We have talked many times on the radio show about the real problem that ignited the financial crisis. The financial system was allowed to practice acts of greed and take advantage of an unregulated system. As a result, there are trillions of dollars of losses for which the consumer/investor paid the price.

The politicians in Washington are charged with the duty to monitor these systems to make sure that this type of thing is not occurring. They are charged to write laws that protect consumers from greed and dishonest business practices. Unfortunately, politicians do what works for them politically, which means, they don’t bite the hand that feeds them. If campaign contributions are involved, they turn the other way.

For years they turned the other way and let Wall Street, Credit card companies, and the real estate industry create an enormous mess. If you were paying attention (and they are charged to pay attention) you could see this train wreck coming a mile away.

So, the best way to reform the system is to reform Washington. You do that by taking away the conflict of interest. More needs to be done to diminish the effect of campaign contributions and lobbyists in Washington. One shouldn’t have power, influence, and special favors just because they can write a check. Well, yesterday the Supreme Court made that much easier.

A divided Supreme Court struck down limits on corporate political spending, overturning two precedents in a ruling likely to affect campaigning in the 2010 elections. The 5-4 decision rolls back at least two decades of restrictions on what unions and corporations can spend in elections and frees special interest groups to unleash a flood of advertising to sway the outcome of races close to elections.

Now it appears that corporations can spend freely to get whatever they need from their politicians. It is amazing to me that our highest court just threw gas on the fire.

The most interesting aspect of this Supreme Court decision is the timing. It sure is convenient timing since we have crucial elections in November where it appears the democrats are in trouble. Imagine that……politicians getting a little boost just days after they received the reality check that the November elections might not go their way. Who would have ever imagined that the Supreme Court might also be in the special favor game?

Tags: campaign contributions, financial crisis, lobbyists, Supreme Court