I suggest if you are not watching Bill Moyers on a regular basis that you do so. One can hardly call Bill a tool of either party. He and his guests have laid to rest ANY question of doubt regarding Democrats bowing and scraping to Wall St. just as much as the Republicans. It's all just theater designed to keep the status quo. If you have evidence otherwise, please post it.
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"Mr Reich, who was Bill Clinton’s Labour secretary in the 1990s before resigning over the former president’s reluctance to pursue a strong public investment agenda, says that he and his colleagues fear a replay of the Clinton years under Mr Obama. Mr Reich now talks of the “Paulson-Geithner approach” to demonstrate what he sees as the continuity between Hank Paulson, George W. Bush’s last Treasury secretary, and the current administration. Mr Reich says bank nationalisation is the only answer to today’s crisis. “Bill Clinton chose to pursue a set of policies that Wall Street agreed with but at the expense of his long-term agenda of boosting public investment,” says Mr Reich. “Bill Clinton’s Wall Street agenda in the end brought America and the world crashing down with it. I hope we are not seeing history repeat itself with Mr Obama.”
delong.typepad.com
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Buyer's Remorse Hits Wall Street Democrats
FEB 8 2010, 4:00 PM ET
It's commonly thought that Democrats are crusaders for the little guy and hate those dastardly Wall Streeters. It's a common misconception. In fact, during the 2008 elections, Democrats far out-earned Republicans in Wall Street-based political contributions. But according to a New York Times article today, that is changing. Given the recent financial regulation efforts in Congress and by the Obama administration, bankers and traders are thinking twice about their Democratic support.
The NY Times says:
Just two years after Mr. Obama helped his party pull in record Wall Street contributions -- $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics -- some of his biggest supporters, like Mr. Dimon, have become the industry's chief lobbyists against his regulatory agenda.
Republicans are rushing to capitalize on what they call Wall Street's "buyer's remorse" with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street "fat cats," they may fight back by withholding their cash.
The Mr. Dimon referred to above is JP Morgan Chase CEO Jamie Dimon, a friend of President Obama's. The article also says:
But this year Chase's political action committee is sending the Democrats a pointed message. While it has contributed to some individual Democrats and state organizations, it has rebuffed solicitations from the national Democratic House and Senate campaign committees. Instead, it gave $30,000 to their Republican counterparts.
Ouch. That burns.
Last week, I noted that financial reform may be dead, as Banking Committee Chair Christopher Dodd (D-CT) is going ahead with his bill in the Senate without Republican support. Perhaps Republicans have realized how much they stand to gain by fighting some of Democrats' more controversial provisions, like the consumer financial protection agency and Volcker Plan. But could this also drive Democrats to think twice about aggressive regulation?
I think this could go one of two ways. Either Democrats will suddenly realize that they need Wall Street's money for their uphill campaigns this November, or Republicans will realize (if they haven't already) that refusing to compromise on a bill may draw Wall Street's allegiance and deep pockets to their side of the aisle. Either way, the result I think you'll see is a best-case scenario that financial reform isn't nearly as substantial as it once was hoped it could be -- or might have been if it were put ahead of health care reform.
theatlantic.com
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Democrats are darlings of Wall St.
Some fear donations will soften attitudes on financial regulation.
CAMPAIGN '08: RACE FOR THE WHITE HOUSE
March 21, 2008|Janet Hook and Dan Morain, Times Staff Writers
WASHINGTON — Hillary Rodham Clinton and Barack Obama, who are running for president as economic populists, are benefiting handsomely from Wall Street donations, easily surpassing Republican John McCain in campaign contributions from the troubled financial services sector.
It is part of a broader fundraising shift toward Democrats, compared to past campaigns when Republicans were the favorites of Wall Street.
articles.latimes.com |
