Major Obama Campaign Donors Reap Big Profits From His Policies
How can this be? He campaigns as being for the "little guy?"
Wall Street is supposed to have lost love for President Obama since his election, but early donations suggest he actually is doing better with the finance industry this time around.
Among big fundraisers, Obama's reelection campaign has drawn close to a third of his money from the industry, up from 20% during his 2008 campaign, according to an analysis by the Center for Responsive Politics.
This from Business Insider might help to explain it. Change!
While the Country Slept: Financial Industry Profits Go Through the Roof
... rather than making up ground lost in the recession, (the economy is) actually going the wrong way. The economy is falling further below its potential and unemployment is likely to continue to rise.
While this situation got some attention in the news reports, all the accounts I saw completely missed the upward revision to (Wall Street) profits. The revised data showed sharply higher profits for both 2009 and 2010. In fact, in the revised data profits accounted for 23.8 percent of income in the domestic corporate sector in 2010. This is more than a full percentage above the previous peak. Within the corporate sector, the financial industry is the big winner, accounting for 31.7 percent of corporate profits in 2010. This movement in profits is no doubt attributable to all the regulations and taxes imposed by President Obama.
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