“The free market for all intents and purposes is dead in America,” Senator Jim Bunning (R-KY) declared on Friday. “The action proposed today by the Treasury Department will take away the free market and institute socialism in America. The American taxpayer has been misled throughout this economic crisis. The government on all fronts has failed the American people miserably.”
Obama has no real experience, the Republicans say; he’s never done anything. But somehow Obama caused this crisis, right? Right?
We all caused the crisis. We are all guilty of living beyond our means and now its time to pay the price. Unfortunately, this crisis has left a huge opportunity for the federal government to expand and integrate itself into private sector institutions. I wish I had hope but given the degree of the intervention and high liklihood that the government is not telling us how bad it really is, I think we are stuck with the situation.
Looks like both candidates have been getting alot of ‘gold handshakes’ in their run for 1600 Pennsylvania Avenue –
Bundlers for McCain, Obama Are Among Wall Street’s Tumblers
Published by Massie Ritsch on September 18, 2008 11:59 AM
How did Wall Street’s largest firms also become some of the largest donors to John McCain and Barack Obama’s presidential campaigns? Take a look at the candidates’ rosters of bundlers on OpenSecrets.org, and it becomes clear.
McCain’s list includes at least 69 individuals who, according to his campaign, have raised a total of at least $11.4 million for his campaign. That makes the struggling investment industry his top source of bundlers. (Bundlers are those wealthy individuals who hit up their coworkers, family and friends to raise hundreds of thousands of dollars, in addition to any contributions from their own pockets.) In the second spot is the real estate industry, where at least 55 individuals have delivered a total of $9.5 million or more to McCain. Overall, bundlers in the finance, insurance and real estate sector have hauled in at least $30 million for the Republican candidate — far more than any other sector.
Obama’s list gives the appearance that he has not leaned so heavily on bundlers working on Wall Street, although since his campaign has ignored repeated requests from the Center for Responsive Politics and other watchdog groups to disclose his bundlers’ employers and occupations, these figures are probably undercounts. The securities and investment industry is Obama’s second-largest source of bundlers, after lawyers, and at least 56 individuals have raised at least $8.9 million for his campaign. Bundlers in the larger finance, insurance and real estate sector have collected at least $13.4 million for Obama, making it his most generous sector.
Bundlers for the McCain campaign include Merrill Lynch CEO John Thain, who is listed as raising at least half a million dollars. That may help explain why Merrill Lynch’s employees have made the firm McCain’s biggest donor — when the boss is giving, others follow suit. McCain’s bundles have also come in from executives at Lehman Brothers, the firm formerly known as Bear Stearns, Morgan Stanley, JPMorgan Chase, Credit Suisse and Wachovia. Former senator Phil Gramm, an executive at UBS, and Geoffrey Boisi, a board member for rescued mortgage buyer Freddie Mac, have both reportedly raised between $100,000 and $250,000 for McCain.
Obama’s list of bundlers includes several executives at Citigroup, who together have raised between $600,000 and $1.5 million. Executives at Lehman Brothers, Credit Suisse and Goldman Sachs (Obama’s number-one donor) are also in the mix.
Overall, the securities and investment industry has contributed about $10 million to Obama and $7 million to McCain. To all federal candidates for president and Congress, and to political parties, the industry has contributed more than $101 million in the 2008 election cycle, 56 percent of it to Democrats. The Democrats’ edge is a relatively recent development, however; Republicans had the advantage for most of the last 10 years.
Contributions from the commercial banking industry are roughly split between Obama and McCain — $2 million for the Democrat, $1.9 million for the Republican. The banking industry has contributed about $25 million in this election cycle to federal candidates and parties, giving 52 percent to Republicans.
Open secrets is easily available – I use it frequently. There are a couple of other sites that are quite handy when it come to finding out where the cash flows. On one of those sites you can type in zip codes and find out who in those zip codes are providing largese to our candidates (always interesting to watch them donate to out of state candidates and to certain PACs)
While you are at it, Ron, I have heard that the bailouts ‘happened’ because too many politicos lost their diapers in the AIG meltdown. Any truth to that?
And if so, I would think it is a good time to buy a few thousand shares of AIG.
“We are all guilty of living beyond our means and now its time to pay the price.”
Wow. So us Democrats reminding everyone in a time of war that sacrifices have to be made wasn’t just doom-saying defeatism? You mean “SPEND SPEND SPEND!” to save the economy wasn’t a good plan?
I cannot confirm your theory about all those politicos losing their diapers.
They always say that buying toward the end of the election cycle is a smart move – stocks tend to dip during election year and then move up in the inauguration year (regardless of who wins the election).
September 20th, 2008 at 12:04 pm
“The free market for all intents and purposes is dead in America,” Senator Jim Bunning (R-KY) declared on Friday. “The action proposed today by the Treasury Department will take away the free market and institute socialism in America. The American taxpayer has been misled throughout this economic crisis. The government on all fronts has failed the American people miserably.”
