Identity politics and who's in bed with Wall Street

I am happy to agree with Brother Michael P. that both major political parties have been too cozy with "Wall Street."  (And Wall Street, as I've suggested before, is all-too-willing to snuggle up with big government at the expense of entrepreneurs, small businesses, and taxpayers.)  But I'm not impressed by the highly partisan remarks by Paul Krugman that Michael shared with us.  What is one to make of my Nobel Prize-winning colleague's accusation that the political right has a pattern of "using identity politics to whip up the base?"  As a university professor, surely he knows how identity politics is played in the epicenter of identity politics, and by whom. As for identity politics in national elections, perhaps he should read "Race Man," by his colleague and mine Sean Wilentz (who is on Professor Krugman's end of the political spectrum not mine).  It was published in 2008 by the liberal magazine The New Republic. A link:  http://www.tnr.com/article/politics/race-man

 

The money quote (just after a bit of Krugman-style Republican bashing):

 

It may strike some as ironic that the racializing [of the presidential campaign] should be coming from a black candidate’s campaign and its supporters. But this is an American presidential campaign--and there is a long history of candidates who are willing to inflame the most deadly passions in our national life in order to get elected. Sadly, it is what Barack Obama and his campaign gurus have been doing for months--with the aid of their media helpers on the news and op-ed pages and on cable television, mocked by "SNL" as in the tank for Obama. They promise to continue until they win the nomination, by any means necessary.

 

On the substance of the question on which Michael introduced Professor Krugman's testimony, here are some pertinent items from mainstream media sources:

 

http://thehill.com/blogs/on-the-money/banking-financial-institutions/95763-hedge-funds-donate-big-to-democrats

(May, 2010:  The world’s top-earning hedge fund managers have bankrolled almost exclusively Democratic campaigns.  The top 10 highest-paid hedge fund managers in 2009 have dished out campaign contributions almost exclusively to Democrats.  Over their lifetimes, those managers have given almost $33 million in campaign contributions to Democrats. The same managers gave roughly $600,000 to Republicans.)

 

http://www.buzzle.com/articles/wall-street-political-donations-flowing-to-democrats-coffers.html

(September, 2009.  Wall Street has contributed $10.6 million to U.S. Senators this year, with a staggering $1.65 million going to New York Democrat Chuck Schumer alone. That’s good for 15% of the entire sum that the princes of finance have coughed up.  $7.7 million of the total contributed has gone to Democrats. Schumer’s take was more than five times the largest contribution to any Republican senator.)

 

http://www.bloomberg.com/apps/news?pid=20601070&sid=ax3gLHhi7ONs

(April, 2010.  Employees in the securities and investment industry made $34.3 million in donations last year, about the same as in 2007, with 62 percent going to Democrats.)

 

http://articles.latimes.com/2008/mar/21/nation/na-wallstdems21

(March 2008.  "Hillary Rodham Clinton and Barack Obama, who are running for president as economic populists, are benefiting handsomely from Wall Street donations, easily surpassing Republican John McCain in campaign contributions from the troubled financial services sector.")

 

I'll stop.  More on request.