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You are here: Home / Past Elections / Election 2010 / Wall Street’s Useful Idiots

Wall Street’s Useful Idiots

by | 76 Comments

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I’m sure the anti-Wall Street tea partiers will be livid about this:

A tightly coordinated effort by outside Republican groups, spearheaded by Karl Rove and fueled by tens of millions of dollars in contributions from Wall Street hedge fund moguls and other wealthy donors, helped secure big GOP midterm victories Tuesday, according to campaign spending figures and Republican fundraising insiders.

Leading the GOP spending pack was a pair of groups — American Crossroads and its affiliate, Crossroads GPS — both of which were co-founded by two former aides in the George W. Bush White House: Rove, and Ed Gillespie.

Together, the groups — which are not formally part of the Republican Party — spent more than $38 million on attack ads and campaign mailings against Democrats, according to figures compiled by the Sunlight Foundation, a nonpartisan group that tracks campaign spending in congressional races.

A substantial portion of Crossroads GPS’ money came from a small circle of extremely wealthy Wall Street hedge fund and private equity moguls, according to GOP fundraising sources who spoke with NBC News on condition of anonymity. These donors have been bitterly opposed to a proposal by congressional Democrats — and endorsed by the Obama administration — to increase the tax rates on compensation that hedge funds pay their partners, the sources said.

I’m sure this will come as a shock to all of you who were under the impression that the tea partiers and the conservatives were “mad” at Wall Street.

Reader Interactions

76Comments

  2. 2.

    dmsilev

    I’m sure the rank and file tea-partiers *are* mad at Wall Street. It’s just that they either don’t know or don’t care that they’re being used as useful idiots by Wall Street.

    dms

  3. 3.

    fouro

    Carried Interest, um, carried the day. (google it) Hedge Funders get wha they want but the TP bastiges get what they deserve cuz they didn’t ever ask what it really was they’d be getting. The shaft.

  4. 4.

    beltane

    These hedge fund traders really need to come back in their next life as those foie gras geese who are confined and force-fed to enlarge their livers. Greed that is so insatiable as to bring down the global economy should have consequences attached to it.

    Decades of red-baiting have deprived of us the proper rhetorical tools to fight these grotesque human impersonators.

  5. 5.

    Steve

    Years ago, Public Citizen revealed that the campaign against the estate tax was secretly bankrolled for years by 17 of the nation’s wealthiest families. The fact still hasn’t penetrated the public consciousness and, as we all know, the campaign against the estate tax continues unabated. So call me cynical, but I expect this new revelation to change the minds of exactly no one.

  6. 6.

    beltane

    I was under the impression that the thing Teabaggers wanted the most was for the government to take its hand off their Medicare, a wish the Republicans would be all too happy to grant them.

    High decibel stupid is always a bad thing.

  8. 8.

    BR

    This is why I called my congresswoman and the white house and asked them to do two things from here on out:

    1) Don’t compromise with the GOP on things that they’re wrong on. On tax cuts, don’t give in to their demands just for the sake of giving in.

    2) Go after the fraud in the banks relentlessly. Have the FDIC take over the big banks and clean shop. Prosecute. Listen to guys like Bill Black who took down criminal banksters the last time around.

  9. 9.

    Ash Can

    BUT OUR GUY IS DIFFREN HE AINT TAKIN NONE O THAT WALL STREET MONEY HE TOLD US SO HISSELF HE’S A GOOD GUY.

    /tea partier

  13. 13.

    harlana

    Mr. Cole, you have tweaked all readers’ imaginations by revealing a small nugget of the non-pet related aspects of your personal life.

  14. 14.

    bemused

    I don’t remember where I read this but the two founders of Tea Party Patriots fly in style to rallies on a private jet dubbed Patriot One funded by a GOP operative. Someone is making a documentary about this tea party and I saw a clip that started out with “Danger Zone” playing and scenes of the jet. Not exactly the image of folksy, grassroots tea partiers. There has been some grumbling among the members but the two founders don’t seem to be worried as they are pictured smiling on the jet.

  17. 17.

    ET

    It still amazes me that the anti-Wall Street crowd on the GOP side of the aisle still doesn’t seem to understand that is where the big money the GOP gets (and pays attention to) comes from. Of course one some level they may not care or they may even tacitly agree with the GOP/Wall Street bargain.

