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Tuesday, October 25, 2016

The President is now trying to get Wall Streeters to work the phones and argue that the markets have improved under his watch, according to the New York Times.

Barack Obama had a huge amount of financial support from Wall Street in his 2007/08 run; Goldman Sachs executives and employees donated more to his campaign than any other institution except the University of California. Viewed then by many as a pragmatic, pro-business Democrat (he referred to himself as a “New Democrat” a la Bill Clinton shortly after being elected), his push financial regulation, with a dash of occasional populist rhetoric (see: “fatcats”), was enough to send hedge fund managers and corporate raiders scurrying back to the Republican ranks. He’s now asking for their support again, inviting a few big names to the White House to discuss their very interesting ideas for the economy. [NYT]


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