“Wall Street increasingly favors Republicans,” Reuters reports:
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 in the run-up to November’s congressional mid-term elections.
The Washington research group found that individuals and political action committees connected with the finance, insurance and real estate sectors gave 68 percent of their money to Republican interests in June, just before President Barack Obama signed financial reform into law.
Nearly opposite conditions held sway in March 2009, when 70 percent of the industry’s contributions went to Democrats.
Republicans also received most of the industry’s contributions in each of the first six months of 2010, according to the Center, which cautioned that its numbers are expected to change as it gleans further data from federal disclosure documents.
The findings are likely to come as a blow to Democrats, who are fighting to retain their control of the House of Representatives and face a smaller risk of losing the Senate.
Wall Street certainly got played by Obama in 2008, only to be demonized by the corporatist president in late 2009; apparently — at least for now — they’re not back coming back for another round of Obakabuki Theater.
Not the least of which was being blamed for the recession that begin in the fall of 2008, but as the Blog Professor writes in a post titled “Uh-oh: Housing Prices to Drop 30% More By 2014?”, any true understanding of its causes must include the way the government manipulated the marketplace for social engineering purposes:
The True Origins of This Financial Crisis…includes Carter, Clinton, the Community Reinvestment Act (CRA), Fannie Mae, Freddie Mac, etc. In short, though, the mortgage meltdown was due to affirmative action being mandated in the banking system, resulting in loans being made to people that quite simply didn’t qualify for them. All of the evidence in the blogosphere has now been officially corroborated by the Democrat-controlled U.S. House. (Democrats admit: Financial Crisis caused by Democrat Intervention)
Meanwhile, Ed Morrissey surveys a wildly mis-sampled poll from NBC/WSJ and writes, “Not even skewed polls can rescue Obama and the Democrats. They’re drowning in Recovery Summer.”
No wonder the Washington Examiner says this is their most-read op-ed.