Thursday, October 20, 2011

Why is the top 1% so powerful?

They are the ones who contribute to lobbyists:

If you want to understand how the top 1 percent have accumulated such power in American politics, look no further than Washington’s K Street lobbying corridor. Wall Street has long been the dominant player in the capital. “The banks,” Senator Dick Durbin said in 2009, “are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

The financial sector has spent more money on campaign contributions and lobbying than any other sector of the economy—$4.6 billion on lobbying since 1998, according to Open Secrets. This year, commercial banks and securities and investment firms have spent over $82 million on lobbying, employing over 1,000 lobbyists.