Targets of Obama’s populist rhetoric oddly enthusiastic for his opponent

posted at 12:01 pm on June 13, 2012 by Ed Morrissey

Alternate headline: One man’s trash is another man’s treasure — and treasure is the operative word here.  Almost a year after deciding to fully indulge in class warfare, Barack Obama’s former Wall Street donors have voted with their feet and moved to Mitt Romney.  The eat-the-rich rhetoric that helped inspire the Occupy movement is literally costing the Obama campaign millions of dollars in 2012:

For three years, Wall Street’s been telling the world how much it can’t stand President Barack Obama.

Now, thanks to campaign finance filings, it’s possible to put a price tag on just how much: Mitt Romney‘s presidential campaign and the super PAC supporting it are outraising Obama among financial-sector donors $37.1 million to $4.8 million.

Near the front of the pack are 19 Obama donors from 2008 who are giving big to Romney.

The 19 have already given $4.8 million to Romney’s presidential campaign and the super PAC supporting it through the end of April, according to a POLITICO analysis of Federal Election Commission filings. Four years ago, they gave Obama $213,700.

None of them has given a penny to the president’s reelection campaign or the super PAC supporting it.

Recall in 2008 that Obama won the Wall Street sweepstakes, back when he could afford to run as nothing more than an agent of Hope and Change.  That was true before the financial crisis late in the election cycle in 2008, but probably intensified at that point, with John McCain’s seeming aimlessness on how to deal with it.  These donors thought they were backing a Democratic moderate along the lines of Bill Clinton, someone who wanted to push some regulation — which always benefits the bigger players at the expense of smaller players — but who would understand how much Democrats needed Wall Street.

Obviously, they miscalculated, and not just on temperament but also on competence.  Ken Griffin, the chief executive of the hedge fund Citadel, speaks openly of his contempt for Obama’s “class warfare.”  Another hedge-fund manager, Anthony Scaramucci, cites the rudderless economic policies of the Obama administration and the chronic malaise it has produced as evidence that the country needs new and more competent leadership.  Furthermore, Obama isn’t helping his own cause at all with continued class-warfare attacks like this one on Tuesday:

“He seems to believe that if CEOs and wealthy investors like him are doing well, then the rest us automatically do well,” Obama said of Romney on Tuesday at a campaign event in Baltimore. “What a lot of current Republicans don’t seem to get is that a healthy economy doesn’t just mean you’re maximizing your own profits through massive layoffs and busting unions. You don’t make America stronger by shipping jobs and profits overseas.”

Can you count the populist strawmen in that statement?  When investors don’t do well, neither does anyone else, and jobs don’t get created.  If investors can’t make capital work in the US because of regulatory ambiguity and adventurism and a tax overhang that threatens to wipe out any profits, then they will invest “overseas” where they can put their capital to work. No one is “busting unions” any longer; unions pretty much do that on their own through their own extremism and stridency.  And since only a very small portion of the population are in private-sector unions at all, exactly who is Obama trying to reach with this economic silliness that hasn’t already bought it?

Obama’s problem on Wall Street was that it was easy to fool donors there the first time around, when he had no record to defend.  This time, they’re looking for someone who really knows what he’s doing on economic policy.


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Excellent. More please.

NaCly dog on June 13, 2012 at 12:05 PM

I for one am enjoying watching the death spiral.

newportmike on June 13, 2012 at 12:07 PM

From Rasmussen. Wisconsin – Romney 47 – Obama 44

taternuggets on June 13, 2012 at 12:07 PM

For three years, Wall Street’s been telling the world how much it can’t stand President Barack Obama.

I thought it was the other way around.

NoFanofLibs on June 13, 2012 at 12:07 PM

I JUST LOVE TO read this! bho did this to himself and he owns it!

BTW, Bush had zero to do with this!
L

letget on June 13, 2012 at 12:08 PM

Obama has memorized a few tracts and continues. Too stupid to actually engage, to ill-educated to think, he simply plows on. When in doubt, call people ‘folks’.

pat on June 13, 2012 at 12:08 PM

The eat-the-rich rhetoric that helped inspire the Occupy movement

Whatever happened to the Occupy Movement? They were funny.

