Democrats Cozy Up to Wall Street

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Here’s a headline worth noting: “Democrats beat Republicans in 2005 Fund-Raising on Wall Street.” My suspicion has always been that the Democratic Party has snuggled ever closer to the financial industry over the past decade partly because it’s one of the few corporate sectors that doesn’t conflict in an obvious way with any other major liberal interest group.

Democrats have to get corporate donations from somewhere, the thinking goes, and the financial sector doesn’t usually clash overtly with labor unions. It’s not part of the military-industrial complex. It doesn’t pillage the environment. It screws over ordinary voters in opaque and non-obvious ways. What’s not to like? Indeed, it’s a pretty natural ally for a “liberal” party in dire need of campaign cash.

The downside is that a party that jumps in bed with the financial sector is going to end up backing the sorts of anti-progressive measures—from the recent bankruptcy bill, to financial deregulation, to inflation targeting by the Fed—that all strike me as just as malignant, if not more so, than, say, an energy company donating to Tom DeLay in exchange for the right to pollute or pour MTBE into our drinking water or whatever. And increasingly, the Democrats are doing just that. In some ways, it would almost be preferable if, say, Hillary Clinton was getting her money from ExxonMobil and Halliburton, rather than Citigroup and MetLife. (Okay, probably not, but you get my point…)

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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