Get Rid of the High Places
As long as government is involved in controlling markets to some extent–regulating, taxing, exempting from taxes, subsidizing–corruption will run rampant. Amid the unfolding controversy over the VIP loans Countrywide Financial extended to powerful lawmakers, people have been missing the real point: Bank of America, who is buying Countrywide and all its crummy loans, stands to benefit more than anyone else from the mortgage bailout contained in the bill Senator Chris Dodd has brought to the floor today.
Should we be surprised Bank of America has contributed more than $70,000 to Dodd in just the last year and a half?
My current column in the Washington Examiner explores the connections.
As the late Timothy Wheeler put it: the only way to get rid of corruption in high places is to get rid of the high places.