In the meantime, the story informs us that if Obama is re-elected, Corzine is on line to be appointed Treasury Secretary. It also informs its readers that “Obama’s links to financial companies don’t end with MF Global. The president has raised $15.6 million from the financial industry for his reelection effort and the DNC, according to a Washington Post analysis. It continues:
The third-largest source of cash for Obama is Chicago-based Chopper Trading, which employs a controversial high-frequency trading technique. The firm’s chief executive, Raj Fernando, held a fundraiser at his home with Vice President Biden and has raised at least $200,000 for the campaign and the DNC.
A federal study of the 2010 “flash crash,” when the stock market briefly lost $1 trillion in value only to recover shortly thereafter, placed the blame squarely on high-frequency trading technologies like those employed by Chopper. Other studies have cited high-frequency trading, which now accounts for more than half of all trades, as contributing to stock market volatility. A company spokesman did not return a request for comment, but defenders of the industry dispute those studies.
And hence the truth of Mead’s conclusion:
Blue Wall Street is a major force in the Democratic Party; indeed, the Democrats couldn’t survive without it. This is not just because of the campaign contributions, pleasant as those are. It is also about ideas and policy: Blue Wall Street understands how Democratic aspirations (like mass home ownership) can be achieved through the financial markets — for a while at least. It will be Blue Wall Street that floats the bond issues that keep debt-bedraggled cities and states functioning. And in New York, it is Blue Wall Street that pays the taxes and provides the jobs that keep Gotham from Detroit style decay.
Smart voters know that the anti-Wall Street campaign is meaningless. It is meant only to placate the left-wing base of the Democratic Party. A friend of mine has spent some time recently at the Zucotti Park OWS, and spoken with many of the demonstrators. He asked some of them what they thought about the brewing Corzine scandal, and most did not know what he was talking about, although some remembered he had been Governor of New Jersey. People like these protestors don’t need facts or truth — only rhetoric, the type that the President is ready to exploit for the purposes of his re-election.
As for the President’s program, and his attempts to move the United States into a nation whose system represents a European type social-democracy, how ironic it is to find the Wall Street banks providing the funds for an administration whose favored economic and political changes will further erode the possibilities of our nation’s economic renewal, and that will likely dampen the chances for business revival even more than they are at present.