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Oligarchy; Small Groups of Multi Millionaires Funding Super Pacs
Topic Started: Feb 25 2012, 11:04 PM (1,869 Views)
tomdrobin
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Quote:
 

By: David Dayen Thursday February 23, 2012 9:35 am


Forget the five people you meet in heaven, here are the five people running the US election system these days.

We know how the super PACs have come to dominate the presidential campaign, but a closer look at financial-disclosure numbers shows how just a tiny handful of billionaires are dominating those super PACs. An analysis of January’s campaign-disclosure filings reveals that 25 percent of all the money raised for the presidential race that month came from just five donors. That select group gave $19 million to various super PACs, often in support of more than one Republican candidate. Those numbers come from both The Washington Post and USA Today, though neither gives a complete list of those five top donors of 2012.

Ari Berman has us covered. The list includes Harold Simmons, who has given to Perry, Romney and Gingrich this year; Sheldon Adelson and his wife, who are keeping Gingrich on life support; and Santorum pals Foster Freiss and William Dore. Also in the mix is billionaire investor Peter Thiel, a Romney angel.

If you want to extend the circle out to, say, 200 people, a report from Demos shows that about that many have contributed 80% of all SuperPAC money. These are the SuperPACs that have been a major determining factor in the GOP primary, and which swung many Congressional elections in 2010. This equals .000063 of the electorate.

I respect the arguments that Citizens United didn’t cause this all by itself. We had a messed-up election system before that Supreme Court ruling. But unquestionably there has been a cultural shift in recent years, with far more outright purchases of elections using massive amounts of money. I would argue that this rise follows the rise in political economy for a select few. As the 1% spends to write the laws, they gain more power and a certain invincibility. So they can use that power on elections with relative impunity. One hand washes the other.


http://democracyisforpeople.org/

Stunning Statistics of the Week:

$100 million: The amount billionaire casino owner Sheldon Adelson said he may give to support Newt Gingrich’s presidential bid, or another candidate
$11 million: The amount he and his wife already have given to support Gingrich
$25 billion: Adelson’s net worth
0.044 percent: The percentage of Adelson’s fortune that $11 million represents
SEC

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Chris
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Where do they get their power, tom?
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Brewster
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Tom, a good article, but I have a minor quibble - generally speaking, an Oligarchy exists when power is held by an elite class, which may be based on knowledge, history and/or political connections as well as money.

There is a better description in this case. The US is well on its way to becoming a Plutarchy, where the power is held exclusively by those with money.
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Chris
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Where do they get this power, brewster?
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tomdrobin
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Chris
Feb 25 2012, 11:05 PM
Where do they get their power, tom?
$$$$$$

Economic power = political power in the absence of limitations on the use of those $$$$ in politics.

You argument that government caused the corruption is ass backward.

The Mexican drug cartels are a good example of weak government and strong economic power of those not limited by morality or ethics.
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Chris
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tomdrobin
Feb 26 2012, 12:06 AM
Chris
Feb 25 2012, 11:05 PM
Where do they get their power, tom?
$$$$$$

Economic power = political power in the absence of limitations on the use of those $$$$ in politics.

You argument that government caused the corruption is ass backward.

The Mexican drug cartels are a good example of weak government and strong economic power of those not limited by morality or ethics.
How do you figure economic power = political power?

How do people with economic power get political power, tom?



"You argument that government caused the corruption is ass backward."

Where do they get their power, tom?

"The Mexican drug cartels are a good example of weak government and strong economic power of those not limited by morality or ethics."

Mexico is well known for its crony capitalism.



Where do they get their power, tom?
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tomdrobin
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Chris
Feb 26 2012, 12:10 AM
How do people with economic power get political power, tom?
That should be self evident, but it's an exercise in frustration to keep repeating it to someone who is convinced otherwise.

BY USING THEIR WEALTH WITHOUT RESTRICTION TO PROMOTE THE ELECTION OF POLITICIANS WHO ARE FAVORABLE TO THEIR POINT OF VIEW.

BY USING THEIR WEALTH AND MEDIA OUTLETS (FOX NEWS & WSJ) TO PROMOTE THEIR POLITICAL POINTS OF VIEW.

BTW THEIR POLITICAL POINTS OF VIEW ARE NOT JUST IDEOLOGICAL. MORE OFTEN THEY DOVETAIL WITH THEIR ECONOMIC INTERESTS.
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Chris
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tomdrobin
Feb 26 2012, 12:20 AM
Chris
Feb 26 2012, 12:10 AM
How do people with economic power get political power, tom?
That should be self evident, but it's an exercise in frustration to keep repeating it to someone who is convinced otherwise.

BY USING THEIR WEALTH WITHOUT RESTRICTION TO PROMOTE THE ELECTION OF POLITICIANS WHO ARE FAVORABLE TO THEIR POINT OF VIEW.

BY USING THEIR WEALTH AND MEDIA OUTLETS (FOX NEWS & WSJ) TO PROMOTE THEIR POLITICAL POINTS OF VIEW.

BTW THEIR POLITICAL POINTS OF VIEW ARE NOT JUST IDEOLOGICAL. MORE OFTEN THEY DOVETAIL WITH THEIR ECONOMIC INTERESTS.
"That should be self evident"

Of course it is. But you don't seem to get it. The people grant government power. They don't grant the rich power. Only place the rich can get power is government. Crony capitalism.

"PROMOTE"

Not power.

Edited by Chris, Feb 26 2012, 12:23 AM.
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Pat
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:hystery: :hystery: :hystery: :hystery:

This topic qualifies for four emoticons.

Let's view this rationally guys and I'll give an example to get across my point. Let's say Colo were a billionaire, and decided to jump in and back Mitt Romney to the tune of $50 mil. So Mitt out spends the republican field by say 20-1 in ads and appearances. Whose fault is it if after hearing the debates, reading the campaign material, and hearing Mitt speak, if the voter were charmed into believing Mitt was a conservative?

By ending a person's right to form a PAC and promote a candidate, does that in some way solve the stupidity quotient of voters? Is it the role of government to defend free speech, or does the constitutional and Bill of Rights get set aside for the purpose of protecting people from the guy on the soapbox having his say?

Courts have ruled that liars and their lies are protected under the free speech provisions. Is it right to limit the free speech of rich guys because potential voters refuse to do their homework in deciding who to vote for? Is that the role of government?
Edited by Pat, Feb 26 2012, 12:52 AM.
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Brewster
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Pat, you seem to be labouring undr the misapprehension that the US is still a democracy.

When the right of free speech for all is drowned out by the dollar-fuelled PAC machines overwheming the little guy, your precious Constitutional guarantees have already been set aside.
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