Monday, February 08, 2010

“We are not going to play that game anymore.”

It seems that Wall Street is finally realizing that they have been had: "In a Message to Democrats, Wall St. Sends Cash to GOP:"

A spokesman for JPMorgan Chase declined to comment on its political action committee’s contributions or relations with the Democrats. But many Wall Street lobbyists and executives said they, too, were rethinking their giving.

“The expectation in Washington is that ‘We can kick you around, and you are still going to give us money,’ ” said a top official at a major Wall Street firm, speaking on the condition of anonymity for fear of alienating the White House. “We are not going to play that game anymore.”

Wall Street fund-raisers for the Democrats say they are feeling under attack from all sides. The president is lashing out at their “arrogance and greed.” Republican friends are saying “I told you so.” And contributors are wishing they had their money back.


It seems that buyer's remorse has set it, and all I can say is, "it's about time."

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11 Comments:

Blogger fred said...

...you mean they are upset because having taken the taxpayer's bailout money rather than declaring bancruptcy they did like the notion that there might be regulations put in place to prevent what mess took place because firewalls were removed?
Poor dears! But they did get their bonus money, right?
And the tea party people approve of
Wall St sans regulations?

2:06 PM, February 08, 2010  
Blogger Chuck Pelto said...

TO: Wall Street Supporters of Obama
RE: Fools!

Took a 'bayonet'—in the form of fiscal attacks—in your face for you to FINALLY figure out that Obama IS the 'enemy'.

Couldn't pay any attention to who Obama had been associating with for you see the problem before it came upon you in actual attacks.

Oh well....that's the way it is with most people. They don't learn anything until it actually 'hurts' them in a very personal manner.

Regards,

Chuck(le)
[Welcome to the 'party', pal! -- Bruce Willis in Die Hard]

2:27 PM, February 08, 2010  
Blogger Quasimodo said...

Tea Party people approve of Wall street without the stupid regulations our government has been so fond of for the past few years. Intelligent regulations are fine with tea party types.

Tea Party types are fine with paying bonuses that are earned according to contractual agreements - Tea Party types don't want dopey-changey types to interfere with legal and legitimate contracts between employee and employer. NB: if your group was one of the ones whose business blew up in the crash, you didn't earn a bonus. Most of the bonuses were to people in other divisions that made money - hence the bonus. I know the dopey-changey types like to search for the guilty and punish the innocent, but I suspect Tea Party types are not so much in favor of that.
Tea Party types, are likely not in favor of demonizing employers and investors just to fan the flames of class war the dopey-changey types are so fond of.
Also note well that there were many healthy banks that were forced by the dopey-changey types to take TARP money they did not need or want just so the dopey-changy types could get their nose into the tent

2:29 PM, February 08, 2010  
Blogger randian said...

They thought they could bribe the beast not to eat them. Now that they know different, they're singing a different tune.

This is all temporary though. Wall Street is overwhelmingly liberal as a matter of NYC demographics, so they'll be back to favoring the Democrats soon enough.

4:41 PM, February 08, 2010  
Blogger blahga the hutt said...

Randian,

They can be as liberal as they want, just not with my taxes...

Too big to fail my ass...

4:53 PM, February 08, 2010  
Blogger L said...

What Randian said. Do you think they would really do without boughten Dems, while the Dems control both houses and the executive branch? It's some kind of PR gesture.

9:36 PM, February 08, 2010  
Blogger George said...

Quasimodo says....Tea Party people approve of Wall street ....

Poor Quasimodo simply has no clue what Tea Party people think. None.

8:15 AM, February 09, 2010  
Blogger Dr.D said...

Tea Party people approve of investment and risk taking. One way this is commonly done is by owning stock, and that is where Wall St. comes in. It is not so much a matter of approving or disapproving of Wall St. as it is a matter of seeing Wall St. as a necessary part of the system that allows prosperity for many Americans. More Americans own stock now than at any previous time in our nation's history. That is why Tea Party people "approve" of Wall St.; they approve of its necessary function. That does not mean that they approve of its scams and manipulation, just the essential function it provides for us all.

9:36 AM, February 09, 2010  
Blogger Peregrine John said...

As one who thought, "Hm, time for another tea party" several months before the movement was born, I can vouch for Quasi's estimation. Government should govern, not rule. History, not emotional knee-jerk reaction, should inform future decisions. Contracts should have validity and laws should be few, rational, and enforced.

But hey, I'm just 1 guy. The Tea Party movement is not an ideology, it's a massed disgust with governmental excess. Some are Republican. Some are Randian. Some are Democratic. I'm Jacksonian. We don't have to think alike. And we don't. Enough with the reductionism already.

10:30 AM, February 09, 2010  
Blogger ic said...

Bribers and bribees, they deserve each other.

2:08 PM, February 09, 2010  
Blogger Peter G. Miller said...

It should be fairly obvious that no party has a mortal lock on Wall Street loyalty. After all, the GOP IS the party of big business.

Truth is, everybody wants some regulation. Imagine if there were no dental regulations and to boost profits your dentist re-used drills without cleaning them.

The question then is really how much regulation. I'd generally favor as little as possible, but for Wall Street that has effectively meant none -- and you can see the results.

Peter
OurBroker.com

9:43 AM, February 14, 2010  

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