Wall Street donors are abandoning Trump and jumping ship to Biden

[Dr. Jack]

Not that I trust Wall Street mega donors or really want them getting their tentacles into the Biden administration but it is a good sign of the way the political winds are blowing. Best to get on the good side of the next President. Although I am of the mind that we should take pretty much any ally we can get (within reason of course) and we can sort out any differences and issues after the orange menace is gone.

New York (CNN Business)President Trump is promising four more years of low taxes, light regulation and a laser-focus on the stock market. Yet professionals on Wall Street are shunning Trump and funneling staggering amounts of money to his opponent.

The securities and investment industry donated just $10.5 million to Trump's presidential campaign and outside groups aligned with it, according to a new tally by OpenSecrets. It has sent nearly five times as much cash, $51.1 million, to Democratic presidential nominee Joe Biden.

https://www.cnn.com/2020/09/25/business/trump-biden-wall-street-campaign-donations/index.html

[vlyons]

1. This is more about getting the Covid pandemic under control

There cannot be a regular orderly market if businesses are shut down and workers are laid off. Unemployed people don't make good consumers. Unemployed workers don't buy new cars, or washing machines, or new clothes, or seat in restaurants. Wall St wants a leader to organize and implement a successful plan to get Covid under control.

[yonder]

3. +1.

[Raster]

14. +2

[spooky3]

16. And Trump's incompetence on every front

The stock market did fabulously well during the Obama administration. They want a return to good management if the country.

[ehrnst]

24. +3

[beachbumbob]

2. they see the writing on the wall and always best to do what you can to have a seat at the table

I don;t really care who gives money to Biden and democrats

[stopdiggin]

5. chaos is NOT a condusive business environment

despite the fact that some think (or more accurately attempt to sell) it as "opportunity." The average businessman, and investor, would like to have some clue as to what they are looking at in the next 6 weeks to 6 months.

[Dr. Jack]

12. Many businesses also know that the more free people are, the more money they will make

Some people assume that big businesses want facism or some kind of strongman emperor. In reality that isn't at all what they want. Capitalism really only works in free, democratic countries. Sure, some people can get insanely wealthy in dictatorships but it's going to be the dictator's family and close friends, not the heads of large companies. If the U.S. went full blown dictatorship, CEOs and billionares know they would likely be among those eventually rounded up and have all of their assests seized.

Not saying that capitalism and democracy being so intertwined doesn't have it's own problems or that rich people don't fuck with the rest of us or tip the scales, but they don't want a despot running things either. The less free things are, the less money people have, the less money they make, and eventually the more likely the high profile rich people will become targets of the government as well. There is a reason why large corperations hangout and invest in places like the United States and Western Europe, not in brutal dictatorships like North Korea or Kazakhstan. Yes there are exceptions but for the most part, a free democratic society is good for business and they know it. And something to add specifically to the U.S.. The United States has never been a dictatorship and if someone like Trump tried to make it one, the unrest and risk of full blown civil war would be off the charts. Does anyone really think that companies like Apple and JPMorgan want the largest economy in the world decending into total choas? Not a chance.

[crickets]

19. +1

[vlyons]

23. What capitalists want

is to maximize and privatize profits, and to minimize and socialize costs. That means no unions, few if any regulations and worker protections, minimum wages, few if any taxes for corporations.

[myccrider]

26. + 1,000,000

A large chunk of the ruling class would be fine with dictatorship as long as it was stable enough so they could make their profit. China is an example. Trump is just causing too much chaos for them. Many of these donors also donate some money to Dems every cycle, too, to keep their access to both sides of the gov power structure open.

This rush to change horses in the middle of this $hit show by these rich donors means more corruption potential for Dems. Power/money corrupt eventually unless strongly countered by other forces in society...like us regular folks holding our leaders feet to the fire when necessary.

[vlyons]

28. Hitler was brought to power by industrialists and corporatists. They thought they could control him.

The industrialists who led the way were two huge German firms, I.G. Farben and Krupp. Even Henry Ford was a Hitler fan.

[Auggie]

8. Spot on

[Yo_Mama_Been_Loggin]

4. K&R

[BComplex]

6. Further proof that those in the know understand Putin's hand in this. If trump wins, Putin will

be an enormous part of this country, and the russian mob is a group not even wall street can handle.

Trump IS the russian mob. He was just trying to buy wall street until his buddy takes over the USA.

[Indykatie]

7. Joe Has Already Made it Clear - He's Raising their Taxes on Income and Capital Gains

There are bigger issues at play here though than money.

[lagomorph777]

22. No, it's still about money. But they have to make money before they can worry about tax rates.

COVID is messing up their game, and Trump is doing everything he can think of to make COVID worse.

Basically, they'd rather have 60% of a watermelon than 95% of a grape.

[SWBTATTReg]

9. trump mouthing off to one of his 'former' donors for not donating enough is probably driving ...

them all away too (and the fact that Mr. Biden knows his crap far more than trump does doesn't hurt either).

rump needs to go to his 'base', after all, aren't they die hard supporters? Oh wait...when it comes down to actually supporting the POS in the WH, these supporters don't back up their ranting and raving with actual cash (they don't have any, just have plenty of 'hot air').

[kimbutgar]

10. Also since MF45 has destroyed foreign relations with countries that don't have a dictator these

Wall Street types know our country is better having multinational business relations wise. Those stupid retaliatory tariffs really cut into Wall Street profit. Getting that PPP was a one off for them To buy back stocks and pay dividends now they know the economy is going to get worst if the pandemic continues And gets worst under the failed leadership of the orange maggot.

[LiberalLovinLug]

11. Wall Street plays both sides. Its not one or the other

That is the problem. Next time they will probably go back to donating more to Republicans.

Should be mostly publicly financed elections. With caps on individual donations. No corporate or union donations. And networks required to provide a set amount of free air time for candidates.

That headline is shudder worthy to those that want to stop the 1%, heck the .01%, from dictating government legislation.

[klook]

17. Very true.

For now, I'll take their support. Longer term, "I welcome their hatred."

[GarySeven]

13. It turns out that civil war ...

which is Trump's brand, isn't good for business.

[CloudWatcher]

15. 200k fewer consumers

WS still needs warm bodies to buy junk. Can't turn the wheels if there's nobody at the bottom.

Oh, Trump said we were full. With 200k fewer people, are we still full? Is there room for immigrants yet? Maybe if the Dems propose that we should admit one refugee for every person that dies of Covid ... the GOP would see $ instead of just their brown skins.

Sorry, that's pretty rude. I'm not in a great mood this year.

[BlueWavePsych]

27. Yup, there will be even less customers if we don't vote this loser out.

GOTV

[flying_wahini]

18. If they would arrest DeJoy it might quash some of the illegal donations, as well.

[BlueNProud]

20. Dump is a danger to everyone's well being and livelihood*

[Fiendish Thingy]

21. Trump doesn't care about votes, he know he can only remain in office via litigation nt

[es466]

25. True and reassuring, yet very scary!