Wednesday, February 3, 2010

Fear the BLOB

John Carney has a nice piece on the BankingLOBby.

The BLOB is a secret club that consists of current Senate staffers and Wall Street lobbyists that control what banking legislation makes its way through Congress.

According to Carney and his source:
[Blob members] frequently socialize together, often organizing happy hours and parties.

"They move in a pack. They socialize together," the person says. "Hell. They even inter-marry."

The Blob is made up of both Republican and Democratic staffers. Outsiders tend to think the Blob members view themselves as "cooler" than other Capitol Hill staff members...

"The very worst example of the revolving door in Congress," is how the person described the Blob.

"The idea that these people would actually develop legislation that Wall Street
opposes" is a joke, the person said. "They are genetically incapable of doing it."
If the Blob existed to keep markets free that would be one thing, but I suspect most of the time the Blob is creating legislation that will prevent others from entering the industry and hampering those who are already in the industry but don't have the Blob on the payroll.

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