Conservatives Claim Obama Is ‘So Bad For The Economy,’ While Wall Street Donates More To Obama
Conservatives Claim Obama Is ‘So Bad For The Economy,’ While Wall Street Donates More To Obama
Conservatives have been trying to frighten investors about the prospects of a Barack Obama presidency. Larry Kudlow wrote, “Wall Street, beware,” while The Street’s Richard Moore suggested “that the market seems to do better when Barack Obama is having problems.” Michael Pento of Delta Global Advisers claimed another Depression is “where we’re headed” if Obama’s economic plans are adopted. Watch a compilation:
Wall Street however, disagrees, and is donating more to Obama’s campaign than to the campaign of Sen. John McCain (R-AZ).
Bloomberg reports that Obama “has captured $9.6 million in donations from employees working for securities, mortgage and drug companies, compared with McCain’s $6.6 million.” From “brokers, bankers and traders in the securities industry” Obama has gathered $8.9 million to McCain’s $6.3 million, and “their support comes even as Obama seeks higher taxes for wealthy Americans.” Workers in the mortgage industry, meanwhile, “gave $278,937 to Obama and $133,475 to McCain.”
In 2004, all of these industries donated more to President Bush than they did to Sen. John Kerry (D-MA). Yet by rejecting McCain, Wall Street is showing its dissatisfaction with the past eight years of Bush’s presidency, which saw skyrocketing deficits and financial crises. Perhaps they also want to make sure that benefits are dispersed throughout the economy, rather than given to just the wealthiest Americans.
However, there are some industries with which McCain is more popular. Bloomberg notes that the oil and gas industries gave their “million dollar maverick” McCain “four times the amount” that they’ve given Obama.
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64 Responses to “Conservatives Claim Obama Is ‘So Bad For The Economy,’ While Wall Street Donates More To Obama”
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Every demographic is donating more to Obama (Vets, Active duty military, Wall Street, young voters, minorities, Americans, etc.), but McGrampa has shored up the racist, bigoted, uneducated, white trash, anti-American, reich-wing voter base.
August 15th, 2008 at 1:43 pmWow. And you'd think the mortgage industry would be rewarding McCain and his BFF Phil Gramm for all they did to create the global financial crisis.
August 15th, 2008 at 1:44 pmThe Street’s Richard Moore suggested “that the market seems to do better when Barack Obama is having problems.”
Seriously? And this guy makes his living anlyzing the market?
August 15th, 2008 at 1:45 pmMcGrampa has shored up the racist, bigoted, uneducated, white trash, anti-American, reich-wing voter base.
Amen, that bears repeating.
August 15th, 2008 at 1:46 pmWatch McCain/FOX spin this as "Obama - in the hand of Big Finance".
Anyone wanna bet that McCain is the only recipient of donations from the electronic voting machine industry? Anyone?
PEACE
August 15th, 2008 at 1:46 pmHowever, there are some industries with which McCain is more popular. Bloomberg notes that the oil and gas industries gave their “million dollar maverick” McCain “four times the amount” that they’ve given Obama.
Just call him Sen. Cindy McOil.
August 15th, 2008 at 1:48 pmJeepers! Do you think it might have something to do with the record of the last eight years? Do you think that, maybe, people in the financial industry are aware of the disastrous failings of neocon neoeconomics? Do you think some of them might actually pump their own gas?
August 15th, 2008 at 1:52 pmYeah lets keep those Bush tax cuts , they've done such a good job . Where do they get these guys?
August 15th, 2008 at 1:53 pmYet by rejecting McCain, Wall Street is showing its dissatisfaction with the past eight years of Bush’s presidency, which saw skyrocketing deficits and financial crises. Perhaps they also want to make sure that benefits are dispersed throughout the economy, rather than given to just the wealthiest Americans.
Um, no?
Perhaps they realize the republican brand has been so trashed that it can no longer be effective at securing for them the things that they need.
Like the old Pony Express, they need a fresh mount.
August 15th, 2008 at 1:55 pmTanqueray Says:
Holey Cow!! Obama taking money from Wall Street? I thought he was only taking $2 donations from the little people.
Not to worry though, My guy Barry(fist-tap) can’t be bought.
