…Overall, Obama is flat-out kicking McCain’s ass when it comes to Wall Street contributions, raking in nearly $9 million from securities and investment executives, compared to $6.2 million for McCain. Obama has received more contributions from Goldman Sachs than from any other employer — more than $627,000 at this writing — not to mention $398,021 from JP Morgan Chase, $353,922 from Lehman Brothers and $291,388 from Morgan Stanley. Even among hedge-fund executives, who have an unequivocal interest in electing McCain, Obama is whipping the Republican, collecting $500,000 more than McCain. All of which begs the question: Why would corporate giants like these throw so much weight behind a man who promises to strip them of billions in tax breaks?
Sadly, the answer to that question increasingly appears to be that Obama is, well, full of shit. He has made no bones about his plans to raise income by soaking the rich, promising to roll back the Bush tax cuts for people making over $250,000, increase the top tax rate on capital gains to 25 percent and raise the top rate on qualified dividends. He has also pledged to deliver a real stomach punch to hedge-fund managers, raising the tax rate on most of their income from 15 percent to 35 percent.
These populist pledges sound good, but many business moguls appear to be betting that the tax policies, like Obama himself, are only that: something that sounds good. “I think we don’t want to make too much of his promises on taxes,” says Robert Pollin, professor of economics at the University of Massachusetts. “Not all of these things will happen.” Noting the overwhelming amount of Wall Street money pouring into Obama’s campaign, even elitist fuckwad David Brooks was recently moved to write, “Once the Republicans are vanquished, I wouldn’t hold your breath waiting for that capital-gains tax hike.”
Those worried that Obama might be all talk when it comes to needed reform had a real scare in July, when the senator failed to show up to vote for the Stop Excessive Speculation Act, a bill designed to curb rampant oil speculation…
Obama is actually engaging in an old, time-honored tradition of raising campaign funds from an industry by threatening to regulate or tax the hell out of that industry. He will then, of course, forget all about his campaign promises, as is the custom with this type of shake-down, once the members of that industry have maxed-out their contributions.
So much for the politics of “change.”