Hard-nosed Wall Street traders and corporations are giving more to Democrats than they have tended to in the past, but why?
Economist and Club for Growth founder Stephen Moore writes in The Wall Street Journal: "Business is living in a fantasy world" if they believe Democrats will spare them economic strife. "When you sell the rope to the hangman, you deserve to have a noose around your neck," he concludes. I say the opposite is true. Business people live in the real world and make decisions based on facts. Reality has led many of them to abandon the GOP. Despite the conventional wisdom and the rhetoric of right-wing pundits, a Democratic administration might be better for business than a Republican administration. The Republican majority lies in disarray. For years they cobbled together voters by advocating policies of low taxes, strong defense and social conservatism. But business appears to have tired of the GOP insincerity needed to maintain this unusual union. Former House Speaker Tom DeLay once infamously claimed: "I am the federal government." This subsuming of big government combined with profligate spending has been a fiscal conservative's worst nightmare. Furthermore, the disastrous management of the war in Iraq has only intensified discord and fiscal irresponsibility. CEOs, entrepreneurs and all businessmen have to live in the real world. If they look the wrong way, the consequences can be dire, resulting in a loss of market share or worse, bankruptcy. The environment has been changing in Washington, D.C. The Democrats have benefited from GOP losses, and a business would have to be crazy not to notice.