February 4, 2010
THE PARTY OF WALL STREET.... It occurs to me that much of the political establishment may not realize that Wall Street and bailed out bankers aren't especially popular among American voters right now. It's why Republicans are pursuing a curious strategy that seems to undermine GOP claims about populism.
Republicans are stepping up their campaign to win donations from Wall Street, trying to capitalize on an increasing sense of regret among executives at big financial institutions for backing Democrats in 2008.
In discussions with Wall Street executives, Republicans are striving to make the case that they are banks' best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street. [...]
[House Minority Leader John Boehner] told [James Dimon, the chairman and chief executive of J.P. Morgan] congressional Republicans had stood up to Mr. Obama's efforts to curb pay and impose new regulations.
Given the political climate, these three paragraphs should effectively end Republican talk about reclaiming the congressional majority.
It's almost comical. After extraordinarily reckless and irresponsible behavior on Wall Street, and a wildly unpopular bank bailout, President Obama and congressional Democrats have taken steps to bring some accountability and common sense back to our financial system. Republicans -- by their own admission -- are siding with those who brought the global system to the brink of collapse.
And to add insult to injury, these same Republicans hope to hit up Wall Street for more campaign contributions, promising bankers they'll do even more to stop reform efforts.
Is this some kind of joke?
In 2010, with the economy still struggling, financial industry bonuses still flowing, and Americans wondering why the only folks getting ahead are bankers who were saved by our money, Republicans are cozying up even more to Wall Street?
—Steve Benen 1:05 PM
Permalink
| Trackbacks
| Comments (26)
oh, please! the kabuki in this differentiation between the Dims and the Repugnants -- given the fact that the financial institutions bankroll both every year (slightly favoring the majority party) -- is about as disingenuous as, well, susan collins concern about national security.
Posted by: neill on February 4, 2010 at 1:07 PM | PERMALINK
For this to be a problem for the Rs would require that people know about it. What makes you think the media, or even the Ds, will publicize it at a sufficient level?
Posted by: fusion on February 4, 2010 at 1:09 PM | PERMALINK
Sadly, there are many folks from Mainsteet America, Joe Sixpack in Palinspeak, that actually still believe that what brought down Wall Street recently and in the past (the crash of 1929) was too much regulation, not too little. Of course they're the same people who somehow perceive Barack Obama, the son of a single mother who sometimes used foodstamps, to be an elite, while George Bush, the son of Yankee Bluebloods with millions in the bank, is perceived to be a man of the people - just because he cuts brush on his million acre ranch.
Posted by: Vandal77 on February 4, 2010 at 1:12 PM | PERMALINK
...and they'll get away with it too. The Democrats in Congress couldn't collectively fight their way out of a wet paper bag. People forget that the truth doesn't necessarily matter in the court of public opinion. Oftentimes what matters more is how the argument is shaped, sound-bites, etc. Republicans, for no good reason, have owned this front. I'm sure they know this, and they're looking for some of that sweet, crude Wall Street $ to grease the skids. The Democrats won't fight back, so why NOT go for broke?
Posted by: esibley on February 4, 2010 at 1:16 PM | PERMALINK
"Republicans -- by their own admission -- are siding with those who brought the global system to the brink of collapse."
In the universe conservatives live in, the world economy was crippled when innocent bankers were forced by the government to make loans to minorities for houses they couldn't afford. It doesn't matter that doesn't make even a tiny amount of sense; in the conservative world this is taken for granted.
Posted by: Rick Taylor on February 4, 2010 at 1:18 PM | PERMALINK
I don't think there's much news here. Besides, the dem's strategy will likely be to discuss the finer points of a particular policy. Repubs will attack dems as socialists who want to destroy American freedom. The media and tea baggers will line up behind repubs. And dems will whimper back into their protective cocoons.
I think I've seen this movie before.
Posted by: rramos on February 4, 2010 at 1:26 PM | PERMALINK
It doesn't really matter what GOP leadership does anymore. Republicanism is now a religion, backed with faith, fervor, and fanaticism. Republicanists aren't required to think, only to believe. And as long as they believe, their leaders can do no wrong. They all "know" that the GOP is the party of the common man. Therefore, any action that is contrary to this belief doesn't really exist in their minds. It's that simple.
