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12 Deregulatory Steps to Financial Meltdown


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12 Deregulatory Steps to Financial Meltdown

Robert Weissman

What can $5 billion buy in Washington?

Quite a lot.

Over the 1998-2008 period, the financial sector spent more than $5billion on U.S. federal campaign contributions and lobbyingexpenditures.

This extraordinary investment paid off fabulously. Congress andexecutive agencies rolled back long-standing regulatory restraints,refused to impose new regulations on rapidly evolving and mushroomingareas of finance, and shunned calls to enforce rules still in place.