Battling those special interests: Hedge funds applaud, Credit Unions object 

President Obama has cast his push to regulate finance as a crusade against the special interests. Opponents, if we believe Obama, are shills for Wall Street. In fact, Obama has cast his whole presidency in these terms — you’re either with Obama or you’re with the special interests. It’s bogus, as has been demonstrated again and again. The latest data: who supports Obama’s financial “reforms” and who opposes them,

On the anti-”reform” side (and thus, “making love to Wall Street,” I suppose,) are credit unions. Credit unions are not-for-profits which spent $2.3 million on lobbying last quarter.

On the pro-”reform” side, are hedge funds, which spent $2.0 million lobbying last year.

I’m not going to say credit unions aren’t a special interest — they are. But as with most Beltway fights, financial regulation isn’t about reformers vs special interests. It’s special interest-vs-special interest.

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Timothy P. Carney

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