Will We Get TRUE Wall Street Reform??

If it looks like a skunk and it smells like a skunk, then chances are, it is going to be a skunk. And with that, I bring you Wall Street reform and a question. Will we get TRUE Wall Street reform?

Some of my Democrat friends might be saying "absolutely, we are leading the charge!" but I question that. Is the charge TRULY trying to reform, or is it just political posturing for the populist idea of Wall Street reform? I think it is the later. I find it hard to believe that we will get TRUE reform when the people that are writing the reform have their hands in the pockets of the ones that they are trying to reform/regulate.

President Obama is leading the charge right now, but according to my calculations from data pulled from The Center For Responsive Politics, our President raked in over $24 million from Wall Street during his bid for President. I question if he is truly going to bite the hand that fed him, or if he will just kind of nibble at that hand just a little bit.

Some people may point out that it is not the President that will be writing the bill for reform. This is true. It is the Senate Banking committee that will be doing that. Chaired by Senator Dodd (D-CT) who raked in $2.5 million last year from Wall Street. In all, the Senate Banking committee pulled in over $29 million last year from Wall Street contributions. The Senate Banking Committee is made up of 13 Democrats and 10 Republicans, so both parties are getting their fair take on this one.

Still thinking that this "reform" is going to be TRUE reform?

Senate Majority Leader Harry Reid (D-NV) collected just shy of $1.7 million last year. Dick Durbin (D-IL), Senate Majority Whip, brought in $1.1 million.

It looks like I am just picking on the Dem's, so let's take a look at those right wing conservatives, shall we?

Rudy Giuliani, during his presidential nomination run took in $8.6 million. Mitt Romney, took in $8.7 million. John McCain, took in over $10 million during his run for President which doesn't sound like a lot compared to Obama, but then again he raised less then 1/2 of what Obama did during the campaign. How about Senate Minority Leader Mitch McConnell (R-KY)? He took in $2.45 million. House Minority Leader John Boehner (R-OH) took in $309,540 and minority whip Eric Cantor (R-VA) took in $472,900. The last 2 being in the House of Representatives, will always take in less then a Senator in total campaign contributions.

Right about now, my Tea Bagger friends may be thinking "This is what we are against, glad you are joining us". Not so fast I say. Current candidate Marko Rubio (R-FL) $348,976 and still counting. And Mr. "My name is Scott Brown and I drive a truck" pulled in $717,817 during his campaign. Of course, the Tea Baggers are now calling themselves "Constitutional Conservatives" which I get a kick out of because the only Constitutional Rights they seem to be concerned with are their own, not those rights of other people. But that is a whole other topic in itself. So, no, I would never affiliate myself with the Tea Baggers or Constitutional Conservatives or whatever they are calling themselves this week.

From 1998 thru 2008, Wall Street contributed $1.25 Billion in political contributions and another $3.4 Billion on lobbyists. Of that money, 55% went to Republicans and 45% to the Dem's. In 2008, just over 50% went to the Dem's which was the first time in several years that had happened. In the 1st quarter of 2009, 76% of the Wall Street contributions went to Democrats. By the 4th quarter, 73% was going to the Republicans.

I think that we will get some kind of reform passed, but nothing with any kind of real teeth to it. What would be nice is if these politicians decided to give the money back to Wall Street or at least started to decline it. At that point, I would be more inclined to believe in some reform. But just last week, Chris Matthews had a couple of elected officials on his show Hardball and asked them straight up to give the money back. Both the Republican and Democrat politely declined as the sweat was rolling down their foreheads.

Starting to smell that skunk yet? I sure do.