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Business faces a pivotal year

If the punk economy isn't enough, business folks start to get a tad anxious over possible regulatory backlash from the mortgage mess and an overleveraged marketplace. Campaign contributions flow into both Republican and Democratic party coffers at a record pace. These inflows accompany a message for holding...

By Jonathan D. Miller | Updated on December 23, 2007

If the punk economy isn’t enough, business folks start to get a tad anxious over possible regulatory backlash from the mortgage mess and an overleveraged marketplace. Campaign contributions flow into both Republican and Democratic party coffers at a record pace. These inflows accompany a message for holding the line on laissez-faire government oversight and discouraging new tax policy which might constrain the take from private equity horse trading. And so far the Chamber of Commerce “lobbying” has worked to keep government’s hands largely off the markets. Now that subprime lenders have imploded, the Federal Reserve takes somewhat half-hearted steps to rein in future lending. The President and Republican congressional delegations, meanwhile, mount an effective firewall to protect mostly anything goes business practices. Even New York Senator Chuck Schumer bends over to shield private equity firms from higher tax bills — in return he takes a pittance of their oversized profits to help finance Democratic Senate candidates in competitive races next year.

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