Posted by: Six_of_One on February 4, 2010 at 1:27 PM | PERMALINK
I'm consistently amazed at how easy it is for some to find yet another chance to attack Democrats; no matter what the story is. Democrats could hold every seat in the Senate, House, and Supreme Court; yet these people would still remind us about how weak Democrats are and why they always lose to Republicans. Apparently, unless we're steamrolling Republicans and forcing heavily progressive policies down their throats; we're losing.
I, on the other hand, agree with Steve and think that Republicans are screwing up yet again. They still haven't gotten used to the idea that everyone can hear them, and still somehow imagine they can tailor their message to the specific audience they're courting. And yes, the diehard 35% will never betray Republicans; but 35% ain't enough.
I have no doubts that many Dems will eagerly announce every dollar their Republican opponent took from Wall Street bankers. I've seen plenty of ads like that in the past and fail to see why they wouldn't continue this year.
Posted by: Doctor Biobrain on February 4, 2010 at 1:31 PM | PERMALINK
Thanks in part to the recent Supreme Court decision about role of corporations in elections, it really doesn't matter what "the American People" think about Wall Street, since we will all soon be doggy paddling in a Tsunami of propaganda from Wall St. I think it is a clever move by the Republicans to get on this side of the issue.
Posted by: Peter Branigan on February 4, 2010 at 1:34 PM | PERMALINK
Given the political climate, these three paragraphs should effectively end Republican talk about reclaiming the congressional majority.
Steve, right now as we type, millions of people across this land are tuned into a radio program narrated by a fat man. They sit in offices or behind steering wheels as he educates them about the evils of liberalism while coloring the program with remarks about retards and Los Vegas. He keeps the masses shaking their collective heads. Now, what he has to say is 100% bullshit, but the trick he uses is his 5% brush with reality. This "proves" he's using the "facts" of the day and connects the dots for his easily baffled legion.
Can we really talk about Republican hypocrisy sinking Republican astroturf populism when the Republican wurlitzer is spinning reality faster than the earth can turn?
Posted by: oh my on February 4, 2010 at 1:36 PM | PERMALINK
I figured this was a given after the Citizens United decision. I'm surprised the Republicans are even wasting their time going after this money when it is surely going to come flooding in without their having to ask for it. They could be spending their valuable time figuring out new and better ways to be obstructionist.
Posted by: Freddie on February 4, 2010 at 1:38 PM | PERMALINK
Steve,
You should really read Digby. She points to the following Gallup poll:
"Half of Americans (50%) believe government should do less to regulate business. The rest are divided between saying things are about right (23%) and that the government should regulate more (24%). The majority (57%) are worried that there will be too much government regulation of business."
Posted by: DR on February 4, 2010 at 1:39 PM | PERMALINK
put this in the context of Paul Ryan's proposed budget draft and what you have is the GOP attempting to privatize Social Security - i.e., putting the retirement safety net in the hands of the very same bankers that the GOP won't let the Dems regulate, and from whom the GOP is soliciting donations in exchange for preventing that regulation. this ought to be a giant Dem talking point.
Posted by: HermanNewticks on February 4, 2010 at 1:45 PM | PERMALINK
Not sure if you already posted this , but frank luntz ad in case you haven't
http://www.youtube.com/watch?v=8xANMUnNnf0&feature=player_embedded
Posted by: RolloTomasi on February 4, 2010 at 1:56 PM | PERMALINK
Barry Ritholz's "The Big Picture" has a presentation that Frank Luntz has put together for the Republicans and the bankers about who they will spin "Financial Regulatory Reform" as being a "pro-bailout and banker's bonuses" law; that Government regulation, the CRA, GSEs, and the resulting loans and credit cards to "irresponsible" (also known as Black and Brown) people were the actual causes of the financial crisis. These talking points have been focused group tested by Mr. Luntz.
Posted by: rickstersherpa on February 4, 2010 at 1:59 PM | PERMALINK
@ Doctor Biobrain:
The Democrats are catching a lot of s__t because they deserve it. People have high expectations, and they should. It's all the more frustrating when you look across the aisle and see a Republican party that's effectively "pitching them down the middle, nice and slow".
