Democrats are hitting the talk shows with the same old tired rhetoric, ” Wall Street is a wholly owned subsidiary of the GOP“. They continue to tout this over and over.
Lets look at some facts.
President Obama has been the largest recipient of Wall Street Money then any other president in the past 20 years including George W. Bush. I know if comes as some surprise to #OccupyWallStreet but they are probably protesting in the wrong place. They need to pick themselves up and move on down to the Capital as it was legislation that forced banks to loan money to a, “buy it now, Pay for it later” society. The banks are just the result of poor public policy.
It seemed admirable to get everyone home ownership with no money down and no credit , slow credit, or bad credit loans… but is was not.
Getting folks enslaved in debt, is not the Freedom our founding fathers had in mind when they thought of the role of Government.
See the links to the Sunlight Foundation and OpenSecrets for the documentary evidence that President Obama is speaking out of both sides of his mouth, when he states he identifies with the protestors while taking money from the very wall street Occupy Wall Street is fighting against.
While the professional Left trashes Wall Street, they might want to consider how their current President got elected. The Sunlight Foundation reports that Barack Obama didn’t just win the Wall Street sweepstakes in 2008 over John McCain — he’s done better at getting Wall Street cash than any other President in the last 20 years:
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. …
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.
Goldman Sachs contributed slightly over $1 million to Obama’s 2008 presidential campaign, compared with a little over $394,600 to the 2004 Bush campaign. Citigroup gave $736,771 to Obama in 2008, compared with $320,820 to Bush in 2004. Executives and others connected with the Swiss bank UBS AG donated $539,424 to Obama’s 2008 campaign, compared with $416,950 to Bush in 2004. And JP Morgan Chase gave Obama’s campaign $808,799 in 2008, but did not show up among Bush’s top donors in 2004, according to the Center for Responsive Politics.
That’s not limited to the 2008 cycle, either. The same people under attack from Obama’s political allies are still lining up to dump cash on the incumbent — or at least were:
So far Wall Street has raised $7.2 million in the current electoral cycle for President Obama, according to the Center for Responsive Politics. Obama’s 2012 Wall Street bundlers include people like Jon Corzine, former Goldman Sachs CEO and former New Jersey governor; Azita Raji, a former investment banker for JP Morgan; and Charles Myers, an executive with the investment bank Evercore Partners.
Those figures predate Obama’s sudden class-warrior pose of the last four weeks, though.