Wednesday, August 24, 2011

Will Wall Street Try To Sabotage Elizabeth Warren's Senate Campaign? They Already Are!


This goes beyond class warriors Darrell Issa and Patrick McHenry using a Wall Street lobbyist disguised as a "staffer" to sabotage Elizabeth Warren's testimony in Congress. Keep in mind that Wall Street has showered Scott Brown with cash. His biggest single source of campaign "contributions" comes from the financial predators Elizabeth Warren has been urging government to protect consumers from. So far the financial sector has donated over $1.8 million to Brown's short career in federal politics. This year alone, he's taken in more money than any other Republican senator other than Bob Corker (TN) of the Banking Committee and, more to the point, the Subcommittee of Securities, Insurance and Investment. The crooks who run the big players in this sector will pay anything to keep Corker and Brown in office and in Brown's case-- to keep Elizabeth Warren out of office. The idea of her in the Senate drives the banksters insane.
Elizabeth Warren’s combative history with Wall Street could create a fundraising dilemma for her burgeoning Senate campaign. 

Her ardent grassroots following on the left-- forged during stints as TARP watchdog and as mastermind of the Consumer Financial Protection Bureau-- would likely make her a formidable Senate candidate in Massachusetts.

But her reputation as sheriff to Wall Street could also be a liability against Sen. Scott Brown (R-Mass.), a popular Republican who has been stockpiling campaign cash in anticipation of a tight 2012 race.

..."I think it's pretty clear she's going to run the classic, grassroots campaign here in Massachusetts," said Mary Anne Marsh, a longtime Democratic operative in the state. "That means she's going to rely on folks here to give low-dollar donations here a number of times."

But without the support of heavy-hitting donors in Massachusetts, many of whom work at hedge funds and other financial firms, Warren might find it difficult to keep up with Brown’s fundraising juggernaut.

Dubbed “Wall Street’s Favorite Congressman” in a Forbes article last year, Brown reported having more than $9.6 million in the bank at the end of June. A good portion of that money came from the financial-services sector, according to data compiled by the Center for Responsive Politics.

Employees of the Boston-based Fidelity Investments are the single biggest group of donors to Brown’s campaign committee, contributing more than $85,000 since 2007, according to the watchdog’s data. Employees at Goldman Sachs, Bank of New York Mellon, Morgan Stanley and Bank of America are also top donors.

Warren, on the other hand, is going to have to depend on... Americans who want to take back their government from the avaricious banksters. Last week, Paul Krugman made it clear just what that means: Finally, Someone to Run Against Wall Street
One of the truly amazing things about American politics in the Lesser Depression is that nobody in political life has been willing to run as the champion of ordinary Americans against the financial wheeler-dealers who brought this disaster on us. Republicans won’t, of course, because their worldview says that greed is good and government the only source of evil. But Obama has also been almost weirdly unwilling to express even the slightest populism.

So I’m glad to hear that Elizabeth Warren will apparently run for Senate. She’s no Huey Long-- her manner is more schoolteacher than rabble-rouser-- but that makes her more credible. And she’s got the best credentials on the financial crisis of any prominent figure in American life.

This should be edifying.

Yes, edifying... and expensive. Can you chip in? Blue America has only endorsed two candidates for the Senate this year, Warren and Bernie Sanders. We want to see both of them working together for regular American families... somewhat of a rarity in the good ole boys club that is the U.S. Senate. Hard to say exactly what will happen this early in the cycle but my guess is that Blue America may endorse one or possible two more Senate candidates this year. That's it. We want THE BEST, not "better than the horrible alternative."

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