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July 06, 2010

Unintended Consequences 101


A revolt among big donors on Wall Street is hurting fundraising for the Democrats' two congressional campaign committees, with contributions from the world's financial capital down 65 percent from two years ago.

The drop in support comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill that House Democrats passed last week with almost no Republican support. The Senate expects to take up the measure this month.

This fundraising free fall from the New York area has left Democrats with diminished resources to defend their House and Senate majorities in November's midterm elections. Although the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee have seen just a 16 percent drop in overall donations compared with this stage of the 2008 campaign, party leaders are concerned about the loss of big-dollar donors. The two congressional committees have raised $49.5 million this election cycle from people giving $1,000 or more at a time, compared with $81.3 million at this point in the last election.

Almost half of that decline in large-dollar fundraising can be attributed to New York,

People can be so ungrateful. I wonder if bowing will help?

Posted by Cassandra at July 6, 2010 08:13 AM

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I wouldn't mind seeing a 100% drop.

16% is hardly Galt territory.

Posted by: Craig at July 6, 2010 11:15 AM

This looks like a job for "Bite-Me" Man!

Posted by: spd rdr at July 6, 2010 12:23 PM

So, New York financiers, you've been paying protection money to the Democratic Party for four decades now. How's that workin' out for ya?

Posted by: Cousin Dave at July 6, 2010 12:33 PM

Biden, who holds regular calls with governors and mayors to chart the progress of the stimulus package, said he was pushing accountability standards purely out of "self-interest

... not (perish the thought!) from some outdated notion that government has any actual duty to spend taxpayer money wisely...

Dear God in heaven: please let Joe Biden continue being "folksy".

Posted by: Cassandra at July 6, 2010 12:51 PM

"Dear God in heaven: please let Joe Biden continue being "folksy"."
Any bets on when Teh WON, aided by the Best&Brightestâ„¢, schedule a Jimmy Hoffa Tour getaway for Joe?

Posted by: bthun at July 6, 2010 01:10 PM

For some reason I keep seeing Biden with a paper bag w/eyeholes over his head...

Posted by: Cassandra at July 6, 2010 01:12 PM

Har! The unknown Lunch-bucket Oracle.

Apropos given that this is the longest Gong Show episode in history.

Posted by: bthunb at July 6, 2010 01:17 PM

Yeah, all we need now is for Jaye P. Morgan to show up and take her top off!

Posted by: Cousin Dave at July 6, 2010 02:51 PM

Biden held the conference call with almost all the governors...to encourage them to make the Oct. 15 [2009] deadline for reporting the number of jobs created and saved by the stimulus package.

"Joe? Ummmmm -- 'zero.'"

Couple of days ago, Teh Won chirrupped that, *precisely* as he had planned a year ago, Big Stimulus had created 110,000 new jobs in June -- studiously ignoring the loss of 125,000 more private sector jobs and the layoff of 225,000 temporary hires by the Census Bureau...

Posted by: BillT at July 6, 2010 03:04 PM