The Democrats have every conceivable advantage (majorities in congress, the presidency, genuinely better policies, the truth) and they still can't get a winning message together, much less execute. For the good of the nation, and the world by default, they need to pull it together and knock of this Republican "paper tiger".
Posted by: esibley on February 4, 2010 at 2:20 PM | PERMALINK
Actually, Democrats are also the party of Wall Street. Look at how much money Goldman Sachs, Citigroup, AIG Financial Products, etc, donated to Democrats and the Obama campaign:
http://www.buzzle.com/articles/wall-street-political-donations-flowing-to-democrats-coffers.html
You really think they're acting adversely to their self interests here? Who, exactly, is the party of Wall Street again?
Posted by: ccc on February 4, 2010 at 2:24 PM | PERMALINK
From ccc's link, 10.7 million were given by the financial services industry to Senators this year, with 7.7 million going to Democrats.
Democratic Senators received over 70% of the total contributions given by Wall Street.
Posted by: flubber on February 4, 2010 at 2:32 PM | PERMALINK
If you loved the philosophy which produced late 19th century oligarchies and restraint of trade, terrible working conditions, smothering morality, racist and oppressive social conditions, rudementary health care, and a general policy of enviromental destruction you'll love the Republican approach to government.
Republican the Republican 2012 ticket, Scrooge for President & Fagin for VP.
Posted by: Kurt on February 4, 2010 at 3:11 PM | PERMALINK
"If you loved the philosophy which produced late 19th century oligarchies and restraint of trade, ... you'll love the Republican approach to government."
Oh wait, we already had it, it was called the George W. Bush Administration resplendent with a reincarnation of the Supreme Court which decided "Dred Scott."
Posted by: Kurt on February 4, 2010 at 3:14 PM | PERMALINK
Follow the money. The money has the power to override just about any amount of outrage. The Republicans know this, too.
Posted by: PaulB on February 4, 2010 at 3:18 PM | PERMALINK
News of the Republican outreach concides with the news of Blankfein's $100 million bonus. Brilliant optics.
Posted by: bob h on February 4, 2010 at 3:41 PM | PERMALINK
The image of the bank bail-outs to Wall Street remind me of feeding pigs, you know the ones with multiple teats.
To survive, the bankers had to suck off of the teats of government, problem is, there were too many piglets for the teats, so she's a bit dry right now, trying to recharge her fnancial milk so that others may suck off of the teats as well.
There is only so much wealth, it can't exactly appear out of thin air.
Wall Street makes money on ghosts, the rest of us make stuff, teach children, etc.
Vaporous wealth. Vast corporate sucklings on the teats of government.
Sure ,I hate em.
But other than that, I know someone has to suck in this world.
Posted by: Tom Nicholson on February 4, 2010 at 4:05 PM | PERMALINK
well the difference between the two of them is the Dems are less likely to privatize social security and would like to have a better health care system as long as it doesn't inconvenience their big cash supporters.
Posted by: Jamie on February 4, 2010 at 5:51 PM | PERMALINK
I am not a college graduate but I work hard for my company, try to think of things that will make the company grow, save money, make money, and give customers good service. I do not expect a bonus but do expect respect and a good wage for my efforts. It seems we as Americans focus life on "Money" and not enough on what we are on the inside as people. No One Person is so great that they need a big bonus any more that the others that do good work for a company. If there had been regulations on banks in the past 9 years we would not be in the mess we are in now. But let us sit back, keep quiet and let this great country of ours fail because of being against the things that will help all Americans be a better people together and survive in the future. Let Wall Street and the Big Banks give money to the Republicans to help defeat the American People. Let's continue to be lazy and have apathy towards one another and another country will have to come in an look after us, with their rules in place of course, to help us survive. Are we slowly destroying ourselves?
Posted by: Terry on February 6, 2010 at 2:04 PM | PERMALINK
Keep on spinning... It is so typical that you would try to ignore the really important facts and avert attention from the unscrupulous Dems. They are the ones backed by Wall Street - Democrats are now the Party of Wall Street!
Check the facts on who recived more contributions from the big financial firms:
Dems, Not GOP, Have Taken Side of Wall Street
By Michael Barone
http://www.realclearpolitics.com/articles/2010/04/15/dems_not_gop_have_taken_side_of_wall_st.html
Posted by: Educator on April 16, 2010 at 5:29 PM | PERMALINK