One of the most troubling aspects of finance in modern society is that it often appears that the financial community now has the ability to take control of the government. They can hire lobbyists to present their case and persuade lawmakers to take their side. The “bailouts” and the favoritism apparently shown to some financial interests during the current financial crisis are widely seen as evidence of this.
The Unbalanced Power of Lobbyists
Arthur Levitt, the chairman of the SEC from 1993 to 2001, wrote about his experiences in a 2003 book, Take on the Street. He remarks as follows:
During my seven and a half years in Washington, I was constantly amazed by what I saw. And nothing astonished me more than witnessing the powerful ...