Democrats lost Main Street for good last August, as the Tea Party movement gained steam and ruling class lawmakers went home to face town hall audiences angry over their leftist, big government agenda. The super-sized majorities let them ram through all sorts of liberal policy initiatives, including cap and trade in the House and the $800+ billion stimulus. Last summer, Congressional Democrats had a plurality of public opinion on their side. This summer, a clear majority disapproves of their job performance, and the economic news is not going to get much better before they have to go home, campaign and defend their records.
The news gets worse for Democrats—as this summer, it looks like they’ve lost Wall Street.
Wall Street interests are giving the lion's share of their federal campaign contributions to Republicans, reversing their heavy giving to Democrats who control Congress, a new analysis of second-quarter financial reports shows.
Back in March 2009, people and political action committees in the securities and investment industry gave 70% of their contributions to Democrats. By June of this year, the situation had changed markedly with 68% of Wall Street money now going to Republicans, according to the non-partisan Center for Responsive Politics, which studies money in politics.
As an industry, Wall Street is as good as Vegas when it comes to picking winners and losers. Sure, individual advisers bookies get it wrong on occasion, but in the long run, they always end up banking on the right side and pocketing the juice commission.
The USA Today story would like you to believe that Wall Street bailed on the Democrats because of the newly minted financial regulations reform bill. Don’t buy that for one second. The deep-pockets on Wall Street made sure their oxes wouldn’t be gored by that abomination. The shift in backing isn’t vengeance, it’s just good business to bet with the odds-on favorite.
But, at least the lefties have one silver lining. K Street still loves Obama and the Democrats, especially after Obama famously made—then broke—a promise that his administration would suffer no lobbyists in its halls.
I suppose they probably still have a little support on the Arab Street, too.
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