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New Study: Wall Street spending less on democrats and more on republicans

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Project Grudge Donating Member (228 posts) Send PM | Profile | Ignore Wed Aug-11-10 01:55 AM
Original message
New Study: Wall Street spending less on democrats and more on republicans
Wall Street increasingly favors Republicans: study

"Wall Street and its financial allies did an about-face in political spending in June, giving Republicans over two-thirds of their campaign contributions as Democrats pushed financial reform forward in Congress, a report said on Tuesday.

The preliminary findings by the nonpartisan Center for Responsive Politics suggest that a financial industry trend favoring Republican candidates, which began in late 2009, may have accelerated as reform legislation progressed...

...industry spending shifted sharply toward Republicans last October and crossed the 50-50 line a month later, as the House neared approval of its version of financial reform."

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Could it be that corporations are turning away from the party because the Dodd-Frank Wall Street Reform and Consumer Protection Act has bite? Less corporate influence in politics the better; I think President Obama deserves some praise for this.
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Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:00 AM
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1. Possible
Edited on Wed Aug-11-10 02:01 AM by Hydra
But I see 3 factors at work- 1. The unlimited spending SCOTUS gave a green light to, and 2. They're mad that Obama dares blame them for the financial problems(No, I'm not making this up- I saw the article. Poor Me on Wall St) and put even modest restrictions on them, which leads to the dreaded #3:

Why have Dems do their dirty work when you can buy a Republican and he doesn't even criticize you?

IMO, the WH made a bad calculation. They thought Wall St. would keep sending them money if they kept sending care packages. Wall St doesn't work that way- they want it all.
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McCamy Taylor Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:23 AM
Response to Original message
2. Note that this will get NO coverage at DU. We would rather cannabilize ourselves
tham take note of the fact that Wall Street does not think Dems=Republicans. If they did, they would give to the parties in direct proportion to their number of seats, in order to buy favor with the eventual winner.

But no, we would rather whine about how Obama('s press secretary ) does not like some of us.
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Project Grudge Donating Member (228 posts) Send PM | Profile | Ignore Wed Aug-11-10 02:40 AM
Response to Reply #2
3. Noted
Edited on Wed Aug-11-10 02:41 AM by Project Grudge
n/t
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 02:42 AM
Response to Reply #2
4. they shift their spending with the political winds. they don't care who they fund; whoever they
fund will do what they say.
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 03:19 AM
Response to Reply #2
5. Wall Street thinks Republicans have a better shot at winning in November.
Nothing more, nothing less.
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:36 AM
Response to Original message
6. With our tax dollars from the bail-out.
Figures.
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