The Money Behind the Bailout Vote

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According to Maplight.org, House members who voted for the bailout received 54 percent more money from banks and securities firms than members who voted against it. The nonpartisan campaign finance watchdog group has also broken down the average donation from those sectors, based on lawmakers’ bailout stances and party affiliations:

All House Members//// Average Amount Received
Voting Yes…………………………..$231,877
Voting No…………………………….$150,982
Democrats
Voting Yes…………………………..$212,700
Voting No…………………………….$107,993
Republicans
Voting Yes…………………………..$273,181
Voting No…………………………….$181,688

Republicans who opposed the bill are thought to have done so because they’re rabid free market ideologues. So why hasn’t the Street showered these guys with money in the past? Were they actually pro-regulation? (I doubt it). Are they simply marginal members of their party? Or is pure free market evangelism scary even to Wall Street? My bet’s on the last one, but I’d be happy to be proven wrong. (Also, money might not explain everything)

The other interesting detail in these numbers is the small difference in donations to anti-bailout Republicans compared to pro-bailout Democrats (only about $30,000). It’s not that Wall Street doesn’t like free marketers; it’s just a bit wary of anything in the extreme. Or to put it another way, it practices risk aversion at the ballot box. Just not enough of it; obviously, that GOP stock ain’t so hot now.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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