MichaelGabriel on June 13, 2012 at 12:09 PM

Wall Street Insider at work!

mrsmwp on June 13, 2012 at 12:10 PM

Think they went to get some Ben and Jerry’s on their way to Men’s Wearhouse.

taternuggets on June 13, 2012 at 12:11 PM

Well, he still has Hollywood.

Dinner With Barack: Obama Letting Americans Choose His Next Celebrity Guest

***face palm***

JPeterman on June 13, 2012 at 12:12 PM

Kick a dog enough times, sooner or later you’re going to get bit.

TXUS on June 13, 2012 at 12:12 PM

Obama’s problem on Wall Street was that it was easy to fool donors there the first time around, when he had no record to defend. This time, they’re looking for someone who really knows what he’s doing on economic policy.

…well…40 some plus percentage of the American people are still fooled by the Fool…or are outright stupid!

KOOLAID2 on June 13, 2012 at 12:13 PM

From Rasmussen. Wisconsin – Romney 47 – Obama 44

taternuggets on June 13, 2012 at 12:07 PM

Wow!

txhsmom on June 13, 2012 at 12:14 PM

I’m going to sing the doom song now.

The Doom Song

The Rogue Tomato on June 13, 2012 at 12:14 PM

Whatever happened to the Occupy Movement? They were funny.

MichaelGabriel on June 13, 2012 at 12:09 PM

They ran out of women to rape?

txhsmom on June 13, 2012 at 12:14 PM

Maybe this will change their minds:

http://www.huffingtonpost.com/2012/06/13/obama-trade-document-leak_n_1592593.html

libfreeordie on June 13, 2012 at 12:14 PM

How was Wall Street stupid enough to back a Democrat in the first place?

Like investing in green energy and expecting an actual return.

NoDonkey on June 13, 2012 at 12:15 PM

I JUST LOVE TO read this! bho did this to himself and he owns it!

BTW, Bush had zero to do with this!
L

letget on June 13, 2012 at 12:08 PM

I know! It’s so gratifying for Barry to be the star of his own political demise. I just hope Romney can build a solid enough following in the next few months that we don’t have a neck and neck in Nov. I’m not looking for a “landslide”, but 6% would be sweet.

BettyRuth on June 13, 2012 at 12:16 PM

…well…40 some plus percentage of the American people are still fooled by the Fool…or are outright stupid!

If there’s any doubt, walk outside, take a look around.

MichaelGabriel on June 13, 2012 at 12:21 PM

Interestingly, the audience for Obama’s populist record seem to be becoming more drawn to Romney, too.

Mutnodjmet on June 13, 2012 at 12:06 PM

Yep. He lost the middle class vote by 20 points in 2008 and he will lose it by even more this year.

Resist We Much on June 13, 2012 at 12:21 PM

“Another hedge-fund manager, Anthony Scaramucci, cites the rudderless economic policies of the Obama administration and the chronic malaise it has produced as evidence that the country needs new and more competent leadership.”

THIS…!!!

Seven Percent Solution on June 13, 2012 at 12:21 PM

Wisconsin: Romney 47%, Obama 44%

steebo77 on June 13, 2012 at 12:18 PM

Wait… but the exit polls.

faraway on June 13, 2012 at 12:22 PM

Maybe this will change their minds:

http://www.huffingtonpost.com/2012/06/13/obama-trade-document-leak_n_1592593.html

libfreeordie on June 13, 2012 at 12:14 PM

Probably not. Now go get lunch for your unicorn.

kingsjester on June 13, 2012 at 12:24 PM

Looks like Team O is being outraised by a factor of 7 to Won.

bada bump tss.

ted c on June 13, 2012 at 12:24 PM

Wait… but the exit polls.

faraway on June 13, 2012 at 12:22 PM

The real winner of this poll is…

…President Obama.

steebo77 on June 13, 2012 at 12:25 PM

BTW, Bush had zero to do with this!
L

letget on June 13, 2012 at 12:08 PM

Which in Obamaland logic means it was all Bush’s fault…

SWalker on June 13, 2012 at 12:25 PM

Wisconsin: Romney 47%, Obama 44%

steebo77 on June 13, 2012 at 12:18 PM

Can we have an election right now, when it’s still popcorn worthy? If this month’s trend continues, the only bets InTrade will be taking in October are whether Obama loses Illinois and California by single or double digits.

