Wall Street Wants more Austerity for Americans

Wall Street owners angry with their purchase

Bankers threaten to once again fund the GOP if Obama continues saying mean things about them

Glenn Greenwald

Feb. 08, 2010 |

Political science professors could require students to read this article from today’s New York Times and little else would be needed to convey the essence of the American political system.  The article describes how Wall Street — which poured massive amounts of money into the Obama campaign and the Democratic Party over the last several years, ensuring unparalleled access and influence — is now threatening to support the Republicans if Obama keeps saying mean things about them.  Wall Street executives are angry that, after duly purchasing the Democrats (they have receipts and everything), the Obama White House is now rousing the dirty rabble with their anti-banker rhetoric:

Republicans are rushing to capitalize on what they call Wall Street’s “buyer’s remorse” with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash.

“If the president doesn’t become a little more balanced and centrist in his approach, then he will likely lose that support,” said Kelly S. King, the chairman and chief executive of BB&T. Mr. King is a board member of the Financial Services Roundtable, which lobbies for the biggest banks, and last month he helped represent the industry at a private dinner at the Treasury Department.

“I understand the public outcry,” he continued. “We have a 17 percent real unemployment rate, people are hurting, and they want to see punishment. But the political rhetoric just incites more animosity and gets people riled up” . . . “If the president wanted to turn every Democrat on Wall Street into a Republican,” one industry lobbyist said, “he is doing everything right.”


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