The results from this reliance? Back in the 1930s, Democrats in Congress put in place the financial industry regulations that helped create a more equal mid-20th century America. In our time, Democrats have helped undo these regulations.
In 1993, a large cohort of Democrats in Congress backed the legislation that ended restrictions on interstate banking. In 1999, Democrats helped pass the bill that let federally insured commercial banks make speculative investments.
The next year, a block of congressional Democrats blessed the measure that prevented the regulation of ?derivatives,? the exotic new financial bets that would go on to wreak economic havoc in 2008.
We?ll never be able to fully ?gauge the effect of the Democrats? reliance on contributions from the wealthy,? acknowledge political scientists Bonica, McCarty, Poole, and Rosenthal. But at the least, they continue, this reliance ?does likely preclude a strong focus on redistributive policies? that would in any significant way discomfort the movers and shakers who top America?s moneyed class.