Conservatives Try to Use Their Own Failure To Regulate Wall Street to Smear Democrats

Hillary Clinton not impressed

After Dick Fuld’s embarrassing and uncomfortable first outing since the fall of Lehman Brothers, Andrew Stiles over at the conservative Free Beacon eagerly claimed that Fuld is a big donor to Democrats, writing, “Given his history of political donations, its reasonable to assume that Fuld would prefer a Hillary Clinton presidency.” (sic)

Such high hopes.

But given the fact that Hillary Clinton was a Senator presiding over New York and thus Wall Street from January 3, 2001 to January 21, 2009, it’s reasonable to presume that Fuld wanted to grease the wheels. Since Stiles didn’t link to where he got his numbers that immediately followed this claim, Google took me to an old American Thinker blog post (also a conservative outlet) in which the author left out the donations Fuld made to Republican Senatorial Committee, PACs that serve Republicans, and in the last paragraph, conflated the employees of Lehman who donated to Obama with Fuld.

The link that author used to Open Secrets to claim that Fuld gave over a hundred thousand dollars to Democrats says “no records found”. The only way to get those kind of numbers from the numbers available is to count donations form employees, family members of employees, etc as if they came from Fuld.

The fact of the matter is that Fuld donated to both Republicans and Democrats. They all took his money, though I couldn’t find records of him donating after 2008. In 2008, for example, Fuld donated the to Hillary Clinton, Chris Dodd, John McCain, Barack Obama… Yes. That’s right. He greased the wheels every which way. He gave $10,000 to both Republican and Democratic Senatorial committees. Fuld donated to Bush/Cheney and to Democrats in 2000.

Fuld also donated to the “Freedom Fund” which in turn donated only to Republicans, another figure left out of the calculations used to prove that Fuld is a “benefactor” of Democrats and thus smear Democrats with his failure.

These people don’t donate to one party, they hedge bets like all entities that need laws bent their way.

This is why we must all remain vigilant about the policies politicians are hawking. But no matter who they donate to, it’s beyond disingenuous for conservatives to pretend that their platform doesn’t push for total deregulation of Wall Street and the dismantling of all speed bumps.

4 Replies to “Conservatives Try to Use Their Own Failure To Regulate Wall Street to Smear Democrats”

  1. About the only thing Republicans are consistent on: Screwing over working folks. And failing to accomplish anything worthwhile.

    Fail to reform immigration
    fail to balance the budget
    fail to regulate Wall Street

    oh I could go over the character limit on this commentary listing Republican Failures…

  2. Many who have been vociferous in criticizing income and wealth inequality such as Paul Krugman and Joseph Stiglitz have not pointed to the increase income inequality as the cause of the depression. Those on the left who might be the natural proponents of a more progressive tax system have not connected the dots. They have a different theory as to the cause of the depression. They are adherents to the regulatory fallacy, the belief that the depression was caused by insufficient regulation.

    To determine if someone is an adherent of the regulatory fallacy ask this question: Do you believe that given the degree that the tax burden was shifted from the rich to the middle class, was there any type of regulatory policy which would have prevented the financial crisis? If they answer yes, they are adherents to the regulatory fallacy…”

  3. Blaming regulatory policies and financial innovation for the depression is like blaming the armaments manufactures and soldiers for World War II. In order for the war to occur there had to some weapons made and some soldiers to fight. If those particular armaments manufactures and soldiers were not available, others would have taken their place.

    Equally unhelpful in terms of addressing the income and wealth inequality which results in the overinvestment cycle that caused the depression are those who emphasize various non-tax factors. Issues such a globalization, free trade, unionization, minimum wage laws, single parents, problems with our education system and infrastructure can increase the income and wealth inequality. However, these are extremely minor when compared to the shift of the tax burden from the rich to the middle class. It is the compounding year after year of the effect of the shift away from taxes on capital income …”

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