    When they get amped and get out the votes they think they deserve consideration and that “this time” will be different. They always get disillusioned by the party (not a few individual members) because at some point they realize they got used and that their help, opinions, and ideas are only valuable at election time. They keep going back like an abused spouse. It is all rather pathological.

  18. 18.

    Just Some Fuckhead

    Seeins how the so-called Tea Party was called for initially by Wall Street spokesmodel Rick Santelli in response to the government trying to help up to nine million homeowners avoid foreclosure at the hands of big business….

    Things that make ya go hmm.

  19. 19.

    electricgrendel

    My favorite part of all of this is that they bother to report it two days after the election. Maybe if they had done some great reporting on this three weeks ago people could have made an informed decision. But now it’s just trivia.

  21. 21.

    Andy K

    I’m sure this will come as a shock to all of you who were under the impression that the tea partiers and the conservatives were “mad” at Wall Street.

    No, just at Obama’s soshulist bailout of Wall Street.

  23. 23.

    cleek

    @ET:

    It still amazes me that the anti-Wall Street crowd on the GOP side of the aisle still doesn’t seem to understand that is where the big money the GOP gets (and pays attention to) comes from

    they’ve been trained not to care. one word, and any qualms they might have had vanish into the aether: Soros.

    if you’re going to do something your supporters will hate, make sure you blame your opponent for the same thing first.

  24. 24.

    MattR

    @cleek:

    thanks for that hot news item, NBC!
    __
    cows, closing the barn door, etc.

    To reveal the truth before the election would have been partisan, obviously.

  26. 26.

    New Yorker

    Stuff like this actually makes me relax a bit: It means there isn’t a snowball’s chance in hell that the teabaggers will do something batshit insane like allowing the US to default on its debt.

  28. 28.

    sherifffruitfly

    Good thing lefty bloggers have learned their lesson and stopped joining with teabaggers on the iblameobama bandwagon.

    Oh wait……

  32. 32.

    Ash Can

    @New Yorker: Unless those teabaggers’ personal bankrollers are in the options business. That segment of the financial industry thrives on market uncertainty.

  33. 33.

    Just Some Fuckhead

    @harlana:

    Mr. Cole, you have tweaked all readers’ imaginations by revealing a small nugget of the non-pet related aspects of your personal life.

    Be on time, John. Open all doors. Let her speak and try not to be forceful or declarative. Listen but don’t get too familiar with her. Make sure you put the napkin in your lap. Don’t drink more than she does. Pay the bill, being sure to look like a generous tipper. It pains me that I can’t be there to make sure your clothes are free of stains and pressed nicely.

    This is your last chance. Don’t fuck it up.

    ps. It might be nice to have a phrase you repeat in your head to lighten you up and relax you. I like “gazillions of brazilians.”

  34. 34.

    Hunter Gathers

    @New Yorker: There’s a decent chance that Johnny the Orange will not be able to control 100% of his caucus. It’s a real possibility.

  35. 35.

    Resident Firebagger

    Wall Street, insurance companies and other players pay a bit in campaign contributions to get Obama and other Democrats to compromise on legislation. Then, compromise in hand, these entities do everything possible to toss Democrats on their asses.

    I’d say the Democrats are useful idiots, too.

  36. 36.

    Dennis SGMM

    @kindness:
    You can’t kill future shock.
    You can’t kill the willful stupidity it causes.
    Ain’t but one damned song that can make me break down and cry.

  37. 37.

    FlipYrWhig

    @Andy K:

    No, just at Obama’s soshulist bailout of Wall Street.

    I think there’s a lot of truth to that distinction. “Wall Street” isn’t necessarily bad in a Tea Partier’s eyes; Teh Gummint giving Our Money to “Wall Street” is very very bad, on account of it’s being Our Money.

    @Just Some Fuckhead: And that _remains_ very unpopular. I’m still not too clear on what Republican voters want to see happen in order to help “create jobs.” I know that they want tax cuts to “help the economy,” because it puts money in their hands. But how does that “create jobs”? Is the thinking that if only businesses were paying less in taxes they’d be hiring more people?

  38. 38.

    Citizen_X

    @cleek: If it turns out NBC sat on this until after the election–not wanting to unduly influence the voters with pertinent things like facts, you know–I’m gonna…I’m gonna…well, I’m gonna be pissed off and powerless to do anything about it, of course.

    But I will not forget, or forgive.

  39. 39.

    gbear

    @Mark S.:

    I’ll be very disappointed if John has twenty posts up between 7pm and 10pm.

    He’ll forget about time and be late for his date.

  43. 43.

    harlana

    @gbear: Somehow I doubt juicy bits of detail will be forthcoming, but, all things considered, it would such a nice distraction. This begs for a John Cole Datecam.

  45. 45.

    Bokonon

    Better give Wall Street what it wants. Or they might take away MORE of our jobs. And SOONER.

    As Mao once said, all power comes from the barrell of a gun.

  47. 47.

    Delia

    @kindness:

    French Revolution time yet?

    To steal a phrase, sadly no.

    The teatards are too heavily invested in their fantasies to let truth intrude. If you try to tell them that they’re simply dupes of the banksters they will simply shout louder and tell you that you’ve been listening to Soros or Bill Ayres or the Kenyan Mooslim Soshulist himself. Any plan of action must proceed on that assumption.

  48. 48.

    Makewi

    Rove and Gillespie are not Tea Party. If anything, they represent the sort of good old boy establishment that perpetuates the same old same old regardless of the current makeup of the Federal Government.

  52. 52.

    Sly

    @kindness:

    French Revolution time yet?

    We already had it. The mob of peasants was lead by the Baron de Breteuil, who carried a diamond-encrusted pitchfork, and marched on the Bastille to protest potential tax hikes on the Second Estate.

  54. 54.

    meh

    speaking of that, on one of the tv’s in my office, they have fox news on – is it just me or does it seem a bit disingenuous for Neil Cavuto crowing about how gold is up $45/ounce today?

    One, it sounds like an infomercial for Glen Beck’s show

    and

    Two, it’s probably in response to the crazy guys taking over the country’s bank account I would imagine…

    kept waiting to see “Your World with Neil Cavuto brought to you by, Goldline – when the libruls ruin the country, turn to the most trusted name in Gold…Goldline”

  57. 57.

    Sly

    @New Yorker:

    Stuff like this actually makes me relax a bit: It means there isn’t a snowball’s chance in hell that the teabaggers will do something batshit insane like allowing the US to default on its debt.

    Legally, technically, or unofficially; it’s kind of impossible to default on the debt. There are mechanisms in place outside of Congressional hands that prevent it, to the extent that interest due on the debt would have to increase beyond all other spending before it even becomes theoretically possible. At the very least, the Federal Reserve would have to be abolished before debt default becomes a practical consideration.

    No, the worst that the House can possibly do at this point is refuse to continue unemployment benefits. Which is no small thing, considering that unemployment benefits are likely making up a significant portion of consumer demand at this point.

  58. 58.

    Davis X. Machina

    @Sly: What little domestic tumbrel-manufacturing capacity we had was offshored in the ’90’s anyways.

  59. 59.

    Carnacki

    Anyone stupid enough to attach tea bags to their hats as a political statement is too stupid to understand how they are used by the ilk of Karl Rove and company to promote the very interests they are against.

  60. 60.

    kindness

    John….ask the fine lady if she is a dog or a cat person. You have all the bases covered. Also, google a map of Brazil so you have some idea of where what is.

  61. 61.

    WyldPirate

    @FlipYrWhig:

    I’m still not too clear on what Republican voters want to see happen in order to help “create jobs.” I know that they want tax cuts to “help the economy,” because it puts money in their hands. But how does that “create jobs”? Is the thinking that if only businesses were paying less in taxes they’d be hiring more people?

    Basically you answered it, but you forgot about putting more money i everyone’s hands so they can spend more and invest more.

    Trickle-down economics doesn’t mean that the TeaTards are getting pissed on by the wealthy, uh-uh. Just so long as them pigmented folks don’t get none of our tax money.

  62. 62.

    max

    I’m sure this will come as a shock to all of you who were under the impression that the tea partiers and the conservatives were “mad” at Wall Street.

    What I’ve been hearing today from the right-wingers is that the Tea Partiers will come down hard on the banks.

    First I fell off my chair and then I laughed until I cried.

    max
    [‘Next up! Earmarks!’]

  64. 64.

    max

    @Sly:

    At the very least, the Federal Reserve would have to be abolished before debt default becomes a practical consideration.

