>> Background Music The DigitalBridge Company is trying to bring broadband internet technology to the small town of Appomattox, Virgina. But in this economy financing is not easy to find.
>> It has been incredibly hard to reach intra-capital and only thus business plans get funded.
>> Private investment into these kinds of deals has collapsed from 30 billion dollars in 2007 to only an estimated 18 billion this year. With the American banking system rocked by the economic crisis this is no longer the country's financial center. American businesses looking for capital are turning from Wall Street to Kay Street.
>> Very simply Washington has become the financial capitol of the United States.
>> International business consultant Ian Bremmer.
>> Ian Bremmer: Washington is going to drive who the winners and losers are going to be out of this crisis and that really changes the ball game.
>> Inaudible.
>> So businesses are signing up for match-making sessions to link them with government agencies giving out stimulus money.
>> Wherever the government is is actually where you need to be.
>> Or heading to Kay Street. Headquarters for Washington's high powered lobbyists.
>> So they're coming to you and saying how do we qualify?
>> Thomas Hale Boggs, Jr. is often called the king of Kay Street.
>> How many lawyers do you have?
>> 600 and some.
>> 600 and some.
>> His firm Patton Boggs is getting clients they've never had before, companies, small towns even banks who want a piece of the action.
>> If the government's the bank how much money is there in the bank? The total pie is way over 2 trillion dollars. That's a big bank. It's a big bank.
>> We're now at 219 million dollars in inaudible.
>> Government officials like these of the transportation department can't give it out fast enough.
>> 48 billion dollars needs to get out within two years.
>> The money does come with conditions.
>> We aren't just standing on the street handing out money to anyone.
>> But if Wall Street's vice was greed Washington's vice is politics.
>> It's not just about what Obama wants it's also about what Congress wants and that creates inefficiencies, it slows down the process.
>> How long is this going to be the financial capital?
>> Well, I would say that it's going to certainly be the financial capital for the next five to six, seven years.
>> And DigitalBridge is banking on it.
>> We have currently 150 plus applications that we're getting ready to submit and they total for about 40 to 50 million dollars in stimulus funding.
>> America's financial landscape is changing and so is the economies power structure. Anthony Mason, CBS News, Washington.
==== Transcribed by Automatic Sync Technologies ====
