Democrats Cozy Up to Wall Street

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.


Here’s a headline worth noting: “Democrats beat Republicans in 2005 Fund-Raising on Wall Street.” My suspicion has always been that the Democratic Party has snuggled ever closer to the financial industry over the past decade partly because it’s one of the few corporate sectors that doesn’t conflict in an obvious way with any other major liberal interest group.

Democrats have to get corporate donations from somewhere, the thinking goes, and the financial sector doesn’t usually clash overtly with labor unions. It’s not part of the military-industrial complex. It doesn’t pillage the environment. It screws over ordinary voters in opaque and non-obvious ways. What’s not to like? Indeed, it’s a pretty natural ally for a “liberal” party in dire need of campaign cash.

The downside is that a party that jumps in bed with the financial sector is going to end up backing the sorts of anti-progressive measures—from the recent bankruptcy bill, to financial deregulation, to inflation targeting by the Fed—that all strike me as just as malignant, if not more so, than, say, an energy company donating to Tom DeLay in exchange for the right to pollute or pour MTBE into our drinking water or whatever. And increasingly, the Democrats are doing just that. In some ways, it would almost be preferable if, say, Hillary Clinton was getting her money from ExxonMobil and Halliburton, rather than Citigroup and MetLife. (Okay, probably not, but you get my point…)

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate