Interesting correlation between the receipt of campaign contributions from the financial sector and the level of support for the bailout bill in the House.
We have not looked at this study closely yet, and probably won't bother to be truthful, because the level of campaign cronyism in Washington is so pervasive that we feel the point is almost moot. Campaign and lobbying reform is a must have. And we don't.
If we did we'd carefully sort out congressmen who are from states in which the insurance industry is a heavy constituenncy. We also question the inclusion of the entire FIRE segment and would look at the breakdowns of the Financial, Insurance and Real Estate components, since this bill was so heavily targeted to the financial industry.
And as always the campaign contributions are a nice data source, but unless you are looking at the registered lobbyist activity one really has no clue. Soft money is everything these days in the Beltway.
Capital Eye
Finance Sector Gave 51 Percent More to House Bailout Backers
September 29, 2008
WASHINGTON -- Members of the House of Representatives who supported bailing out the financial sector with $700 billion in taxpayer money have received 51 percent more in campaign contributions from the finance, insurance and real estate sector in their congressional careers than those who opposed the emergency legislation, the nonpartisan Center for Responsive Politics calculated following the 228-205 vote on Monday that defeated the House bill.
Examining campaign contributions from the industries that were most eager to see the Emergency Economic Stabilization Act of 2008 passed, the Center found that the gap between lawmakers who supported the bailout and those who successfully opposed it was especially wide among House Democrats. ...
