In Thursday’s Wall Street Journal, the ever reliable columnist Daniel Henniger wrote the following about the first Democratic debate:
“What is striking about the candidates’ economic proposals is how disconnected they are from a private-sector economy. The Democrats have disappeared into a sealed world of public-sector economics, running to wishful thinking, like Bernie Sanders’s “tuition-free” public-college education. In Mrs. Clinton’s version, college would be “debt-free.”
CNN’s uncurious Anderson Cooper didn’t ask the senator how it could be “free.” But Mr. Sanders answered it himself: “I pay for my program, by the way, through a tax on Wall Street speculation.”
It is so fantastic. The Democrats, not least Mr. Obama and Mrs. Clinton, seem to have discovered El Dorado itself in “Wall Street,” a city of infinite gold dust to finance their economic pyramids in perpetuity.”
So here we have the absolute irony of the Democrats’ crusade against the evils of capitalism: while happy to drink from the trough when it suits them, they will call for the trough’s removal, eclipse or destruction when the political winds are conveniently blowing their way.
For all the rhetoric about Wall Street and ‘casino capitalism’ from the Democratic candidates, one has to wonder what they actually mean by these terms? Do they perhaps means entertainment giants such as Time-Warner, Sony Corporation and Viacom – publicly traded corporations on Wall Street whose executives have been major contributors to Democratic causes? Do they perhaps mean Silicon Valley high fliers such as Google, Oracle and eBay – no strangers to Democratic politics? Or do they perhaps mean the New York Times Company – traded on the NYSE,; or the multinational conglomerate, Graham Holdings Company – owner of the Washington Post and many other news outlets – both of whose support the Democratic nominee will desperately need in his or her quest for the White House
And don’t forget all those Wall Street bankers who are banging on the doors of Democratic Headquarters to be considered for jobs in the new Administration. It should be remembered that both Hank Paulson and Robert Rubin, Treasury Secretaries who both who served under Democratic Presidents, had prior storied careers on Wall Street.
El Dorado indeed.
Yet for some reason the same companies and bankers who never seem to tire of getting beaten up by candidates Obama and Clinton, continue to disgorge the dough when slapped on the rump.
Barack Obama raised a record $42.2 million in his 2008 election campaign from Wall Street bankers and financial insiders, and although the amount was considerably less in 2012, the fact that anyone on Wall Street was willing to give him a dime after his four year long jeremiad accusing them of having virtually raped the country, is a marvel in itself.
The truth is that there is a symbiotic relationship between politicians and ‘Wall Street’: One is seeking to buy and grease the passage to power and the other seeking to buy and secure influence. It doesn’t matter which party it is or who the bankers and corporations may be: Politicians need Wall Street and Wall Street just as badly needs politicians.
So all rhetoric aside, lets just agree that the political pigs will continue to feed at the financial trough, and the Democrats will continue to pretend to kick the trough away: yet will always quietly and secretly bring it back whenever they think that no one is looking.
Avi Davis is the President of the American Freedom Alliance and the editor of the Intermediate Zone