As Democrats prepare to pass a major financial reform package, ticked-off Wall Street donors are apparently shifting their giving back to Republicans. Campaign donations from New York financial firms to the Democratic House and Senate campaign committees are down 65 percent this year versus 2008, and the "overwhelming factor is the rising anger among financial executives" who feel they've been ill-treated by the party they've supported since 2006. Is Wall Street "payback" one more thing embattled Democrats have to worry about this year? (Watch an MSNBC report about Democrats and Wall Street donations)
Democrats should brag about this: So "pouty" Wall Street bankers are "breaking up with the Democrats, for being mean to them"? asks Jim Newell in Gawker. Banks should be "appreciative" of the weakened reform bill their previous campaign contributions bought them. And the Democrats should embrace being shunned — they should run ads saying, "Wall Street is giving all of its money to Republicans since Democrats stood up to them."
"Pouty bankers cut donations to Democrats who said mean things"
What took Wall Street so long? Losing the bankers will hurt the Democrats, says Ed Morrissey in Hot Air. But what's baffling is that Wall Street opened its "virtual ATM" in the first place to a party that pushes "class warfare and populism." The bankers are "wising up this year," but we'll see if they continue to keep their own interests in mind when doling out cash in 2012.
"Class-warfare battles have Democrats anticipating low fundraising..."
This isn't payback, just politics: Corporate donations aren't based on ideology, or payback, says James Joyner in Outside the Beltway. Bankers, like other big donors, "hedge their bets to curry favor with those with the power to regulate them, regardless of party." Republicans were the beneficiaries when they were in charge, and if Wall Street is turning its back to them, it's probably because "Democrats are widely expected to get hammered" in November.
"Democrats seeing Wall Street backlash?"
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Ted Cruz is the new Sarah Palin
- How liberals are unwittingly paving the way for the legalization of adult incest
- 43 TV shows to watch in 2014
- Fall film guide: All the movies you should see in October
- Why you probably don't have Ebola — even if you shook hands with America's 'patient zero'
- Bill O'Reilly and Stephen Colbert are accidentally having a serious debate on ISIS
- Watch out, China — America is working on dogfighting drones
- The dumb war in Syria will haunt Democrats' 2014 prospects
- How the Simpsons/Family Guy crossover revealed the worst of both shows
Subscribe to the Week