Candidates for Sale

Sadly, both candidates have an extensive history of being dependable pals of campaign contributors. Back in 2000, when Obama was a state senator in Illinois, an entrepreneur named Robert Blackwell Jr. hired him to be his lawyer, paying him a monthly retainer of $8,000 — big money for a part-time legislator with an annual salary of just $58,000. A few months later, Obama sent a letter urging state tourism officials to give a grant to one of Blackwell's companies, the amusingly named Killerspin, to fund a table-tennis tournament. Killerspin received $320,000 in public funds; Obama pocketed $112,000 in fees from Blackwell.

So far this year, Blackwell has bundled more than $100,000 for Obama's campaign. Looks like there's going to be a shitload of table-tennis tournaments all across America next year.

McCain also likes to write letters for big contributors. In 1998, four months after BellSouth contributed $16,750 to the senator, he sent a letter to the FCC asking it to give "serious consideration" to the company's request to enter the long-distance market. He later wrote letters on behalf of Paxson Communications, which donated $20,000 and let him use their company jet, as well as Ameritech and SBC Communications, which raised $120,000 for McCain at a time when they were seeking permission to merge.

McCain's still sticking by that gang. Former Ameritech chairman Richard Notebaert bundled more than $100,000 for him this year, and two of McCain's key fundraisers, Peter Madigan and Tim McKone, hail from SBC. The point is that politicians are intensely loyal to the people who give them money — and not anywhere near as loyal to the promises they've made to suckers like us. No matter who's in the White House, the direction of the government has remained remarkably stable. Clinton's treasury secretary, Rubin, was a Goldman Sachs man; Henry Paulson, the current secretary under Bush, is also a Goldman Sachs man. It'll probably be a Goldman man again next year. Meet the new boss, same as the old boss. In sickness or in health, the faces may change, but the money remains. "It's not an accident that both administrations picked for leading economic advisers people from Goldman Sachs," says Pollin.

The really distressing thing about all of this is the signal it sends to Americans. Goldman Sachs posted a record profit of $11 billion last year, much of it from betting against the subprime mortgage market they themselves helped to fuck up. That little energy exchange Goldman set up, the ICE, made a profit of $240 million last year, as gas prices skyrocketed. It may suck to be you right now, but all that pain isn't so bad if you are a big oil speculator.

When you live in million-dollar Manhattan townhouses and make billions in profits betting on the pain of the ordinary foreclosed homeowner, you shouldn't get to run around on TV with the prospective president on your arm. You should be hung by your balls. But that's not the way it works, and despite what you might have heard about "change," it probably never will be.

For all the excitement that Barack Obama has garnered, and all the talk about a new day in Washington, it would be tragic if the real legacy of his election victory was to finally expose the essentially unchanging, oligarchic nature of our political system. It's the same old story: Money talks, and bullshit walks. And don't be surprised if we're the ones still walking after November.

[From Issue 1059 — August 21, 2008]