It's worth remembering that Obama was the preferred candidate of Wall Street, and the industry gave to Democrats by a 2-1 margin at the beginning of last year. The top business donor to Democrats in 2008 was Goldman Sachs, and nearly 75 cents out of every dollar of Goldman's political donations from 2006 to 2008 went to Democrats. Few can gainsay the investment, given how well Goldman Sachs has done under the Obama administration.
It's not just Wall Street. Obama led in fundraising from most big business sectors, according to the Center for Responsive Politics. Aside from the desire to back the winner, and the cultural liberalness of East and West Coast plutocrats, why did Obama get so much support from precisely the constituency he demonizes?
Because it was good business.
The lesson here is fairly simple: Big business is not "right wing," it's vampiric. It will pursue any opportunity to make a big profit at little risk. Getting in bed with politicians is increasingly the safest investment for these "crony capitalists." But only if the politicians can actually deliver. The political failures of the Obama White House have translated into business failures for firms more eager to make money off taxpayers instead of consumers.
That's good news. The bad news will be if the Republicans once again opt to be the cheap dates of big business. For years, the GOP defended big business in the spirit of free enterprise while businesses never showed much interest in the principle themselves. Now that their bet on the Democrats has crapped out, it'd be nice if they stopped trying to game the system and focused instead on satisfying the consumer.
03 March 2010
Vampiric, Parasitic, Whatever
USA Today Opinion: Big business is, simply, vampiric