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Wall Street Donors Withhold Money, Affection From Democrats

Posted on Jul 6, 2010
Flickr / walknboston (CC-BY)

Maybe the Democrats are doing something right after all. According to the number crunchers at The Washington Post, donations from the New York area to the party’s congressional campaign committees are down 65 percent, with the drop largely attributed to Wall Street’s dissatisfaction with financial reform.

Donations from progressive donors are also down, reports one anonymous fundraiser, who says, “There’s a tremendous amount of disaffection with the administration” among the party’s base.

Donations are down 34 percent in San Francisco, another center of finance and progressivism, and the second-biggest fundraising region for the Democrats.

One would think that Wall Street types would be pleased with the watered-down financial reform bill, which is by all accounts pretty weak stuff given the enormity of the financial collapse. But greed does funny things to people. Take this passage from The Post’s report [emphasis added]:

Reasons for the plummeting donations include concern about the economic recovery and the personalities of the campaign committee leaders, Democratic experts say. But the overwhelming factor is the rising anger among financial executives who think they have not been treated well based on their support of Democrats over the past four years, according to lawmakers, party strategists and fundraisers. Several of the party’s biggest New York donors declined through spokesmen to be interviewed. Some Democrats say pushing Wall Street reform is more important than any slippage in political donations.

There’s just no pleasing some people. And for the Democrats, judging by their fundraising woes, there’s just no pleasing any people.  —PZS

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By strl, July 7, 2010 at 8:51 am Link to this comment
(Unregistered commenter)

Oh my, Wall Street is turning against the Democrats. I guess that means that they are doomed. They cannot possibly win without their invaluable $. Only failure awaits them. But wait, all they have to do is do some favors, sell out, make some shady deals, pass some favorable bills, water down regulations etc. and everything will be okay again. They will get their $ and win the election! Hurrah for democracy!

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By Richard Nixon, July 7, 2010 at 1:59 am Link to this comment
(Unregistered commenter)

Yes I too would like to see a ‘monster third party’. The problem to me seems to
go like this…

There is a green party candidate who gets a few of the votes, Nader who gets
some of the votes and a socialist candidate who gets a few of the votes when
there should just be one candidate since a lot of these people stand for
practically the same thing.

Personally I don’t think someone going under the label ‘socialist’ will win in the
U.S., I think Nader is kind of over the hill and won’t garnish any real support as
in 2000, so I personally am going green. I’m hoping they can get a big name
candidate maybe Cornel West who seems favorably liked by many and voted
green in 2000 I think.

Also I forgot the mention you have the democrats who support everything
these aforementioned candidates say, yet they are too afraid to vote them en

As for progressive sites, I have seen quite a few at Common Dreams say they
are voting green as well. Too bad a lot of democratic sites (Democratic
Underground to name one) still are afraid to vote 3rd party because they fear a
republican taking office. Those are the people we really need to turn and I
think we are getting a few more, but still not enough.

One last thing is that I think we need to start pushing to get these candidates
in locally because then people will start seeing these people aren’t craxy and
they’ll start believing in them. It will become more natural to vote for a 3rd
party candidate.

Do I think a 3rd party will win 2012 for president, no, but as Hedges said, we’ll
have to struggle years in the wilderness .

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By mdgr, July 6, 2010 at 8:39 pm Link to this comment

This is just another article made of the same tired cloth. Progressives are never invited to even imagine jettisoning both parties. They are never invited to imagine creating the kind of **monster** third party that the times would support right now based on the principle that “nature abhors a vacuum”. Instead, we are led by the nose back into the DNC’s favorite stomping ground, imagining we would get our jollies from a GOP defeat.

It’s really quite shameful. After Obama, there is no way many progressives would ever vote for another Democrat again. Anyone progressive Democratic Senator/Representative would first need to publicly resign from that party in order to get my vote.

So when is “Truthdig” going to begin to serve as a focal point for a discussion of a **real** third party, not a 4% party but one that has the gravitas to prevent someone like Palin (or Beck, et al) from getting the access codes to the nuclear football in 2012?

Isn’t that kind of important?

I’m so tired of hearing ridicule and kvetching from the left. That’s what operators like Rove (and Emanuel) are counting on the day before the election. We can expect to be very deflated the day after, and will be no reprieve.

Instead of scratching our butts and doing what Democrats do all the time, wouldn’t it be nice to ride the wave in (public anger and disillusionment) and simultaneously create a “monster third party” while yet driving a wooden stake through the DNC’s heart?”

Am I the only one who is calling on progressive internet groups to host such a focal point? What about Truthdig and other progressive websites? If people really want that sort of thing, they need to ask for it and loudly.

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By PatrickHenry, July 6, 2010 at 3:37 pm Link to this comment

More reason for serious campaign finance reform.

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By mike112769, July 6, 2010 at 3:37 pm Link to this comment

Let’s take all the money away from all the politicians. We may actually get some honest ones that way.

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