STOCK MARKET WATCH -- Friday, 21 June 2013

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37. How America Became a Dollarocracy

http://www.thenation.com/blog/174902/how-america-became-dollarocracy#axzz2WlPuTg00

A radio host started an interview the other day by asking about “the $2 billion election” of 2012. I had to correct him. The commonly used $2 billion figure is a reference to an early estimate of spending on the presidential race. When the final figures came in, the campaigns, the parties, the political action committee and the various and sundry other vehicles for moving money into politics had spent well in excess of $2 billion. And that was just the start of it.

In our new book, Dollarocracy: How the Money and Media Election Complex Is Destroying America (Nation Books), Bob McChesney and I detail how the actual spending on politics during the 2012 election cycle was closer to $10 billion.

Yes, $10 billion.

How did the figure get so high? In the aftermath of a series of Supreme Court rulings, including but not limited to the decision in the Citizens United case, America’s wealthiest and most powerful political players were freed to flood the electoral process with direct donations to parties and candidates as well as massive spending on so-called “independent” and “dark-money” political projects. And they did not stop at the presidential level.



Read more: How America Became a Dollarocracy | The Nation http://www.thenation.com/blog/174902/how-america-became-dollarocracy#ixzz2WqrUTaKb
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