August 15th, 2008 at 1:53 pm
______
Where've you people been? It's almost 2:00! Did the RNC staff meeting run late or something?
August 15th, 2008 at 1:55 pmTanq had a tough time putting together 2$ to get on a bus so he could get to the public library to use their PCs.
August 15th, 2008 at 1:57 pmI think we need to differentiate between an "industry" giving money to a campaign (which suggests that companies within that industry are donating), and "employees" giving money to a campaign (which suggests that people are donating).
It was exactly this confusion that allowed spinmeisters to claim that "big oil" was giving more to Obama than to McCain because employees who worked for oil companies were doing so. However, the companies themselves were funneling cash McCain's way.
Bloomberg is reporting that "employees" and "workers" are contributing to Obama. This isn't surprising -- employees and workers from everywhere are donating more to Obama than to McCain. But do we have any figures as to contributions from the financial companies -- such as securities companies, brokerages, banks, etc. -- themselves? That might be interesting.
August 15th, 2008 at 2:00 pm#5, don`t mcwars advisor Charlie Black is/or was a lobbyist for a defense contractor that wanted to buy Diebold Industries.... talk about a conflict of interest.
August 15th, 2008 at 2:01 pmThe reason conservatives are complaining about Obama is that he going to raise taxes on corporations and the mother phuckers in the top 5 percent, they are crying blues already, to quote Phil Gramm "stop whining".........
Yeah, like I am going to listen to the wall street pukes and their advice. They are the worst kind of Americans, greedy little children who only see dollar signs for everything in life and if they could have their way, you would see children working in factories for 16 hours a day, seven days a week for pennies because it's all about their profit.
August 15th, 2008 at 2:04 pmmisshusseinmolly Says:
I think we need to differentiate between an “industry” giving money to a campaign (which suggests that companies within that industry are donating), and “employees” giving money to a campaign (which suggests that people are donating).
August 15th, 2008 at 2:00 pm
_______
Well, it is somewhat understood - companies aren't legally allowed to donate to campaigns.
August 15th, 2008 at 2:05 pmYeah, well, that's because of your right-wing binary mindset.
We understand.
August 15th, 2008 at 2:06 pmMcGrampa has shored up the racist, bigoted, uneducated, white trash, anti-American, reich-wing voter base. >Tanqueray
Right on cue. He just had to prove your point Dr. Hussein Matt.
August 15th, 2008 at 2:09 pmThe same Larry Kudlow that said this: "Will John McCain turn Tsar Putin’s invasion of Georgia into a drill, drill, drill issue? He should."
and this:
"McCain has been appropriately tough all along. And this Putin ploy will resonate with voters much more than Beltway pundits believe."
Which means that anyone who listens to anything that just blurps out of his mouth is a complete idiot. With the likes of Kudlow as a "nationally syndicated columnist" it is no wonder why newspaper subscription sales have dropped so dramatically. He adds no value to any paper that picks him up.
August 15th, 2008 at 2:10 pmOr better yet, HTH, have Tanq's mother explain time zones to you. She's still there, int she?
August 15th, 2008 at 2:10 pmAfter you mother is finished cleaning my toilets, I'll ask her.
August 15th, 2008 at 2:11 pmHey Larry, we're headed toward a depression NOW. I bet you're too much of a dumb jock to forecast that a third Bush presidency would make that done deal.
John McCain '08
August 15th, 2008 at 2:11 pmFinish her off!
What time is it at the poles?
August 15th, 2008 at 2:13 pmThings that are bad for the economy:
1. Cutting revenues while increasing expenditures. Check!
August 15th, 2008 at 2:14 pm2. War and the rumor of war. Check!!
3. Morons in power. Check!!!
Even Wall Street is donating to Obama after "they got drunk" under Bush.
August 15th, 2008 at 2:14 pmhussein toasterhead Says:
Mr. P's running late from the convenience store to snag today's inventory of Cheetos. Tanq. is simply here tending to the shop.
August 15th, 2008 at 2:15 pmWhen was the last time anyone bothered to give Lyndon LaRouche the time of day?
August 15th, 2008 at 2:19 pmThey haven't yet explained how the scary black dude will kill our economy. They hate the fact that Obama has plans to recenter growth to benefit the middle class.