Obama has no real experience, the Republicans say; he’s never done anything. But somehow Obama caused this crisis, right? Right?
September 20th, 2008 at 1:11 pm
We all caused the crisis. We are all guilty of living beyond our means and now its time to pay the price. Unfortunately, this crisis has left a huge opportunity for the federal government to expand and integrate itself into private sector institutions. I wish I had hope but given the degree of the intervention and high liklihood that the government is not telling us how bad it really is, I think we are stuck with the situation.
September 20th, 2008 at 2:20 pm
Looks like both candidates have been getting alot of ‘gold handshakes’ in their run for 1600 Pennsylvania Avenue –
Bundlers for McCain, Obama Are Among Wall Street’s Tumblers
Published by Massie Ritsch on September 18, 2008 11:59 AM
How did Wall Street’s largest firms also become some of the largest donors to John McCain and Barack Obama’s presidential campaigns? Take a look at the candidates’ rosters of bundlers on OpenSecrets.org, and it becomes clear.
McCain’s list includes at least 69 individuals who, according to his campaign, have raised a total of at least $11.4 million for his campaign. That makes the struggling investment industry his top source of bundlers. (Bundlers are those wealthy individuals who hit up their coworkers, family and friends to raise hundreds of thousands of dollars, in addition to any contributions from their own pockets.) In the second spot is the real estate industry, where at least 55 individuals have delivered a total of $9.5 million or more to McCain. Overall, bundlers in the finance, insurance and real estate sector have hauled in at least $30 million for the Republican candidate — far more than any other sector.
Obama’s list gives the appearance that he has not leaned so heavily on bundlers working on Wall Street, although since his campaign has ignored repeated requests from the Center for Responsive Politics and other watchdog groups to disclose his bundlers’ employers and occupations, these figures are probably undercounts. The securities and investment industry is Obama’s second-largest source of bundlers, after lawyers, and at least 56 individuals have raised at least $8.9 million for his campaign. Bundlers in the larger finance, insurance and real estate sector have collected at least $13.4 million for Obama, making it his most generous sector.
Bundlers for the McCain campaign include Merrill Lynch CEO John Thain, who is listed as raising at least half a million dollars. That may help explain why Merrill Lynch’s employees have made the firm McCain’s biggest donor — when the boss is giving, others follow suit. McCain’s bundles have also come in from executives at Lehman Brothers, the firm formerly known as Bear Stearns, Morgan Stanley, JPMorgan Chase, Credit Suisse and Wachovia. Former senator Phil Gramm, an executive at UBS, and Geoffrey Boisi, a board member for rescued mortgage buyer Freddie Mac, have both reportedly raised between $100,000 and $250,000 for McCain.
Obama’s list of bundlers includes several executives at Citigroup, who together have raised between $600,000 and $1.5 million. Executives at Lehman Brothers, Credit Suisse and Goldman Sachs (Obama’s number-one donor) are also in the mix.
Overall, the securities and investment industry has contributed about $10 million to Obama and $7 million to McCain. To all federal candidates for president and Congress, and to political parties, the industry has contributed more than $101 million in the 2008 election cycle, 56 percent of it to Democrats. The Democrats’ edge is a relatively recent development, however; Republicans had the advantage for most of the last 10 years.
Contributions from the commercial banking industry are roughly split between Obama and McCain — $2 million for the Democrat, $1.9 million for the Republican. The banking industry has contributed about $25 million in this election cycle to federal candidates and parties, giving 52 percent to Republicans.
source: http://www.opensecrets.org/news/2008/09/bundlers-for-mccain-obama-are.html
September 20th, 2008 at 2:22 pm
Great input Ron. Thanks for doing the research!
September 20th, 2008 at 2:30 pm
DSW, wasn’t sure if it would be welcomed…
Thank you for the compliment.
Open secrets is easily available – I use it frequently. There are a couple of other sites that are quite handy when it come to finding out where the cash flows. On one of those sites you can type in zip codes and find out who in those zip codes are providing largese to our candidates (always interesting to watch them donate to out of state candidates and to certain PACs)
September 21st, 2008 at 8:20 am
While you are at it, Ron, I have heard that the bailouts ‘happened’ because too many politicos lost their diapers in the AIG meltdown. Any truth to that?
And if so, I would think it is a good time to buy a few thousand shares of AIG.
September 21st, 2008 at 10:09 am
“We are all guilty of living beyond our means and now its time to pay the price.”
Wow. So us Democrats reminding everyone in a time of war that sacrifices have to be made wasn’t just doom-saying defeatism? You mean “SPEND SPEND SPEND!” to save the economy wasn’t a good plan?
I’m shocked.
September 21st, 2008 at 2:30 pm
Iris,
I cannot confirm your theory about all those politicos losing their diapers.
They always say that buying toward the end of the election cycle is a smart move – stocks tend to dip during election year and then move up in the inauguration year (regardless of who wins the election).