At the NYT, Paul Krugman is making it clear that even Obama rhetoric and mixed-signals are enraging the financial sector. Check out these numbers:
Look, for example, at the campaign contributions of commercial banks — traditionally Republican-leaning, but only mildly so. So far this year, according to The Washington Post, 63 percent of spending by banks’ corporate PACs has gone to Republicans, up from 53 percent last year. Securities and investment firms, traditionally Democratic-leaning, are now giving more money to Republicans. And oil and gas companies, always Republican-leaning, have gone all out, bestowing 76 percent of their largess on the G.O.P. These are extraordinary numbers given the normal tendency of corporate money to flow to the party in power. Corporate America, however, really, truly hates the current administration. Wall Street, for example, is in “a state of bitter, seething, hysterical fury” toward the president, writes John Heilemann of New York magazine.
Therefore, Mr. Obama, finish the job. Your attempts to straddle a middle position has lost most of your financial sector money. Give it up, because it is political crack cocaine. Quickly get behind meaningful financial reform. Use that bully pulpit to show that you really mean it when you speak for regular folks and for main street. Get passionate and loud, if you really mean want to reform Wall Street. I should tell you that I voted for you, but I’m just about to write you off on financial reform. Why aren’t you outlawing banks that are too big to fail? Why aren’t you pushing furiously for re-enactment for Glass-Steagall?
