Wednesday, October 26, 2011

Joe Scarborough is way off base this morning

On Morning Joe this morning, Joe tried to saddle the Obama administration with the same guilt as the GOP as a way to channel the Occupy Wall Street movement away from Democrats.  The case he made is that Wall Street campaign contribution money had bought Obama just as it had bought off his opponents.  
That is so yesterday, Joe. to put an equal  plague on both houses. According to the campaign finance watchdog, Open Secrets " Romney, a former executive at Bain Capital, has collected more than $7.5 million from interests within the FIRE (short for finance,insurance, real estate  sector) since he launched his campaign earlier this year, according to the Center's preliminary analysis of the latest campaign finance reports. Overall, Romney has raised more than $32.2 million for his 2012 presidential effort.

"Romney has received nearly twice as much as Obama from the finance, insurance and real estate sector, according to the Center's preliminary analysis. Still,  Obama has raised about $3.9 million from the FIRE sector -- about 4.4 perinsurancecent of his overall $89 million war chest."

So Wall Street money is now flowing to Mitt Romney.  Pres. Obama must have not met  their expectations in the past two and a half years.  Could it be they were disappointed in him? Perhaps there are two reasons that could have caused their money to flow elsewhere for 2012. 1) Wall Street Reform actually did scotch their freedom to conduct their business as usual, to conduct the speculative actions of hedge funds and opaque investment instruments 2) more vigorous prosecution by the Justice Department  of insider trading and ponzi schemes.. Granted, no big fish responsible for the meltdown have gone to jail yet , but investigations and prosecuting actions are in process. 3) Romney is from Wall Street.

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