Archivarix on June 13, 2012 at 12:25 PM

***face palm***

JPeterman on June 13, 2012 at 12:12 PM

..OT: 4Grace (or someone) was looking for you on QOTD last night. Glad to see you this AM.

The War Planner on June 13, 2012 at 12:26 PM

“Another hedge-fund manager, Anthony Scaramucci, cites the rudderless economic policies of the Obama administration and the chronic malaise it has produced as evidence that the country needs new and more competent leadership.”

THIS…!!!

Seven Percent Solution on June 13, 2012 at 12:21 PM

Bush’s fault… *clink*

SWalker on June 13, 2012 at 12:26 PM

Imagine that, barry, Wall Street doesn’t suffer from Stockholm syndrome….tzk. tzk, tzk, whoda thought that they want to hear no more of your inept populist and demagogic rhetoric….Enjoy, and while you’re at it, have a dog with that :)….

jimver on June 13, 2012 at 12:26 PM

I am going to love watching barack squirm with discomfort, blaming Bush, playing the race card, point the finger at everyone but himself and throwing them under the bus.

This is priceless.

You made your bed, barack, now sleep in it!

DuctTapeMyBrain on June 13, 2012 at 12:27 PM

I noticed this some time ago when I was checking out public information on donors for the two candidates. In 2008, Obama had three major categories of big donors; Wall Street financials and law firms, academia, and tech. In 2008, McCain’s number 1 donor wouldn’t have even made Obama’s top 20. In 2012 we see a large number of 2008 Obama donors switch to Romney but they are nearly all Wall Street financials and law firms, Obama retains the academia and tech donors.

crosspatch on June 13, 2012 at 12:27 PM

Yep. He lost the middle class vote by 20 points in 2008 and he will lose it by even more this year.

Resist We Much on June 13, 2012 at 12:21 PM

???

The War Planner on June 13, 2012 at 12:28 PM

Sweet…

OmahaConservative on June 13, 2012 at 12:30 PM

These donors thought they were backing a Democratic moderate along the lines of Bill Clinton, someone who wanted to push some regulation — which always benefits the bigger players at the expense of smaller players — but who would understand how much Democrats needed Wall Street.

I still wonder how they were so bamboozled. We knew what would happen, and if you didn’t know what he’d be like after the infamous Joe The Plumber incident you’re either dumb as a bag of hammers or were wilfully ignoring all the evidence that he’s a Marxist (and not a smart one) so that you could prove how not racist you were and feel good about voting for the black guy.

crazy_legs on June 13, 2012 at 12:30 PM

I know it shouldn’t at this point, but his nonsense still boggles my mind. Looking forward to November.

emay918 on June 13, 2012 at 12:30 PM

Those idiots finally figured out he wasn’t joking when he railed against Wall Street. Obama double crossed the insurance industry. He will do the same to every corporate structure that crosses him. Economic fascism.

Nexialist on June 13, 2012 at 12:32 PM

crosspatch on June 13, 2012 at 12:27 PM

Don’t forget the Hollywood crowd. They will follow barack over a cliff with their lemming-like devotion.

DuctTapeMyBrain on June 13, 2012 at 12:32 PM

Well, he still has Hollywood.

Dinner With Barack: Obama Letting Americans Choose His Next Celebrity Guest

***face palm***

JPeterman on June 13, 2012 at 12:12 PM

The aren’t enough IQ challenged ‘celebrities’ to make up for what he loses on the wall street…besides, am just curious to see the investment portfolios of these idiots in Holywood who vote for him, you bet they have Wall Street oall over them :)…sometimes I wonder if their financial advisors are not telling them about what 4 more years of his inept policies would do to said portfolios… But then I guess they are too high on the stupidity scale to grasp that…

jimver on June 13, 2012 at 12:34 PM

libfreeordie on June 13, 2012 at 12:14 PM

Care to tell us who signed the FY2009 budget, champ?

There was NO Bush FY2009 Budget

http://predicthistunpredictpast.blogspot.com/2000/10/there-was-no-bush-fy2009-budget.html

You were so silent yesterday after I posted it. Perhaps, today, we can have a response???

