Sunday, February 7, 2010

How much did Wall Street donate to Democrats from 2008-9?

Last week I shared my depressing conclusion that the Democrats have empowered the Republicans to veto their agenda because it means a Democrat doesn't have to.  Obama is happy to talk tough.  But he knows he will never have to sign any tough bills.  The president trusts that Democrats will continue to allow Republicans to prevent Congress from passing legislation that could upset the big donors to either party.

Robert Reich writes:
Wall Street firms and their executives have been uniquely generous to both political parties, emerging recently as one of the largest benefactors of the Democratic Party. Between November 2008 and November 2009, Wall Street firms and executives handed out $42 million to lawmakers, mostly to members of the House and Senate banking committees and House and Senate leaders. During the 2008 elections, Wall Street showered Democratic candidates with well over $88 million and Republicans with over $67 million, putting the Street right up there with the insurance industry as among the nation’s largest equal-opportunity donors.
If Obama plays his cards right, he will be able to convince voters that the failure of Congress to reign in Wall Street is the fault of the Republican Party or -- even less plausibly as Reich suggests in his article -- Wall Street lobbyists.

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