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Show Me the MoneyPosted on Jan 22, 2008
The issue of campaign financing was raised once again during Monday’s debate between the Democrats, so we thought we’d check the numbers and see how much the candidates are getting and from whom. Interestingly, the candidates have a lot more in common than they’d like to admit, perhaps because it’s just too difficult to raise vast sums of money for this outrageously expensive election. Keep in mind that after less than a year of fundraising, candidates in both parties have raised about $420 million. A few points they’ve made about each other, however, are true. Hillary Clinton has raised the most money, in either party, though she is followed closely by Barack Obama. Unlike Obama and John Edwards, Clinton has accepted money from political action committees (though not much by percentage) and lobbyists are among her top 20 donors by industry. All three Democrats, however, have gotten the most money by industry from lawyers and law firms. Banks and investment firms can be found among all three candidates’ top donors, but they’ve given more to Clinton, and substantially less to Edwards. Although, to be fair, Clinton has raised more money overall. The same pattern is true of the health industry. This is an important area, as all three Democrats have promised some kind of health care reform. Edwards has suggested that Clinton and Obama cannot be trusted to carry out their plans because they’ve taken so much money from the health industry. And they have. But as a percentage of their total, the three are not that far apart. If one looks at finances through the fall of 2007, Clinton raised roughly 3.8 percent from the health industry, Obama 3.6 percent and Edwards 2.5 percent. Of course, Edwards’ point is valid that the others have taken more money from the health industry, but they’ve raised more overall. Surely his $537,136 comes with at least some strings attached, as he’s suggested of the others. We all know money talks in Washington, and there’s a lot of it floating around. And the truth is, it’s a lot easier to keep track of it than it has been in the past. All the data here comes from Opensecrets.org, a web site that parses through the data to bring meaning to the math. Check it out and do some number crunching of your own. Advertisement CommentsAre you a Truthdig member yet? Login now, or register with Truthdig. Add Your Comment |
By Alexander Edelman, January 23, 2008 at 2:49 pm Link to this comment
(Unregistered commenter)
As long as were going to bring up the subject of ignorance: There is a dramatic difference between a lobbyist or pac’s and individuals. I have donated money to the Obama and the Edwards campaigns, when I donated this money I was asked what I did for a living. I answered “Writer” so when it says how much money Obama or Edwards received from the entertainment industry my funds are included in that total. Just like if a nurse or a lawyer were to donate to their campaigns it would show up as a donation from their respective fields.
When it says that the Banking industry donated money to Hillary’s campaign it refers to both individuals, and companies like Citi-corp. If, and when Barack Obama or John Edwards become president they owe nothing to the entertainment industry. They do have an obligation to me, and all other individuals who donated to their campaigns, to come through on the promises they made, which inspired us to donate to them initially. Whereas Mrs. Clinton has an obligation to appease her special interest groups. What is true about all three candidates is that stand to lose future donations if they fail to fulfill their promises. All individual donations are capped at 2,300 per election (2,600 primary + general) so when Mrs. Clinton becomes president who’s promise is she going to fulfill? The little guy who believed she would assist him when the banks try to foreclose and so he gave her $2,300 or the banks who gave her $935,000? Will she keep the promise to grant universal health care to the smoker, or the promise to the tobacco companies that gave her $36,000, or the insurance companies that gave her $500,000? At the end of the day maybe she’ll just say screw it all and listen to the Lobbyists who gave her over half a million dollars? Then again, you probably are right Obama and Edwards have little intention on coming through on their promises, especially considering there is no evidence to suggest that they’ve said one thing to the people, and something else to the businesses financing their campaigns. (Not the sarcasm considering the people HAVE financed their campaigns.)
So are you still interested in talking about ignorance?
*all information was obtained at opensecrets.org
Report thisBy Conservative Yankee, January 23, 2008 at 5:57 am Link to this comment
(Unregistered commenter)
Because they are the only folks who will run in this dirty dirty process. Honest clean folks like Bill Proxmire, and Jay Rockefeller don’t want to run for president using all that dirty money which (no matter what the US voter believes) comes with strings.
Every President at least since LBJ/Bobby Baker to Clinton/ Marc Rich,Norman Hsu, has had a fund raising scandal. The US voters do not seem to care because every time they have elected the more crooked of the two candidates.
Report thisBy kath cantarella, January 23, 2008 at 3:58 am Link to this comment
(Unregistered commenter)
that is unconscionable.
That’s why you guys keep electing crooks.
Report thisBy driving bear, January 22, 2008 at 9:31 pm Link to this comment
In my local paper on Tuesday was a story about how 20+ states are holding primaries on super Tuesday Feb 5. What made this story different is the fact it reported that the super bowl is the Sunday before Feb 3 and because the race in both parties is up in the air candidates will be running ads during the super bowl and paying mid 6 figures for each 30 second spot. Lobbyist get out your check book
Report thisBy Mary, January 22, 2008 at 8:42 pm Link to this comment
(Unregistered commenter)
I’m voting for Edwards. He is the best candidate.
