Shattering the myth that Wall Street is filled with Republicans
An excerpt from Stossel on Fox Business 10-15-2010:
JOHN STOSSEL: We think the fat cats are in the pocket of the Republicans.
CHARLES GASPARINO: Do you really believe that?
STOSSEL: Well, no, because I read much of your book . . .
GASPARINO: Here's the bottom line. I've been covering the sort of confluence between Wall Street and big business and government for a long time, and I've noticed something very strange. The popular media myth is that Wall Street is filled and big businesses are basically filled with all these wonderful capitalists and free marketeers, when in reality big business and the big Wall Street firms—most of the guys who run these businesses, or many of them, are progressives, and they love big government, and they feast off of big government. Big government is good for big business; it's good for big Wall Street.
STOSSEL: Good for their big business. They have the connections.
GASPARINO: Absolutely. Look at the spoils of Obamanomics, and this is what I talk about in Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street. What did Wall Street get? Well, Wall Street got the bailouts—that began under Bush, but continued through the Obama administration. You know, all those guarantees on debts, all that buying of Treasury debt and mortgage-backed securities that were held by the firms increased the prices that was helping their balance sheet. Goldman Sachs is the most profitable company in America right now, not because it produces anything that's so good, not because it helps bring a lot of capital . . . They borrow at zero, because the Fed has interest rates at zero and because they are deemed too big to fail, so they can borrow at zero, and then they buy a Treasury bond or mortgage-backed security and they pocket the difference. That's their business model. And that business model is predicated on government guarantees—there's nothing else there. These are not capitalist institutions.
Correct. They are leeches living off the sweat of my brow, and yours, and Obama—who professes to hate the fats cats—is helping them continue to suck our blood. That's what leeches do.
According to the nonpartisan Center for Responsive Politics, in 2010 Democrats received 53% ($482 million) of the $911 million donated to all congressional candidates and political parties from corporate PACs or people who work for corporations. This is especially notable considering the fact that Democrats received over half the contributions at a time when most voters concluded that Democrats are digging our national grave. I suspect that corporate donations would be even more lopsided in favor of Democrats if only big corporations were included, since most small business owners are as fond of Democrats as chickens are of Colonel Sanders.
According to Opensecrets.org and other sources, Democrat Harry Reid received huge campaign donations from big corporations while Sharron Angle, her Republican challenger, obtained most of her money in the form of small donations from small businesses and organizations, and average citizens. Who funds Harry Reid? Goldman Sachs, JPMorgan Chase, Comcast, and AT&T.
It's a big mistake to listen to what politicians say, not what they do. Whether Republican or Democrat, what they generally do is tell us what we want to hear while stabbing us in the back.