That's right, rich of the richest, your limitless gluttony be damned.
Righties must think that economic growth = a big merger in the news everyday.
August 15th, 2008 at 2:19 pmNettles > I too would be frustrated.
Your going to crap your pants come November.
August 15th, 2008 at 2:20 pmExcellent point dbadass. Maybe we could convince the Psycochristians(TM) that running, clockwise, around the North Pole would transport them back in time? I mean, it gets an hour earlier every couple steps, right?
LOL! I get this vivid image of a bunch of fat televangelists running around in the snow and chanting, "10 more laps and I get to meet Jesus".
August 15th, 2008 at 2:21 pmNettles
Clump of shit on aisle #28.
August 15th, 2008 at 2:21 pmLyndon LaRouche?
I didn't think that old, batshit fart was even still around. Thought he was dead.
August 15th, 2008 at 2:25 pmMemo to Thinkprogress: Wall Street is not the real economy. Wall Street is the financial economy that has been feeding on the real economy.
This isn't to say that I believe that Conservatives are right, but a little perspective is a good thing.
August 15th, 2008 at 2:25 pmPolls are strange things. This one from Reuters/Zogby for instance:
If the election for President of the United States were held today and the candidates were Democrat Barack Obama, Republican John McCain, Independent Ralph Nader or Libertarian Bob Barr, for whom would you vote?
46%
Barack Obama
36%
John McCain
3%
Bob Barr
3%
Ralph Nader
1%
Other
10%
Not Sure
http://www.reuters.com/news/globalcoverage/rzi
August 15th, 2008 at 2:30 pmEconomy in the tank. Incumbent Republican president who ushered in that economy in office. Republican congresspeople caught on tape spouting ridiculous fringe talking points. Republican presidential candidate basing his entire campaign on attacking his opponent because he's got nothing left to run on.
I too would be frustrated and desperate enough to try to tie liberals to Lyndon Larouche, as if the man had any relevance at all.
August 15th, 2008 at 2:31 pmokay then "snack_related_mishap" -
August 15th, 2008 at 2:32 pmwouldn't Wall Street want to see the "real" economy thrive? Would they contribute to someone that they think will negatively affect the "real" economy?
hussein toasterhead Says
August 15th, 2008 at 2:05 pm
Well, it is somewhat understood - companies aren’t legally allowed to donate to campaigns.
____________________________________________________________
True, but companies set up PACs and encourage (and sometimes require -- in the case of company officers) their employees to contribute that way -- and it's the controller of the PAC (the company) that decides how the money gets distributed.
So all the "Wall Street" money going to the candidates, and all the "big oil" money going to the candidates -- I just wanted to know what was coming from company-controlled PACs and what was coming directly from employees making their own donation decisions. It would also be interesting to know what was coming from the executive level (where the donation would most likely be made in the best interest of the business) and what was coming from the rank-and-file (where the donation would most likely be made in the best interest of the individual).
August 15th, 2008 at 2:34 pmpete Says
August 15th, 2008 at 2:21 pm
Excellent point dbadass. Maybe we could convince the Psycochristians(TM) that running, clockwise, around the North Pole would transport them back in time? I mean, it gets an hour earlier every couple steps, right?
_________________________________________________________
I think if you just convince them that running, clockwise, around the North Pole would hasten their transfer to the afterlife, you might have better luck. And since hypothermia sets in fairly quickly up there, it would likely be true.
And while I really don't want anybody's transfer to the afterlife to be hastened, you have to admit it would thin out the herd.
August 15th, 2008 at 2:38 pmMcWars Says:
They haven’t yet explained how the scary black dude will kill our economy.
August 15th, 2008 at 2:19 pm
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Perhaps they're more afraid of the Senator's moonshine-swilling half brother, Cooter Obama.
August 15th, 2008 at 2:44 pmThat's kinda what I meant about the "seeing Jesus" part, misshusseinmolly. I can't imagine a John Hagee, for instance, surviving 10 laps. Or 10 steps for that matter.
