Yesterday on MSNBC in a segment titled “Is Obama Too Focused On Wall Street,” Robert Borosage responded to questions about the President’s pursuit of campaign contributions from Wall Street, and if it necessarily has to impact our economic policy.
I don’t think anyone would be surprised if [President Barack Obama] gets contributions from the Wall Street guys. He deserves them. He bailed out the banks. No one is prosecuted. Bonuses are back up to record levels. The President earned their gratitude.
He is not as shameless as Republicans. They are trying to repeal even the small reforms we have had. But I think the President has a very good chance. You know, these are hedge fund operators. they will hedge their bets. They will put money on both parties. but I’m sure he will do quite well.
It should be said in the President’s defense, this is a guy who has said to hedge fund operators, it is not a good thing that you pay a lower tax rate than your chauffeurs. The other party thinks those tax rates are just dandy. So the President has taken a bite out of these folks. But there’s no question: he saved their skins and I’m certain he can get some money out of them to run for President.
I think the bigger question is: what does the country need in terms of getting finance shackled so the real economy can work again? And what we haven’t had are the investigations and the prosecutions and the accountability that we need to make certain that we don’t go explode a new bubble and drive the economy over the cliff again. That reform agenda has to get pursued no matter where you get your money from in the campaign.