Will Falling Wall Street Support Hurt Democrats?

Bankers hold back funds as punishment for financial reform

This article is from the archive of our partner .

The Washington Post today reports a "revolt" among big Democratic donors on Wall Street. "The drop in support," write the Post's T. W. Farnam and Paul Kane, "comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill." Politico's Ben White also notes the trend, quoting one "senior financial industry lobbyist" who says the pullback is is coming from both sides: "You have a combination right now where some members are wary of taking our money, while many in the industry are now reluctant to give money to people who are trying to inflict such damage on us." Though the Post's report suggests the loss of funds may hurt the Democrats further in the midterm elections, several blogs are pushing back against this reading:

  • Correction: Dems Are Screwed No Matter What  "This has nothing to do with FinReg, and everything to do with a struggling economy, an ecological disaster in the Gulf, fired-up conservatives, and disaffected liberals," declares Foreign Policy's Daniel Drezner. "Wall Street antipathy is really the least of their problems."
  • Shifting Wall Street Support Complicated  "As Republicans tout this decline," writes the MSNBC First Read team, "it's a double-edged sword--is it politically wise to be on Wall Street side this midterm season?"
  • At the Very Least, a Mutual Disillusionment  "It's dumb to think this divorce is one-sided," chimes in Courtney Comstock at Business Insider. "The perceived or real connection between Wall Street-Washington isn't good for either party involved."
This article is from the archive of our partner The Wire.