Oh, this is awesome. Larry Abrams, who has written for public radio for many years, gets to the heart of the vicious circle that is corporate lobbyist/elected official relationship and why we need public financing of our campaigns to break the cycle.

Bank of America has announced it's buying out Countrywide Financial for a cool $4.1 billion and taking a huge tax break by writing off the losses that Countrywide brings to the table from the collapse of the subprime mortgage market, and shifting the tax burden right on over to the taxpayers (many of whom were bitten by the subprime crisis and are now without homes). That's a nice bit of tax policy the commercial banking sector bought with its hundreds of millions in campaign contributions to federal candidates.

It's not that I begrudge a guy an urge to spend time in the land of gouda and windmills but tell me it doesn't look a mite suspicious when Roland Arnall dumps millions into the election of George W. Bush then winds up Ambassador to The Netherlands?

The Democratic presidential field has been at each other's throats of late over how much they're taking in campaign contributions from private equity fund and hedge fund managers (particularly as the subprime storm rages on). Hedge fund money is just the latest campaign cash seam to be tapped, and quite a lucrative one it is considering the latest studies showing that the wage gap is widening to the point that CEOs look like paupers next to the Wall Street boys and girls.

Reports abound of homeowners squeezed by their mortgage companies, and foreclosure signs springing up like weeds as the housing bubble goes "pop." Surprise, surprise: this latest assault on the homeowner was facilitated by the cosy relationship, conceived in checkbook, between mortgage lenders and lawmakers. The Common Cause Education Fund connect the dots (pdf document).