Democrats - albeit bare majorities. They will expect to be first in line for loopholes from Obama. Resistance to modernization is likely from energy companies and the transportation industry, which gave about two-thirds of their funds to Republicans, according to the Center for Responsive Politics.

For all the chaos this nation was thrown into by the $700 billion bank bailout, the Washington Post reported this week that $290 billion of it has been committed without anyone yet being hired to oversee it. It also happens that the banking industry was another sector that gave Democrats a bare majority of campaign contributions for the first time since the early 1990s. How much oversight will Obama truly insist upon?

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