Politicians care mostly about post-election employment

The dirty secret of American politics is that, for most politicians, getting elected is just not that important. What matters is post-election employment. It’s all about staying in the elite political class.

Bill Clinton signed the Commodities Futures Modernization Act in 2000. It gutted oversight and repealed Glass-Steagall, greasing the way for the financial bubble and collapse. He immediately began getting huge fees for speaking and is now worth about $80 million, much of it from “speaking fees.”

Barack Obama and his franchise are emulating the Clinton’s, and are speaking not to voters, but to potential post-election patrons. That’s what their policy goals are organized around.

We don’t call it bribery, but that’s what it is. Bill Clinton made a lot of money when he signed the bill deregulating derivatives and repealed Glass-Steagall. The payout just came later, in the form of speaking fees from elite banks and their allies.

Obama probably doesn’t much care if he gets reelected. He’ll be worth many millions a few years after he leaves office, and has insured his future financial well-being by sending the banks hundreds of billions and doing about what ever they demand.