Democrats Still Winning Over Wall Street
We already know that Republican presidential candidates have so far raised a lot less money overall than their Democratic counterparts. What is really remarkable: This is true even in industries where you would expect the Republicans to enjoy big advantages.
Instead, the GOP, once the party of Wall Street, is losing Wall Street. The party that once dominated business ... doesn't.
Through the end of September, Democratic presidential candidates outraised their Republican rivals at securities and investment companies by nearly $2 million, $10.7 million to $8.75 million, according to OpenSecrets.org, a Web site that aggregates data from the Federal Elections Commission.
That's a 56% to 44% advantage.By comparison, in 1996 Wall Street gave 58% of its money to Republicans. So far this time, Democrats also have outraised Republicans among hedge funds and private-equity tycoons by a similar margin, raising about $2.7 million compared with $2.1 million. This was so even though Democrats have taken the lead in pushing for changes in the tax law to close a loophole benefiting hedge-fund and private-equity managers. The Democratic candidates also grabbed 60% of contributions from the ultraconservative insurance industry -- a sharp reversal of the usual situation, where about two-thirds of the dollars go to Republicans. The Democrats are even seeing slight majorities in traditional GOP strongholds like commercial banking and real estate. When commercial bankers split slightly to the Democrats, you know the GOP is on its back foot. Imagine if the Democrats were losing the support of bedrock loyalist groups like public school teachers, trial lawyers or municipal unions.
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