Here’s The Washington Post’s first sentence: “A revolt among big donors on Wall Street is hurting fundraising for the Democrats’ two congressional campaign committees, with contributions from the world’s financial capital down 65 percent from two years ago.”
Wall Street, double-crossed! No more business as usual! The jig is up! Down with greed, up with financial responsibility! There’s a new sheriff in town — and his name is Barack Obama!
The article acknowledges that many things explain the drop in contributions: “But the overwhelming factor is the rising anger among financial executives who think they have not been treated well based on their support of Democrats over the past four years.” And “‘Democrats worked hard to pass reform with tough oversight, accountability and regulation, and it’s no secret the big banks were against it,’ said Deirdre Murphy, spokeswoman for the Democratic Senatorial Campaign Committee. ‘But we believe preventing another financial collapse is the responsible thing to do.’”
There you have it.
The finance guys are literally foaming at the mouth over the “tough” new financial regulations. Though Wall Street gave more money to Democrats than to Republicans — and therefore expected a slap on the wrist — the new rules put them in a straightjacket. Those !&!$ Democrats! They rammed down unpalatable regs — at the cost of The Street’s profits — simply to prevent another financial collapse. But wait. Why not turn to the greed-friendly Republicans poised to swoop down, grab contributions and, unlike the principled Democrats, do The Street’s bidding?
Nice try, WaPo. Now, here’s what’s really going on.
Banks’ stocks shot up, not down, the day the proposed new financial regs came out. Why? If it wasn’t quite a green light for business as usual, it was close enough. The Associated Press wrote: “After months of angst over the government’s plans to regulate the financial industry, investors are able to relax. And they’ve showed their relief by sending bank stocks soaring. Financial companies have outdistanced the rest of the stock market (June 25) after lawmakers agreed on a banking overhaul bill that is less strict than investors feared.”
CEOs tend not to “revolt” when the company stock goes up.
If Wall Street is so ticked off by the Democrats, shouldn’t the supposedly resurgent Republicans prosper because of the supposed disillusionment over the Democrats? Fifteen or so paragraphs down, WaPo tells us: “Republicans … have tried to reap the benefits, to mixed results… The two Republican committees that are focused on congressional races have received $2.7 million from the New York area, slightly more than at this point in 2008 but less than the $4 million they raised at this point in the 2004 cycle when the party still controlled Congress.” Oh.
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