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In the past, the Democratic Party used to distance themselves from Wall Street and were ashamed to be associated with them. They went to great lengths to conceal any connections they had with the big corporations and wealthy donors. The Republican Party, on the other hand, was seen as the party that represented the interests of big corporations and billionaires. The Democrats were known to be the party that stood up for the “little guy” and worked towards achieving economic and social justice for all.
Times have certainly changed and that’s all been flipped on its head. If you’re interested in the history of how that happened and when, the short answer is Bill Clinton and the 1990s. NAFTA is a good example of how the Democrats betrayed the people for filthy lucre. You can read all about the details in this long piece in The Atlantic from Matt Stoller entitled, “How Democrats Killed Their Populist Soul”. Stoller’s long essay for Vice entitled, “How Democrats Became the Party of Monopoly and Corruption” tells much of the same story.
Fast-forward 20-plus years, and Dems are the party of corporate America. Meanwhile, thanks to President Trump, the GOP is the party who represents the forgotten middle-class.
And forget about pretending to still be the small-d “democrat” party. Nowadays, Dems don’t shy away from cozying up to Wall Street moguls and banging war drums in public. As a matter of fact, Joe Biden’s campaign is going all out to haul in as much Wall Street money as they can get their hands on. Biden’s entire political survival depends on donations from hedge fund managers, millionaires, and billionaires. And right now, Biden is calling in as many favors as he can, begging his rich pals to fill his war chest with a cool one billion.
The title of the piece from Financial Times that has all the details (excerpted below) is surprisingly straightforward: “Joe Biden urges Wall Street donors to fill $1bn-plus campaign war chest”.
Just put it in the bag, Jack!
You scratch my back, and I’ll scratch yours.
Joe Biden is racing to win early support from Democratic donors for his re-election bid, hoping to beat the $1bn haul he landed in 2020 ahead of what some pundits predict will be the most expensive presidential race in US history.
Biden’s announcement this week that he intends to run for a second term in 2024 allowed his campaign team to start fundraising in earnest. Within hours of his declaration, they set about putting the finishing touches to a two-day event in Washington starting on Friday that will bring together Wall Street financiers and other deep-pocketed backers, said people familiar with the matter.
The list of attendees at the event, where Biden and his wife Jill are expected to appear, includes many of those who helped fund his last campaign, the people said, including Blackstone’s Jon Gray, Evercore’s Roger Altman and Centerview’s Blair Effron.
But his advisers are trying to expand the donor base to include backers who did not give money last time around, the people added. Biden’s team had been expecting 60 large donors to attend the event but as of now more than double that number are expected to turn up, said two people briefed on the guest list.
A crisis in democracy? Nothing a little bit of cold, hard cash can’t solve, according to Biden’s backers:
“The need for money will be profound,” said Bruce Heyman, a former US ambassador to Canada and former Goldman Sachs banker who helped boost turnout among voters abroad for Biden in 2020. “Not only do I believe in Joe Biden — I think we’re in a crisis moment with regard to the threat to democracy as we know it.”
One big donor was quite frank in saying that, “Biden has been good for the economy” while “the fear of him moving left hasn’t happened”. Translation: Biden is great for Wall Street and Big Business, who are raking in oodles of money (and throwing Drag Queen Pride Parades to celebrate) while Main Street is getting the shaft.
Where’s the outrage from supposed anti-Wall Street darlings Elizabeth Warren and Bernie Sanders?
Crickets.
This latest move from Biden raises more of the usual concerns surrounding U.S. elections and whose interests our politicians actually serve—it’s certainly not the middle-class, that’s for sure.
Maybe, in the Democrat primaries, RFK Jr. will be smart enough to skewer Biden on this issue and take up the mantle of Main Street and small business.
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