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(s)Elections See other (s)Elections Articles Title: Wall Street Investing Heavily in Barack Obama Wall Street firms have chipped in more than $9 million to Barack Obama. Wall Street is investing heavily in Barack Obama. Although the Democratic presidential hopeful has vowed to raise capital gains and corporate taxes, financial industry bigs have contributed almost twice as much to Obama as to GOP rival John McCain, a Daily News analysis of campaign records shows. "Wall Street wants change and wants a curtailment in spending. It wants someone who focuses on the domestic economy," said Jim Cramer, the boisterous host of CNBC's "Mad Money." Cramer also does not discount nostalgia for the go-go 1990s, when Bill Clinton led the largest economic expansion in history. "It wants a Clinton like in 1992, but not a Hillary Clinton," he said. "That's Barack Obama." For both candidates, Wall Street's investment and banking sectors have become among their portliest cash cows, contributing $9.5 million to Obama and $5.3 million to McCain so far. It's a haul that is already raising concerns that, as the nation's faltering economy has become issue No. 1, the two candidates may have a hard time playing tough on issues like market regulation or corporate-tax loopholes. "No matter who wins in November, Wall Street will have a friend in the White House," said Massie Ritsch of the Center for Responsive Politics, which crunched the data for The News. Wall Street's generosity toward Obama, in particular, would seem to run counter to its self-interests. In addition to calling for corporate and capital gains tax hikes, Obama has proposed raising income taxes on those earning more than $250,000. But Wall Street is often motivated by something more than money - winning. "In general, these are professional prognosticators," said Ritsch. "And they may be putting their money on the person they predict will win, not the candidate they hope will win." Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054). McCain's top five include Wall Street's Merrill Lynch ($230,310) and Citigroup ($219,551). Obama's Wall Street haul is not the biggest ever. That distinction belongs to President Bush, who as an incumbent in 2004 raised $10,852,696 from Wall Street interests through April that year - about $1 million more than Obama. Obama's aides dismiss any suggestion he might be beholden to Wall Street, noting that 93% of his donations are $200 or less and that he took his tough economic message straight to Wall Street in a 2007 speech at Nasdaq headquarters. "Sen. Obama went to Wall Street to tell executives that our economy isn't working if they alone are prospering but people living on Main Street are not," Obama spokesman Tommy Vietor said.
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#1. To: christine (#0)
The marginal utility of additional cash does decline -- and they are willing to exchange money for something far more interesting: power.
"Dean had a sweater wrapped around his ears to keep warm. He said we were a band of Arabs coming to blow up New York." -- Jack Kerouac, On the Road
All this time I thot Mom and Pop black from Harlem and Watts were sending in spare dollars from their food bill.
Cramer is full of siht. O isn't going to deliver less spending. What Wall Street is buying is access to what appears to be the next ass on the throne. Cramer remains a blowhard.
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