August 15th, 2008 at 2:45 pmmisshusseinmolly Says:
I just wanted to know what was coming from company-controlled PACs and what was coming directly from employees making their own donation decisions. It would also be interesting to know what was coming from the executive level (where the donation would most likely be made in the best interest of the business) and what was coming from the rank-and-file (where the donation would most likely be made in the best interest of the individual).
August 15th, 2008 at 2:34 pm
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You, me, and every campaign fundraiser in the country would love to have this information. Of course, there's quite a large grey area in terms of where the decision actually gets made that pollsters and pundits may never be able to determine.
Does the rank-and-file employee make donation decisions based on who he or she genuinely thinks will work in their own individual self-interest? Or do they make this decision knowing that it will be public information available to their supervisors, who may create some difficulties in their career path if their donations go against who's "best for the company?"
August 15th, 2008 at 2:56 pmMary -- one would think so, but here we are. The financial economy has grown to a disproportionate share of GDP, much of that facilitated by so-called financial alchemy(ie the shuffling around and repackaging of debt). We're not talking about the industrial capitalism of old here, where banks would provide loans funding productive enterprise. This is debt finance dog-eat-dog capitalism.
Americans never chose to accept a 'service economy', and even now that we have one, service jobs are being shipped off to India to boost bottom lines. Improving short term bottom lines comes at the cost of long term health to the real economy.
Wall Street has gained a stranglehold over the political process since 'deregulation' took effect. This has benefited Wall Street, but in a zero sum system(growth has been stagnant or negative in real terms since 2001) that's come at a cost to Main Street.
Just my 2¢.
August 15th, 2008 at 2:59 pmhussein toasterhead Says:
misshusseinmolly Says:
Unions are another way to bypass the rules on corporate donations. I had the unpleasant experience of belonging to a dysfunctional union (the local, not the international) that, among other things, put a lot of pressure on members to contribute to the candidates they chose. And a distressing amount of my dues went to support politicians.
August 15th, 2008 at 3:03 pmHagee would tip over that's for sure, but it wouldn't be from hypothermia. He has the classical Evangelical body type, fat as a goddamn walrus.
August 15th, 2008 at 3:03 pmTanqueray Says:
--------------------------------------------------------------------------------
hussein toasterhead Says:
It’s almost 2:00!
Have your mother explain time zones to you.
August 15th, 2008 at 2:08 pm Recommend (0) | Report Abuse
--------------------------------------------------------------------------------Whats with all the your momma comments.
Freud would have a field day with you.
You still in the oral stage.?
Or are you, as Adler might say, an overgrown adult child?
tony and lido
August 15th, 2008 at 3:06 pm
nanlichi Says:
Hagee would tip over that’s for sure, but it wouldn’t be from hypothermia. He has the classical Evangelical body type, fat as a goddamn walrus.
August 15th, 2008 at 3:03 pm
One would think that, based on appearances, but their reptilian brains are very susceptible to cold. Some of the more lightly built would be at great risk of cold related trauma.
August 15th, 2008 at 3:09 pmToo funny, TH! Thanks!
I know that site is ultra funny, but I never make an effort to regularly visit. That should change!
August 15th, 2008 at 3:10 pmI think it is cool that since there is no time at the poles, research stations in Antarctica get to decide for themselves what time it is. I am guessing that once the polar winter arrives it is "beer o'clock" round the clock...
BTW:
August 15th, 2008 at 3:14 pmThat was a hell of a lot of condoms...
Well pete, since we disagree, I think the only sensible thing to do would be to have Hagee strip naked and run a few laps at the pole. But he should have a few of his brothers in alms accompany him as a control. Maybe Daryll? Or Haggard? Can't have both though, all the butt banging would melt the ice.
I have $5 bucks on a stroke, you have $5 on hypothermia. I am good for it too.
August 15th, 2008 at 3:37 pmThe last Republican President to achieve growth in the American economy since Hoover was Eisenhower. Every Democrat from Wilson on participated in national economic growth.
August 15th, 2008 at 3:46 pmColony of Birchmen Says:
....if they could have their way, you would see children working in factories for 16 hours a day, seven days a week for pennies because it’s all about their profit.
We already have that---but its Chinese, Bangladesh, Vietnamese children and they get $2 per day. America doesn't make anything any more.
