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Wall Street Flip-Flops Allegiance Back to Republicans

02.25.10

Wall Street

In what was really no surprise at all, it was announced on Wednesday that the financial companies on Wall Street shifted their federal contributions from the Democrats early in 2009 to the Republicans by the year’s end.

Why?

Well, it’s pretty simple.  See, they usually favor the Republicans because they’re the ones who push for deregulation, which lets them do all that fun stuff they did for the last decade like fabricating their own impossible derivatives to line their pockets – which had a huge hand in causing our current deep recession that has forced tens of millions of Americans out of work.  When the bottom dropped out at the end of 2008 – the markets crashed, the mortgage industry collapsed, and the banks nearly went bankrupt – Obama was elected president and the financial industry flip-flopped. They started donating all kinds of contributions to the Democrats to help convince them to bail them out, which they did. 

But now that things are back to good for them – the rest of the country is still devastated and can’t get loans while average Wall Street workers get half-a-million dollar bonuses and look no worse for the wear – they’re once again throwing their support behind the Grand Old Party, hoping that they can get back to their old ways.

And the wheel goes round and round. 

This is why I fail to understand why people who are so quick to distrust government so easily lend their confidence and trust in corporations.  Both institutions are run by power-hungry people who are easily corrupted, as is usually the case with humans and power (see: any history book).  A balance where one checks the other seems to give us regular citizens – you know, the vast majority of the population – the best shot at not getting completely screwed by either entity.

I just don’t think our current political climate couldn’t handle that notion.

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4 comments

  1. We can simplify things a little bit … the rich do what they want. Who they back at any given time is always precalculated to provide them the best financial benefit.

    I am still convinced that this is only the beginning of our financial woes. I think that this financial blip was just a precursor to something substantially bigger that should arrive within the next decade.


    • Well said. That’s exactly what it comes down to – the bottom line. Politics are merely one factor in ensuring profits for those at the top.

      These things are cyclical. Provided that the Democrats put more regulations on the financial industry, that should prevent a total disaster for a number of years, but it will still happen. As long as there are creative execs looking to find loopholes to maximize their buck, the regulations will always be late to the game and we’ll find ourselves in an other recession until they close that specific loophole and round and round we go. All in service of that mythical “market” that knows all. No wonder the Republicans hail to the free market so much – it takes their kind of faith to believe in something you can’t see or touch.


  2. As depressing as it was, good post. It blows me away that average people vote Republican. Democrats might be whining pussies at times, but at least they try to provide SOME protection for the common man.


    • Thanks, Martin. Yeah, I mean it’s hard to be really proud of the Democrats with all their in-fighting and serious lack of leadership, but at least they’re trying to do something for the average American. It’s amazing that the Republican Party has managed to convince so many voters that they’re part of the Top 1% or Corporate America, when a huge majority of the population are clearly not. Depressing, indeed.



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