October 19, 2007 9:02 AM

Beyond Corporations, Cronies and Corruption

Paul Krugman's Friday column is like a dessert at the end of the meal -- after a long week, we find appetite for one more column because it tastes so good. Today he tackles with his usual insight and nuance the trends in corporate support for political candidates.

Big business is losing faith in the Bushies. In part, the Administration's sheer incompetence has sent its old friends packing. And in part, the cronyism has had dire consequences:

The truth is that while the administration has lavished favors on some powerful, established corporations, the biggest scandals have involved companies that were small or didn't exist at all until they started getting huge contracts thanks to their political connections. Thus, Blackwater USA was a tiny business until it somehow became the leading supplier of mercenaries for the War on Terror™.

It's a mixed message. On one hand, the right-wing's loss of its monopoly in the corporate money game means that progressive candidates and policies may have a chance. On the other hand, if it just means that progressive candidates get slowly sucked in by the big-dollar lobbyists, we might end up no better than we began.

The better solution is one that Working Assets has advocated in the past -- getting money out of politics. But until that happens, making sure we keep all our elected officials accountable is a priority. Otherwise, you see moments when phone company lobbyists manage to corner our Congress into taking stances that the American public rejects: like retroactive immunity (you can still take action to prevent this from happening.)

Krugman is a good read. But the result of reading him is that as much as you nod in agreement, you'll also shake your head in frustration.