Look who’s getting Wall Street’s campaign cash

In the May 23 issue of the New York Times, Paul Krugman had a very important column on who is getting the lion's share of corporate campaign contribution as we approach this fall's mid-term elections. 

While the party in power usually gets the largest amount of corporate contributions, this year it's the Republicans who are racking up the Wall Street cash.

Krugman points out that, according to the Washington Post, 63 percent of bank corporate PAC contributions has gone to Republicans so far this year. This is up from 53 percent last year. Security and investment firms that usually lean Democratic are so far giving more money to Republicans this year. Oil and gas companies who usually lean to the Republicans have so far given the GOP 76 percent of their contributions.

So what's going on, Krugman asks. He says that "corporate American hates the current administration" and he quotes John Heilemann of New York magazine who says, "Wall Street is in a state of bitter, seething, hysterical fury" towards President Obama.

Apparently Obama's plan to raise taxes on the wealthy (back to the level they were when  Clinton was in office)  and the fact that part of the cost of health care reform will be covered by a surtax on high-income individuals has made CEOs, investment bankers and the like very, very angry at the president and his party.

Of course, Wall Street doesn't want to be regulated. But after the lords of finance literally brought down the economy, triggering the loss of 15 million jobs, and causing millions of working families to lose their homes, their savings and their pensions, you d think they would expect some kind of crackdown. But Krugman thinks they're angry because they really didn't think the Obama administration would pass new restrictions on them. And now that the administration is pushing for that, they are mad as hell.

By the way, Sam Webb, the national chair of the Communist Party USA, at our national convention last weekend pointed out that if you add up the number of underemployed and the unemployed caused by the financial collapse, the real number of jobs lost is more like 30 million.

It's hard to imagine, but based on their reaction, Wall Street apparently thought it wouldn't have to face the music. So these profiteers are putting their money on the political party that gave them carte blanche to do whatever they wanted and made them lavishly wealthy: the GOP.

What a picture: We have tens of millions who have been forced into joblessness, have been foreclosed and evicted. Homelessness and hunger are growing.  overty among black and brown children is reaching the 50 percent mark. States and cities are starved for money to run the public schools, hospitals and other services. All kinds of sacrifices are being forced on working families. Meanwhile, Wall Street is back to making billions. And they are throwing a temper tantrum over even the mildest step towards regulation. It is another reason to really crack down on them. Sam Webb got it right in his keynote at the CPUSA convention, when he said that the Wall Street "banksters" should face criminal charges for what they did.

The unrepentant profit pigs on Wall St. really think they ought to be able to do whatever they want. They are back making billions and in effect expected to be bailed out so that they could continue their unregulated destruction of the economy. That is the height of arrogance.

Financing the Republican efforts to bring down Obama and to elect more Republicans and tea party types to Congress means Wall Street is financing the use of blatant racism and red-baiting to hide what it did: history's most criminal ripoff of the American people.

The midterm elections this November are an effective way to stop the profit pigs of Wall Street and open the way to more peace and democracy.

Photo: Protestors in Washington, D.C.,  May 17 demonstration against corporate lobbyists. Manuel Balce Ceneta/AP

 

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  • Jarvis. I find it quite interesting you never asked us to "Look who’s getting Wall Street’s campaign cash" when Barack Obama was raking it A-L-L in.

    Posted by A friend, 06/06/2010 2:56pm (4 years ago)

  • The capital,the wealth of Wall Street"ought" to be owned by the public-obviously it is not.
    Is "the public" ready to own Wall Street?" In general,the working people,who produce wealth in this country,but do not enjoy wealth,would honestly and innocently ask,who is "the public"?
    Is this public prepared for what E. Clayton calls "open revolution"?
    Its not clear what this E.Clayton means here,by "open revolution".
    The CPUSA has always been for open,honest,affirmation and professed assertion that communists WITH AND ONLY WITH the working people,who are,by and large "the public",(the communists are the working people who are class and socialist conscious) need and want control and own capital and natural resources. Why shouldn't this be the fact? The working people produce all wealth now,and have historically. Who would handle wealth more wisely than those who have produced it? The owners of wealth,after workers produce it,don't even know or care to know what it took to make it. They only want to take what they have not made for profit. In turn,this profit is put to use to make more,most immediate profit,without any reference to what result it has on the condition of working people. If they are left unemployed-this does not matter-if they are working under deadly,dangerous conditions-this does not matter,if there is unequal pay for equal work-this does not matter,if there is no grievance and no redress of problems of production-this does not matter,if there is no democracy or fairness in the work place-this does not matter,if it is used to annihilate working people through war or nuclear war-this does not matter.
    Moreover,the profit,taken out of the hides of working people and their families,does not go toward solving any of the many problems the working people experience while amassing this munificent profit for Wall Street owners. On the contrary,the profit that is made by the workers ends up decimating the workers through structural racism,sexism,structural unemployment,devastating environmental,ecological damage and especially war against other workers and peoples oppressed by war.
    This process,this system,is what will change if the workers own and control. This change is not and has not been easy when workers have tried it,but it beats being slaves to allowing owners who are known to exploit and oppress workers,offering nothing but the same deadly,hopeless trap for workers,leading to workers sinking into the abyss of debt and war,to the universally selfish,greedy,murderous owners of Wall Street wealth.
    This change from the Wall Street coupon holders being owners to the workers and oppressed being owners,having an understood,legal system of economic guarantees as workers,may be understood as "Bill of Rights Socialism",which is very"open" to more and more democracy by,for and of workers.
    This type of "open revolution",we are ready for.
    That's why we want change,that's why we're Communists. That's why we want it now.
    Why wait for economic democracy for all?

    Posted by E.E.W. Clay, 06/02/2010 11:24pm (4 years ago)

  • Time for open revolution....they've pushed us to the edge.

    Posted by E.Clayton, 06/02/2010 1:55pm (4 years ago)

  • Brother Jarvis Tyner,this is an excellent article.
    There are criminals and there are the criminals. Wall Street and the extremists in the GOP are THE criminals.
    They should factually face charges. These charges should be faced because they have not only killed and are killing millions of people but are threatening and killing all biological systems which support anthropological life on our planet.
    These criminals have issued a death warrant on anthropological nature and all supporting sub-anthropological nature and science and its adherents can demonstrate this and should attest to this.
    In our very recent 29th National Convention,it was so gratifying to hear our beloved comrade brother John Papademos mentioned,this brother Phd. scientist activist and physicist(of the CPUSA's many,lettered and unlettered)shared "our favorite"book,W.E.B. Du Bois's The World and Africa.
    These "White Masters of the World"of Wall Street must pay in full. They should not pay for vengeance sake,nor for the sake of aggression nor retaliation.
    They should pay in full because they are not the righteous inheritors of the planet's or nation's wealth.
    The righteous inheritors are the working peoples,and allies,in two words: the public.
    All capital owned by Wall Street aught to be owned by the public-our sweat,our blood-that of the African,European,and Asian has built this wealth and it is ours. It will return to us-no matter who gets the campaign cash for the mid-term elections.

    Posted by E.E.W. Clay, 05/30/2010 7:05am (4 years ago)

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