Resist We Much on June 13, 2012 at 12:34 PM

There aren’t that is…

jimver on June 13, 2012 at 12:34 PM

…well…40 some plus percentage of the American people are still fooled by the Fool…or are outright stupid!
If there’s any doubt, walk outside, take a look around.

MichaelGabriel on June 13, 2012 at 12:21 PM

Funny you should mention 40%. That happens to be about how much median net worth of households shrank over Obama’s administration (due largely to the Dem-induced tanking of the housing market). You think middle class families are happier now than they were in January 2009? Anything can happen but I think the poll numbers right now are being manipulated to hide just how bad it is for Obama and his team of radical commies.

Happy Nomad on June 13, 2012 at 12:36 PM

Don’t forget the Hollywood crowd. They will follow barack over a cliff with their lemming-like devotion.

DuctTapeMyBrain on June 13, 2012 at 12:32 PM

Now there’s a plan I could support.

Happy Nomad on June 13, 2012 at 12:37 PM

How many reruns can this guy offer up before the network cans him…2nd coming of Meathead…

hillsoftx on June 13, 2012 at 12:38 PM

…well…40 some plus percentage of the American people are still fooled by the Fool…or are outright stupid!

If there’s any doubt, walk outside, take a look around.

MichaelGabriel on June 13, 2012 at 12:21 PM

C’mon. Have you seen those Jaywalking segments on Leno? Those geniuses’ votes count just as much as yours.

trigon on June 13, 2012 at 12:39 PM

The Hollywood donations don’t make it into the top 20 because of the absolutely huge numbers from other organizations. Obama’s #1 donor of 2008, for example were the employees and PACs of the University of California system which gave over half a million dollars to his campaign, if I recall. If you look today, you see UC, Stanford, and Columbia in his top 20. UC is huge because it is a very large system. UC Berkeley, UCLA, UC San Diego, UC Santa Cruz, UC Riverside, etc. There are 10 campuses in the system.

crosspatch on June 13, 2012 at 12:41 PM

How does that go…You reap what you sow?

The Election Reaper’s sickle arm will be ginormous after gathering all that O has sown.

LetsBfrank on June 13, 2012 at 12:42 PM

exactly who is Obama trying to reach with this economic silliness that hasn’t already bought it?

my guess: they know the map. they know they are in deep trouble. they arent trying to change any minds. they arent trying to get indys. they are trying to run a pure base election, which is what they think 2004 was. thats why he blames bush, it focus groups well among far left loons. he needs every single one of them to turn out. thats all he will be doing from now on; we have to get used to this. and stop asking the question: who is obama trying to reach. its obvious.

t8stlikchkn on June 13, 2012 at 12:51 PM

Obama’s spent more time in a madrassa than he has in the private sector.

evilned on June 13, 2012 at 12:52 PM

I don’t think he “fooled” Wall Street at all.

I believe they openly supported him in spite of the evidence.

These so-called “smart guys” made huge bets on Obama being friendly to our capitalist system and aware it was our economic growth engine. That was a massive wrong bet which has nearly destroyed our economy and the markets ability to help lift us out of this malaise.

In fact, I would say they were complicit in that destruction vis a vis’ their support for Mr. Obama.

Now we should feel sorry? Perhaps in a parochial sense. We have all suffered for their poor choices.

I am glad to see they are coming back to candidates that support our capitalist system, the markets and our way of life. But I will never forget how Wall Street are ultimately fair-weather friends that really can’t be counted on in a time of crisis.

Marcus Traianus on June 13, 2012 at 12:53 PM

Obama to Wall Street 2008: I love you man! Come with me and I’ll singlehandedly make the world love us again and make seas stop rising! I am the one youve been waiting for!

Wall St to Obama 2008; Ohhhh youre such a lightworking Dreamboat even though youre surrounded by bombthrowing Reds and have never had a real job. Oh well youre so handsome, heres all my money!

# # #

Wall St to Obama, 2012: Fool me once, shame on you. Fool me twice, shame on me.

Obama to Wall St 2012:
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!
Thats Racist!!!!!!!

Sacramento on June 13, 2012 at 12:53 PM

Gettin’ elected on smoke and mirrors with a complicit press and hiding your ‘record’ is easy.

Gettin’ reelected, not so much, eh O’Butthead?

You can fool some of the people some of the time……..

