Who's really behind Obama: Goldman Sachs, UBS, JP Morgan, Lehman

Discussion in 'Politics & Religion' started by walter4, Jul 5, 2008.

  1. Obama's Money Class

    David Brooks, 7-01-2008

    The real core of Barack Obama’s financial support are not just small donors but the rising class of information age analysts.


    Barack Obama sells the Democratic Party short. He talks about his fund-raising success as if his donors were part of a spontaneous movement of small-money enthusiasts who cohered around himself. In fact, Democrats have spent years building their donor network. Obama’s fund-raising base is bigger than John Kerry’s, Howard Dean’s and Al Gore’s, but it’s not different.

    When you break it out by individual companies, you find that employees of Goldman Sachs gave more to Obama than workers of any other employer. The Goldman Sachs geniuses are followed by employees of the University of California, UBS, JPMorgan Chase, Citigroup, National Amusements, Lehman Brothers, Harvard and Google. At many of these workplaces, Obama has a three- or four-to-one fund-raising advantage over McCain.

    When he is swept up in rhetorical fervor, Obama occasionally says that his campaign is 90 percent funded by small donors. He has indeed had great success with small donors, but only about 45 percent of his money comes from donations of $200 or less.

    The real core of his financial support is something else, the rising class of information age analysts. Once, the wealthy were solidly Republican. But the information age rewards education with money. There are many smart high achievers who grew up in liberal suburbs around San Francisco, L.A. and New York, went to left-leaning universities like Harvard and Berkeley and took their values with them when they became investment bankers, doctors and litigators.

    Political analysts now notice a gap between professionals and managers. Professionals, like lawyers and media types, tend to vote and give Democratic. Corporate managers tend to vote and give Republican. The former get their values from competitive universities and the media world; the latter get theirs from churches, management seminars and the country club.

    The trends are pretty clear: rising economic sectors tend to favor Democrats while declining economic sectors are more likely to favor Republicans. The Democratic Party (not just Obama) has huge fund-raising advantages among people who work in electronics, communications, law and the catchall category of finance, insurance and real estate. Republicans have the advantage in agribusiness, oil and gas and transportation. Which set of sectors do you think are going to grow most quickly in this century’s service economy?

    Over the past several years, the highly educated coastal rich have been engaged in a little culture war with the inland corporate rich. This is a war over values, leadership styles and social networks.

    Socially liberal knowledge workers naturally want to see people like themselves at the head of society, not people who used to run Halliburton and who are supported by a vast army of evangelicals.

    If the Democrats are elected, this highly educated class will have much more say over policy than during the campaign. Undecided voters sway campaigns, but in government, elites generally run things. Once the Republicans are vanquished, I wouldn’t hold your breath waiting for that capital gains tax hike or serious measures to expand unionization.

    Over the past few years, people from Goldman Sachs have assumed control over large parts of the federal government. Over the next few they might just take over the whole darn thing.