Obama’s Wall Street Hypocrisy

By Karl Gotthardt

Campaigning for his Jobs Bill, the open support of the “Occupy Wall Street” movement and general condemnation of the rich, President Obama has embarked on a class warfare campaign, rarely seen in politics.  Senate Majority Leader, Harry Reid, says the private sector jobs are not a problem, it is government jobs.  Such is the anti-rich, read Wall Street sentiment, openly publicized by the President and his Democrats.  The President, however, has no problem collecting donations from the financial sector.

According to Center for Responsive Politics, Obama has raised more funds than GOP Presidential candidates combined. During the second and third quarter Obama raised $15.6 million during that period from the financial sector, receiving $3.9 million for his campaign and $11.7 million for the DNC.  During the same time frame Mitt Romney raised 7.5 million,  while Ricky Perry raised $2 million.

While Obama’s donations fall short of those he raised during his 2008, he still garners support from Wall Street despite demonizing the rich.  When it comes to raising $1 Billion for a re-election campaign it is obvious that Obama has no qualms where the money comes from.  For a President that loves to demonize the top 1%,  from which he raises more than any Republican candidate, with only Mitt Romney collecting more personal donations, it seems odd that he loves hobnobbing with the rich.

Obama’s key advantage over the GOP field, according to the Washington Post,  is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee.

Wouldn’t it be prudent for the President and the DNC to reject donations from Wall Street, or is he talking out of both sides of his mouth?  Who is really beholden to Wall Street?


About the Author

Karl Gotthardt - Politisite Managing Editor Maj. Gotthardt is a Retired Military Officer with 35 years service in the Canadian Armed Forces. He spent most of his time in the Military in Infantry Battalions. Karl took part in training for Afghanistan as an Operator Analyst with the Canadian Maneouvre Training Centre. Karl is a qualified military parachutist and military free fall parachutist. He earned his U.S. Master Jump Wings in Fort Benning, Georgia. Karl enjoys working with horses for the last 24 year. He owns six. He has experience in breeding, training and of course riding.Karl was born in Germany and is fluent in both English and German and he speaks enough French to "get in trouble". Karl has written or writes at NowPublic, All Voices, Tek Journalism and many others.

Author Archive Page

Post a Comment