A revolt among big donors on Wall Street is hurting fundraising for the Democrats’ two congressional campaign committees, with contributions from the world’s financial capital down 65 percent from two years ago.
The drop in support 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 that House Democrats passed last week with almost no Republican support. The Senate expects to take up the measure this month.
This fundraising free fall from the New York area has left Democrats with diminished resources to defend their House and Senate majorities in November’s midterm elections. Although the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee have seen just a 16 percent drop in overall donations compared with this stage of the 2008 campaign, party leaders are concerned about the loss of big-dollar donors. The two congressional committees have raised $49.5 million this election cycle from people giving $1,000 or more at a time, compared with $81.3 million at this point in the last election.
This is very common in an election year. Wall Street looks to the party looking to gain control and they put their money in that party. When Republicans were on top back in the early part of the last decade, Wall Street gave big bucks to them. Then the Democrats became the new winners and Wall Street jumped ship over there.
The moral of the story? Wall Street tries and go with the winner.
But Susie Madrak makes a great point on this:
You know, the Dems might consider doing things that make the base happy, since we’re known to make donations when someone actually looks out for our interests.
When Wall Street was throwing money at the Democrats, they became the biggest bunch of corporate kiss-asses. That really pissed off us in the base and made us close up our wallets. Now that the big sums of cache from Wall Street are drying up, we can expect to see the Democrats try and suck back up to us. I for one am not going to buy it. It’s time for our elected leaders to learn who they are supposed to represent. If that means a Republican controlled Congress, so be it. The Democrats created this mess and now they need to fix it.