Quote:
The modern Democratic Party, while never the party of Big Business, has long been financed by a combination of large and small donors. In 1912, Woodrow Wilson’s presidential campaign made a concerted push for small donors, attracting an impressive 90,000 contributors. But more than two-thirds of the money raised came from a handful of millionaires including Wall Streeters Henry Morgenthau, Jacob Schiff, and Bernard Baruch.
The Internet Age has dramatically changed fundraising in the ensuing 100 years—or has it? On one hand, then-Sen. Barack Obama was able to tap nearly 4 million individual donors in 2008. On the other, when it came to actual dollars donated, the share coming from small donors was a similar one-third.
...
Approximately 25 percent of FDR’s donations in 1932 came from Wall Street. For the progressive Republican Teddy Roosevelt, the extent of his reliance on Wall Street was kept secret during his successful 1904 campaign. It was only fully revealed in the midst of his 1912 third-party challenge with this scathing headline: “Wall Street Favored Roosevelt, Admits Monster 1904 Slush Fund.” J.P. Morgan himself ponied up $150,000. The Standard Oil monopoly gave $100,000 while the question of whether Roosevelt would bust them up was up in the air.
...
Standard Oil, for example, still got busted up by Teddy Roosevelt. “We bought the son of a bitch, but he wouldn’t stay bought,” groused top donor and steel magnate Henry Frick.
|
Why It Is Okay To Accept Wall Street Campaign Cash
It sums up my thoughts on Wall Street donations.
Money wins elections.. Since 1980 every presidential candidate that raised more money won the election, except for 1996, and Bob Dole only raised slightly more than Bill Clinton. Bernie should get a super pac if he wins the nomination. Just saying..
Edit:
Inb4 "political revolution" blah blah blah "voter turnout" blah blah blah. If you are waiting for a "silent majority" to turnout and seize the political process, then you are going to be waiting a long time.
(which did kinda seem like a PR damage-control statement)