August 15th, 2008 at 4:07 pmAll through the 1992 campaign, I heard every Republican say how horrible the economy would be if Clinton were elected. They said record deficits, loss of jobs, and $2 gallon gas. The opposite happened, of course. It's the past eight years of Republicans that gave us record deficits, job losses, and $4 gallon gas. I advise every troll to get a decent almanac and look it up.
August 15th, 2008 at 4:11 pmKeith Says:
All through the 1992 campaign, I heard every Republican say how horrible the economy would be if Clinton were elected. They said record deficits, loss of jobs, and $2 gallon gas. The opposite happened, of course. It’s the past eight years of Republicans that gave us record deficits, job losses, and $4 gallon gas. I advise every troll to get a decent almanac and look it up.
August 15th, 2008 at 4:11 pm
That would imply that "real world" facts have any impact on the Reichwing brain. Unfortunately, they are terrified that "librulism" will result in Jesus killing them and sending them to Hell. You can't argue with a mindset like that, just expose it.
August 15th, 2008 at 4:21 pmAt http://www.electoral-vote.com/ Obama's electoral vote lead is only 275-250. But if you leave out the "Weak" leads (1-4%), then Obama leads 250-165. I think that is a fair way to look at it since there is always the 'Margin of Error'.
Obama could win by 8%, minus 4% for the Republican machines---giving an official victory of 4%.
August 15th, 2008 at 4:22 pmPete, you're right. If you are in a bad case of denial, then reality like that is too much of a shock to the brain.
August 15th, 2008 at 4:24 pmOn the other hand. Barring a catastrophe a lot of those delusion bubbles will burst on election night. Though I feel sorry for people who have to witness their dreams being crushed, I will enjoy hearing the audible "Pop"! Heck. It will probably make Krakatoa sound like a whisper in comparison.
August 15th, 2008 at 4:31 pmAccording to Forbes, records going back to the 1920's show that the stock market does better when a Democrat is the president and according to them, markedly better than when a Republican is the president.
August 15th, 2008 at 5:07 pmThis is another line of BS the morons in AZ are just lapping up.
August 15th, 2008 at 5:11 pmkudlow is a j*w b*stard
August 15th, 2008 at 5:11 pmI believe the stock market went up 350% under Clinton and 9% under Dubya. For a long time it was down under Dubya. I think it was about 7,700 in August 2002.
I have heard conservatives say that Clinton's good times were caused by Reagan and Dubya's bad times were caused by Clinton. You can spin anything into anything if you try hard enough. Just look at Daryll!
August 15th, 2008 at 5:15 pmJim Hightower had it right when he said.."Everybody does better, When Everybody does better."
Concentration of the Wealth of the Country at the TOP leads to Economic Depression. The Middle Class has been devastated by Republican Policies and Bush's Incompetence.
I hope Bill Clinton will Get Over Whatever is bothering him, and Remind the American Voters What Peace and Prosperity felt like.
August 15th, 2008 at 5:33 pmBecause, OBVIOUSLY, what's good for Wall Street is what's good for the economy.
August 15th, 2008 at 6:30 pmIt is bribe money. Wall street firms are scared to death that they are next on Obama's list behind the oil companies. After Obama seizes the assets of the oil companies and taxes them into oblivion, who will be next? Wall street will be next. Wall street is the pinnacle of capitalism ... that Obama and the anti-corporate leftists despise.
Higher capital gains taxes will be the tip of the long spear of taxation that Obama plans on driving into the investment community on the war path to socialism/communism.
These Wall Street firms are simply throwing him a bribe in hopes of softening him up.
August 15th, 2008 at 11:10 pmThe argument in this article is poor. If true, the fact that Obama gets more money from big business does not implicate Obama would be good for the economy or the country as a whole. This money is probably donated in the donator's self-interest from people who are probably well connected in government and would benefit from a democrat government. A true liberal (LOL), would understand this argument hurts Obama's credibility among liberals and progressives and supports those who favor big business.
August 16th, 2008 at 3:02 pmNo doubt about it Tank you are in ignorant brainwashed moron. You do nothing but repeat the hivemind mantra no matter how stupid it is. Your ignorance is an embarassment to our entire species
August 18th, 2008 at 3:42 am