Senator Dick Durbin of Illinois said something most everybody knows but politicians rarely admit in a radio interview Monday.  Speaking with WJJG Radio Chicagoland, Durbin explained “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place,”.  Again, the sentiment here isn’t exactly news, but the messenger delivering it is the #2 Member of the majority Democratic party in the Senate.

The more you think about this troubling fact of contemporary political life, the more you need to question the reasons behind it.  Obviously the reasons in the past haven’t been too hard to figure: politicians want money and banks have it for the taking.  But now with the banking industry on its knees, what is it that still inspires such loyalty amongst Washington DC politicians, of both parties, to their former benefactors on Wall Street?  DC is not exactly known as the most loyal place on Earth.  It’s actually more of a “What have you done for me lately?” kinda city. 

Perhaps it’s a lack of creativity and imagination however which has put the banks on the top of the priority “to fix” list for Washington.  After all, which politicians are even capable of redesigning our monetary system and reinventing the role of our financial institutions?  And if such a massive revolution were to take place, then how would said politicians continue to benefit financially from it in the future?  Better to go with what you know, is likely the philosophy at work here.  The quicker the banks get back on their feet, the quicker those old relationships, cultivated over a career in public service will start growing cash again.

LINKS:

Brennan Center for Justice: Durbin: The Banks Own Capitol Hill

Progress Illinois: Durbin On Congress: The Banks “Own The Place”

Polizeros: Sen. Durbin. Banks own Congress