Report thisBy Maani, January 22, 2008 at 8:38 pm Link to this comment
You are either naive or willfully ignorant if you think that Obama is not “tied to numerous businesses” as well, or that he is not “perfectly willing to lie and compromise to be elected.” Just because someone does not accept money from PACs and lobbyists does not mean they are not “tied” to various businesses and industries. And his poor performance at the SC debate - in which he engaged in more rationalizing, dissembling, obfuscation and spin than even Hillary did - shows that he is no less willing to say whatever he needs to to get elected.
As for Hillary having “little intention to actually come through on many of her promises,” that could probably be said about every politician who ever ran for office. That aside, I don’t see what makes you so sure about that statement.
Peace.
Report thisBy Maani, January 22, 2008 at 8:33 pm Link to this comment
That is not what I said. If you read my post, you will note that I DO realize that quid pro quos exist. What I clearly said was that (i) taking money does not necessarily FORCE any candidate to honor the quid pro quo, and/or (ii) that quid pro quos are not necessarily “across the board,” but may be applied in some cases but not in others. And the latter occurs quite frequently whether we are talking about Congressional representatives or presidents.
Peace.
Report thisBy Alexander Edelman, January 22, 2008 at 5:53 pm Link to this comment
(Unregistered commenter)
The article is rather benign, what is important is that while Edwards frequently takes the “high ground” on this issue, he would happily accept all the money Obama has received, there simply aren’t enough people who trust him. Neither of the two male candidates accept money from lobbyists or PACs. Hillary Clinton is a dirty politician who is tied to numerous business and is perfectly willing to lie and compromise to be elected.
Hillary Clinton has very little intention to actually come through on many of her promises she behaves more as if she deserves the presidency than as if she would actually do a decent job. Her plans to freeze interest rates will ruin anyone who is currently struggling to pay their mortgage. Personally, as a person who invests money in the stock market and bonds, I believe I stand to do very well if Hillary gets elected. I can’t say the same for people who struggle to save money rather than worry about where they’re investing it.
Report thisBy levi civita, January 22, 2008 at 5:28 pm Link to this comment
(Unregistered commenter)
Of course, when you buy an enema, you could be buying it to get high on warm brackish water!
Report thisBy GrammaConcept, January 22, 2008 at 4:28 pm Link to this comment
You’re good, Maani…very good…
Report thisBy GrammaConcept, January 22, 2008 at 4:26 pm Link to this comment
“If you want a painting to be noticed, hang it in the wrong place..”
Report thisBy faith, January 22, 2008 at 4:14 pm Link to this comment
You must be joking? You honestly believe that candidates take thousands and thousands of dollars from corporate america and those dollars are not attached to some real, or mild expectation on the part of the donor? hmmmmmm
Report thisBy Maani, January 22, 2008 at 1:02 pm Link to this comment
While I agree this article is hopelessly weak, there are two points that need making.
First, Obama is correct (to a large degree) that there is a difference between taking money from a lobbyist for, say, the pharma companies, and taking donations from individuals - even wealthy individuals (e.g., CEOs) - in the pharma industry. If the CEO of, say, Pfizer, gives Obama a $10,000 donation (assuming, for the moment, that amount is legal), this is still counted as having come from the “pharmaceutical industry,” despite being a non-lobby, non-industry donation. So it is not as cut and dried as it all seems.
Second, and more importantly, there is something that none of the candidates have said, which surprises me, since it is not only true, but would help change at least the PERCEPTION people have.
When Edwards asked, re lobby and large industry donations, “Don’t you think those donations come with an expectation of return?” (or whatever his exact words were), either Clinton or Obama should have said, “True, there may seem to be a quid pro quo. However, this does not mean that any of us will HONOR that quid pro quo.”
In other words, while there is certainly the perception, if not the expected reality, of quid pro quos for large campaign donations by a particular industry, that does not mean that the candidate will - or even might - de facto honor that quid pro quo.
As well, the quid pro quo need not be applied across the board. Hillary might take hundreds of thousands from insurance companies, but still work against their interests in some areas (say, health care) while working for them in others (say, limiting payouts by insurance companies in tobacco lawsuits). Obama might take hundreds of thousands from the pharma industry, but still work against their interests in one area (overall health plan) while working for them in another (larger tax write-offs for R&D;). Etc.
Again, it is not as cut and dried as (i) candidate A took a million dollars from industry A, so (ii) candidate A is entirely beholden to industry A and will work in all regards for industry A’s interests while ignoring the interests of American citizens.
ALL of us here (and I’m including myself) tend to see this kind of thing in black and white, with no shades of gray. We tend toward extremism in our perceptions and beliefs. Yet while I am not suggesting that there is NO quid pro quo vis-a-vis campaign cash, I believe that we often let our emotions - and our understandable frustration with (even hatred for) the “system” - get in the way of reason and rationality.
Peace.
