Krugman: Corporations hate Obama

[grantcart]

Krugman documents how corporations and CEOs are moving to try and stop the Obama administration by increasing contributions to the GOP. This is a remarkable development because the historical pattern is for administrations in power to see an increase in corporate contributions regardless of past policy issues.

There are two reasons for this - one personal taxes for the rich are going up.

Krugman reaches for the second reason: regulations "From the outside, this rage against regulation seems bizarre." But here Krugman doesn't take the point to its logical conclusion. In an atmosphere where there is going to be increased regulationsyou would expect to see an increase in contributions (so that the regulations could be tilted in a favorable way. The only logical explanation for the decrease of campaign contributions by CEOs/Corporations to an administration during an era of increased regulations is that the corporations have concluded that an increase in contributions to the administration will not be effective in getting regulations tilted the way that they want.

Thanks for the data Mr. Krugman and I am sure that you would agree with my additional point and uh er by the way you might want to step up to the curb because that bus seems to be backing right over . . .

Well that was ugly.

The Old Enemies

http://www.nytimes.com/2010/05/24/opinion/24krugman.html

Much reporting on opposition to the Obama administration portrays it as a sort of populist uprising. Yet the antics of the socialism-and-death-panels crowd are only part of the story of anti-Obamaism, and arguably the less important part. If you really want to know what’s going on, watch the corporations.

How can you do that? Follow the money — donations by corporate political action committees.

Look, for example, at the campaign contributions of commercial banks — traditionally Republican-leaning, but only mildly so. So far this year, according to The Washington Post, 63 percent of spending by banks’ corporate PACs has gone to Republicans, up from 53 percent last year. Securities and investment firms, traditionally Democratic-leaning, are now giving more money to Republicans. And oil and gas companies, always Republican-leaning, have gone all out, bestowing 76 percent of their largess on the G.O.P.

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More at link

[Cha]

1. Thanks for this, grant, and Krugman..very scarey

trend but then the corps are scared, aren't they?

[goclark]

2. Keep Kicked, excellent