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What is actually the whole history of the political power of the big Wall Street banks?
by das monde on Fri Jan 30th, 2009 at 04:04:25 AM EST
... AFAIU, the big New York banks had a lot of power back in the day, which is to say in the days when the money center banks were integrated banks, before Glass-Steagall. In the late 1800's, they had a good number of Senators in their pockets, as the Western Railroads had a good number in theirs.

And they were always influential in the Republican party, but for quite a long time that was a blocking power rather than a power to enact.

The rise of their influence in the Democratic party ... well, it was certainly completed by the Clinton administration, so it may be the backwash from the aggressive and ongoing destruction of Glass-Steagall, and the wave of corporatization of the Investment Banks in the 1980's.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Jan 30th, 2009 at 09:04:57 AM EST
[ Parent ]
What can we tell about that history? Does the number of pocket senators measures the real influence?

There are also views like this:

Wall Street and the Rise of Hitler, by ANTONY C. SUTTON

This is the third and final volume of a trilogy describing the role of the American corporate socialists, otherwise known as the Wall Street financial elite or the Eastern Liberal Establishment, in three significant twentieth-century historical events: the 1917 Lenin-Trotsky Revolution in Russia, the 1933 election of Franklin D. Roosevelt in the United States, and the 1933 seizure of power by Adolf Hitler in Germany.

Each of these events introduced some variant of socialism into a major country -- i.e., Bolshevik socialism in Russia, New Deal socialism in the United States, and National socialism in Germany.

Contemporary academic histories, with perhaps the sole exception of Carroll Quigley's Tragedy And Hope, ignore this evidence. On the other hand, it is understandable that universities and research organizations, dependent on financial aid from foundations that are controlled by this same New York financial elite, would hardly want to support and to publish research on these aspects of international politics. The bravest of trustees is unlikely to bite the hand that feeds his organization.

It is also eminently clear from the evidence in this trilogy that "public-spirited businessmen" do not journey to Washington as lobbyists and administrators in order to serve the United States. They are in Washington to serve their own profit-maximizing interests. Their purpose is not to further a competitive, free-market economy, but to manipulate a politicized regime, call it what you will, to their own advantage. It is business manipulation of Hitler's accession to power in March 1933 that is the topic of Wall Street and the Rise of Hitler.

by das monde on Sun Feb 1st, 2009 at 11:23:02 PM EST
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