Report thisBy rowdy, January 22, 2008 at 10:32 am Link to this comment
According to research by the Center for Responsive Politics, Senators McCain, Clinton and Obama are by far the top three recipients of telecom industry cash in the 2008 cycle, including tens of thousands of dollars each from AT&T;and Verizon. opensecrets.org doesn’t even mention this. i got this from CREDOMOBILE, my cell carrier. they also have a petition,addressed to these 3 senators, demanding they oppose retroactive immunity for these criminal corporations. credomobile, formerly “working for change”,is an activist corporation donating a portion of their profits to progressive organizations. look at their website, sign their petitions.
Report thisBy faith, January 22, 2008 at 9:14 am Link to this comment
What is the matter with Truthdig? I am stunned. I imagine that the readers who went to the site to check the actual numbers concerning donors to Clinton, Obama, Edwards, et al were stunned. Truthdig, yours was truly a very misleading article. I may give up reading this blog. Readers, look at the site underlined in the article. Truthdig’s commentary stating there was not a lot of difference in the top three democrats fund raising (medical was called out in particular) was especially off the mark.
Report thisSo. Truthdig, have you joined the ranks of Washington Post?
By Conservative Yankee, January 22, 2008 at 9:11 am Link to this comment
(Unregistered commenter)
An overused classic:
“The best candidates money can buy.”
SO, maybe we should cut off their drug of choice….we can, all you have to do is get P +1 to shut-em-down….
Another small item… If these corporate entities have so much money that they can afford to send candidates 1/2 billion dollars, maybe it is time we stopped giving them tax-breaks and subsidies.
Seems to me getting our decaying infrastructure repaired is in these corporate-contributors best interest. maybe it is time we stopped “carrying” them?
Report thisBy Outraged, January 22, 2008 at 9:02 am Link to this comment
From Gore Vidal:
“A member of the House of Representatives for five terms since 1997, although many of his legislative measures have been too useful and original for our brain-dead media to comprehend. I note his well-wrought articles proposing the impeachment of Vice President Cheney, testing the patriotic nerves of his fellow Democrats, but then the fact of his useful existence often causes distress to those who genuinely hate that democracy he is so eager to extend. “Don’t waste your vote,” they whine in unison—as if our votes are not quadrennially wasted on those marvelous occasions when they are actually counted and recorded.”
http://www.thenation.com/doc/20071126/vidal
Report thisBy MrJJ, January 22, 2008 at 7:43 am Link to this comment
(Unregistered commenter)
Former President Clinton stands to reap around $20 million—and will sever a politically sensitive partnership tie to Dubai—by ending his high-profile business relationship with the investment firm of billionaire friend Ron Burkle.
Mr. Clinton is negotiating to end his relationship with Mr. Burkle’s Yucaipa Cos. as part of a broader effort to protect the presidential campaign of his wife, Sen. Hillary Clinton, from potential conflicts of interest. Details of Mr. Clinton’s involvement in Yucaipa and his efforts to unwind it come from documents and interviews with people familiar with the matter
The former president has had links to Yucaipa since early 2002, when Mr. Burkle—a longtime friend and political contributor—offered him a role there.
Mr. Clinton’s association with the firm began at a time when he was looking to earn large amounts of money, partly to pay heavy legal bills accumulated to defend himself and Mrs. Clinton from several investigations during his presidency.
Report thishttp://online.wsj.com/article/SB120097424021905843.html?mod=googlenews_wsj
By Expat, January 22, 2008 at 7:13 am Link to this comment
Fire them immediately, they are crap!!!
Report thisBy Expat, January 22, 2008 at 7:12 am Link to this comment
^for this worthless article. obviously from the title, I expected too much: Spread sheets, a list of donors, who, what, when, why, where and how. This really doesn’t tell me anything worth a crap! Truthshit! Glittering generalities….are you nuts?
Report thisBy Gesellschaft, January 22, 2008 at 7:06 am Link to this comment
(Unregistered commenter)
Setting records in funds raised by individuals, with the most donations from active service, the broadest support, doesn’t accept lobbyist or pac money, won second in NV, and wins nearly every online and text poll while FOX actually has to edit out his responses in debate re-runs because they are too powerful?
Meet the only statesman running, the only person who will bring our troops home, the only person with a flawless record of voting in line with the Constitution, Ron Paul. We the people sent him another 2.75Million yesterday to keep fighting the status quo sponsored by special interests.
Report thisBy Tom Semioli, January 22, 2008 at 6:45 am Link to this comment
(Unregistered commenter)
Doctor Doctor,
Save your money! Put it in a mattress! Don’t piddle it away on showbiz…er..I mean politics.
Report thisBy Dr. Knowitall, PhD, PhD, January 22, 2008 at 4:39 am Link to this comment
Candidates in both parties have raised about a half-billion in less than a year to:
1) lie to the electorate
2) be absent from their day jobs
3) fatten media coffers
4) keep the middle class in its place,
or lower
When the Bush Money Store somes through with my $800, I’m going to do my part and send each candidate $80 from the Dr. Knowitall Foundation with hopes that they’ll remember me after they’re elected. Whadda a country!!
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