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Friday, February 24, 2012

Post-tea GOP

My look at some implications of the Republican race, particularly for Wall Street: "Post-Tea Party." It includes a look at some interesting campaign-finance figures. Excerpt:
Since the financial crisis peaked, Republican and Democratic politicians alike have shown a reluctance to be seen as having close relations with the financial industry. President Obama famously declared that he “did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” in a late 2009 interview.

Such rhetoric has meshed with policy disagreements in dampening Wall Street enthusiasm for Obama, which had been formidable in the last presidential race. During the 2008 campaign, Obama raised nearly $16 million from the securities and investment industry, compared to a little over $9 million for John McCain, according to the Center for Responsive Politics, a watchdog group.

The group’s statistics for the current race show that, through end-2011, Obama received contributions of a little more than $2 million from the securities and investment industry — while Romney received nearly $6 million. Romney’s GOP rivals garnered far smaller industry contributions, in six figures or lower.

The president, it should be noted, has formidable sources of campaign funding even with diminished backing from Wall Street. Obama received overall contributions of over $125 million as of end-2011. Romney’s total during that period was $56 million. As Romney seeks to narrow the broader contribution gap against the incumbent, cash from the financial sector will be a crucial factor.
Whole thing here.

UPDATE: Another way to read it, here.

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