Romney and Wall Street: Friends with Benefits

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Somehow this isn't very surprising. Bloomberg reports today on the contuing shift in financial support of Wall Street executives from President Obama to Republican presidential hopeful, and friend of the banks, Mitt Romney.

From the Bloomberg story: "Republican presidential hopeful Mitt Romney has raised more than twice as much money from Wall Street as Barack Obama -- an edge gained in part by luring away at least 100 donors, mostly investors, who backed the president in 2008, according to data compiled by Bloomberg."

Let us not forget that Mitt Romney has already received nearly $5 million from the Finance, Insurance, and Real Estate (FIRE) sector for his 2012 presidential campaign, by far his biggest contributing sector, according to the Center for Responsive Politics. A short time ago, Romney famously said: "Corporations are people, my friends." If corporations are people, then I guess the financial industry is a friend. Or in this case, a friend with benefits.  

This is reminicent of, say, a fourth grade class election. One candidate for class president, studious and reasonable, calls for responsibility of among students and a safer playground environment for everyone. The other candidate says: "If elected, there will be a longer recess with no adult supervision!!!" Who do you think is going to win the support of classmates?

In this case, it's pretty easy to see why Wall Street interests and their wealthy executives have shifted much of their support. Perhaps more than any other corporate interest, Wall Street knows where its bread is buttered. And given Romney's public declarations opposing the Dodd-Frank financial regulation law, calling it "extraordinarily burdensome," he's a natural ally.

I wonder if the millions of Americans who are struggling badly after the economic collapse brought on by Wall Street's failures at self-regulation have a different idea of what's "extraordinarily burdensome."