    Fairly to raise the debt ceiling wouldn’t cause a default, I agree, but if they refused to raise the debt ceiling, it would put a hell of a squeeze on the Federal budget. They’d need to make cuts to avoid the debt, which would be a rather large sum of money. WHich is why Rand Paul is threatening to do that.

    Of course, supposedly the R’s are going to raise the debt ceiling and blame it on Obama.

    max
    [‘Of course, in two years Obama will still be black, so I don’t think that the debt is really going to matter to the tea baggers.’]

  65. 65.

    gene108

    I’m sure this will come as a shock to all of you who were under the impression that the tea partiers and the conservatives were “mad” at Wall Street.

    It should also come as a shock to people, who felt Obama sold out to Wall Street and is a corporatist whore, because Wall Street thoroughly hates Obama’s guts and will do everything in its power to make sure he’s a one term President.

  66. 66.

    Jay in Oregon

    @suzanne:

    And don’t ask whether or not she gets Brazilians. Let that be a surprise.

    I am soooo glad I wasn’t drinking anything when I read that, or I’d need a new laptop.

  67. 67.

    Belafon (formerly anonevent)

    OT-But this really did make me laugh. A conservative critic considers MSNBC biased while Fox and CNN aren’t.

  68. 68.

    chopper

    @New Yorker:

    hard to say. these rich guys, through rove, funded a lot of goopers but not all of the teabagger candidates. in fact, rove was pretty solidly skeptical of many teabaggers. look at what he said about o’donnell – he’s all about the establishment, and using the tea party to its own ends just like boner and the other leadership.

    the tea party guys i’m worried about messing with policy are precisely the guys rove didn’t want anything to do with. those guys are the wild card.

  70. 70.

    chopper

    @Sly:

    well there may be a decent-sized gulf between going over the debt limit and full-bore default, but that gulf includes a lotta bad shit. you don’t need to full-on default for the bond market or the stock market to take a huge shit.

  72. 72.

    Pongo

    I think you still suffer under the same delusion as the rest of the media. The Tea Party might have been started by libertarians who were truly disgusted by the excesses of Wall Street and the governments unwillingness to stop them. The Tea Party now is just an arm of Koch Industries with a fair smattering of Evangelicals who trust in God to reform Wall Street. They won’t be livid–they’ll be thrilled.

    Have to enjoy traditional Republicans railing a bit against the monster they created: http://www.politico.com/blogs/onmedia/1110/Kondracke_Palins_a_joke.html. They wanted free reign for corporate spending in elections, got it with Citizens United, and now have to deal with the fact that Koch Industries appears to be determined to get the most extreme of the wingers into office. This Republican analyst is absolutely right. Sarah Palin and Jim DeMint screwed the pooch with their reckless primary endorsements.

  73. 73.

    NobodySpecial

    @Pongo: The best part is that no one will listen to Kondracke, as the Wurlitzer is already primed to treat Palin and DeMint as Very Serious People…thanks to the efforts of folks like Kondracke.

  74. 74.

    Mako

    @NobodySpecial:
    Wurlitzer? Kondrake? Palin, yeah, I know her. And DeMint… but Kondrake, he’s that crippled angry guy in a wheelchair? Wait, was he the guy with the comeover on McGlaugklin Group? You people really watch too much bad tv.

  75. 75.

    pattonbt

    All the Tea Partiers care about is that they get theirs and “the other” doesn’t. They don’t care if the banksters make out like bandits. They might give lip service to that, but that’s all it is.

    The Tea Partiers accept there are elites and that those elites are better and deserve more (as long as they fit a certain mold and say the right things) – its an authority thing. But the Tea Partiers need to be able to wallow in the belief that, even though there are some elite who are better in some ways, they are still better overall because they are down to earth and all good and Jesusy and patriotic on the inside and especially the outside. So they need “the other” to be worse off as a benchmark to plump up their own self worth.

    And thus those that are not as good (“the other”) must be shifty and must be the root cause of problems and therefore do not deserve assistance.

  76. 76.

    chaseyourtail

    The T-Baggers will be fine with this because they don’t really care about anything other than getting rid of Obama. Their anti-government screed is a smoke screen. They only have a problem with government when it’s headed by a black Democrat. The baggers are happy to be useful idiots. They know their role and are more than willing to play it.

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