Tuesday, October 11, 2011

Why is this just a "Wall Street" thing?




We've suggested it before, so now we will re-iterate our call for the #OccupyWallStreet set to perhaps take their anti-corporatist message to a different venue.

Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation’s Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush.

In 2008, Wall Street’s largesse accounted for 20 percent of Obama’s total take, according to Reuters.

When asked by The Daily Caller to comment about President Obama’s credibility when it comes to criticizing Wall Street, the White House declined to reply.

Being Wall Street’s campaign cash king is hardly the image President Obama has been trying to project in public, where he has been setting himself up as the champion of the progressive Occupy Wall Street movement and as the avenger of jilted Bank of America customers.

“Banks can make money,” Obama said last week, responding to questions during an interview with ABC News about Bank of America’s decision to levy a $5 monthly fee on debit card users. “They can succeed, the old-fashioned way, by earning it.”

In fact, the Sunlight Foundation, a nonpartisan watchdog group that tracks lobbyist spending and influence in both parties, found that President Obama has received more money from Bank of America than any other candidate dating back to 1991.

Filing this one under the law of unintended consequenses, it should be noted that this BofA bashing is a direct result of a law pushed by Sen. Dick Durbin (D-IL) that limited the fees that banks could levy on retailers where that bank's purchase card was used. The banks minus that revenue just passed the delta on to the customer. Statists like Durbin and the President continually miss the point that extracting pounds of flesh from "corporate fat cats" will, in turn, get taken out of hide somewhere else and that somewhere else is almost invariably the "little guy" consumer. So, thanks... Dick.


In fact, the Sunlight Foundation, a nonpartisan watchdog group that tracks lobbyist spending and influence in both parties, found that President Obama has received more money from Bank of America than any other candidate dating back to 1991.

An examination of the numbers shows that Obama took in $421,242 in campaign contributions in 2008 from Bank of America’s executives, PACs and employees, which exceeded its prior record contribution of $329,761 to President George W. Bush in 2004.

According to the Center for Responsive Politics, Wall Street firms also contributed more to Obama’s 2008 campaign than they gave to Republican nominee John McCain.

“The securities and investment industry is Obama’s second largest source of bundlers, after lawyers, at least 56 individuals have raised at least $8.9 million for his campaign,” Massie Ritsch wrote in a Sept. 18, 2008 entry on the Center for Responsive Politics’s OpenSecrets blog.

By the end of Barack Obama’s 2008 campaign, executives and others connected with Wall Street firms, such as Goldman Sachs, Bank of America, Citigroup, UBS AG, JPMorgan Chase, and Morgan Stanley, poured nearly $15.8 million into his coffers.

And on it goes... you get the point. You can read much more evidence of how Barack (hearts) Wall Street at the link above. We'll get around to adding this to our O > W tally sheet in short order.

The bottom line here is this: to what degree is the #OWS set willing to acknowledge that Obama has, in the past, and will ultimately be swimming in Wall Street cash? At this point, we highly doubt it.

So, whaddya say 99%! Who among you is up for a OccupyDemocraticPrimary?

3 comments:

Harrison said...

This is the best this generation of tools could produce. Kind of sad, really. As each generation becomes dumber and dumber a Leftist takeover becomes easier.

WomanHonorThyself said...

and now the Muzlims are setting up prayers at the rallies....leftards and terrorists unite!

K T Cat said...

Linked.