Oh well, there’s always American Idol. At least one of your pathetic media lapdogs thinks so ***facepalm***

Didn’t know they taught “Azzlicking Kewl Democrat Preezydents” as part of Journalism 101 in college now.

ICanSeeNovFromMyHouse on June 13, 2012 at 12:56 PM

my guess: they know the map. they know they are in deep trouble. they arent trying to change any minds. they arent trying to get indys. they are trying to run a pure base election, which is what they think 2004 was. thats why he blames bush, it focus groups well among far left loons. he needs every single one of them to turn out. thats all he will be doing from now on; we have to get used to this. and stop asking the question: who is obama trying to reach. its obvious.

t8stlikchkn on June 13, 2012 at 12:51 PM

______________________________________

If true, that strategery is DOA. They can’t possibly believe they have the numbers to pull that off, do they?

Then they’re really delusional.

ICanSeeNovFromMyHouse on June 13, 2012 at 12:59 PM

Obviously, they miscalculated, and not just on temperament but also on competence.

Yes, but who could have guessed that a racial-grievance-mongering “community organizer” and part-time law lecturer, who had no training in economics, had never run any type of business, and couldn’t even balance his own household accounts, would not be qualified to preside over the world’s largest and most complex economy?

Oh, if only there had been some clue . . . . . . .

AZCoyote on June 13, 2012 at 1:06 PM

What, it only took the (almost) ruined country/economy for these WS donors to back the right horse.

Thanks.////

Sir Napsalot on June 13, 2012 at 1:09 PM

If companies ship jobs overseas, that’s Obama’s fault. He’s fostered such a hostile environment for business in this country going so far as to allow the NRLB to sue a company to make them build a plant in a state of the government’s choosing. It’s not the companies fault that we have the highest corporate tax rate in the world and Obama just wants to tax them more. Everyone (media, family, friends, co-workers) can all just stop telling me how smart this guy is. He is not smart at all.

KateNE on June 13, 2012 at 1:10 PM

This time, they’re looking for someone who really knows what he’s doing on economic policy.

…and someone who deosn’t Fluke them from behind, while asking them to spit gold coins for him.

Schadenfreude on June 13, 2012 at 1:28 PM

Brilliant Idea:

Let’s all choose Kim Kardashian as Obama’s Next Celebrity to fawn over. Barack Hussein Kardashian solidified forever.

BKennedy on June 13, 2012 at 1:33 PM

Mormon liberal Harry Reid says this:

“I think it is much easier to be a good member of the [Mormon] Church and a Democrat than a good member of the Church and a Republican.”

Ooo! Ooo! I am so confused! /

texacalirose on June 13, 2012 at 1:49 PM

Mormon liberal Harry Reid says this:

“I think it is much easier to be a good member of the [Mormon] Church and a Democrat than a good member of the Church and a Republican.”

Ooo! Ooo! I am so confused! /

texacalirose on June 13, 2012 at 1:49 PM

Link: http://newsnet.byu.edu/story.cfm/13779

texacalirose on June 13, 2012 at 1:53 PM

Obama has memorized a few tracts and continues. Too stupid to actually engage, to ill-educated to think, he simply plows on. When in doubt, call people ‘folks’.

pat on June 13, 2012 at 12:08 PM

Good point. Exact thing his followers do, a good example being their posts on the NBC massaging of Holder’s testimony yesterday thread.

arnold ziffel on June 13, 2012 at 2:08 PM

Unlike all government bureaucrats, the private sector business people understand that “doing the same thing over and over again, expecting different results is insane”. Obama is now a known quantity, and Community Organizing does not prepare one very well to be President.

RADIOONE on June 13, 2012 at 2:11 PM

Well, he still has Hollywood.

Dinner With Barack: Obama Letting Americans Choose His Next Celebrity Guest

***face palm***

JPeterman on June 13, 2012 at 12:12 PM

I nominate Adam Baldwin *grins evilly* We CAN make this work for us, y’know?

Turtle317 on June 13, 2012 at 2:45 PM

These donors thought willfully fooled themselves into believing they were backing a Democratic moderate along the lines of Bill Clinton, because they wanted to feel cool by backing the trendy Mulatto.

ardenenoch on June 13, 2012 at 3:52 PM