Wall Street Threatens Tea Party with Retaliation
Published in Le Figaro
(France) on 12 October 2013
by Jean-Sébastien Stehli (link to original)
How ungrateful these Republican representatives are! Wall Street spent millions of dollars to finance their campaigns, ensuring their election, and look how they are repaid. They are out of bounds! The fury of the financial world is such that some organizations representing the industry are threatening to bankroll campaigns opposing those who created this absurd and abusive governmental paralysis.
Last Wednesday, Republicans undoubtedly got the message from the organization that represents this industry. David French, the chief lobbyist for the National Retail Federation, threatened on Wednesday: “We are looking at ways to counter the rise of an ideological brand of conservatism that, for lack of a better word, is more anti-establishment than it has been in the past. We have come to the conclusion that sitting on the sidelines is not good enough.”
The current crisis, the kidnapping of the American government by elected officials close to the tea party, and the weakness of the Republican hierarchy could create a schism between the business world and the GOP. For a long time, their interests converged, for example on subjects like taxes and deregulation, but since the start of the shutdown, we are starting to see fracture lines. For instance, the business community favors a liberal immigration law, while those who shut the government down are very hostile on that point. All parties have extremists, said Joe Echevarria, the CEO of Deloitte, the large accounting and consulting firm, but “[t]he extreme right has 90 seats in the House. Occupy Wall Street has no seats.”
The U.S. Chamber of Commerce spent more than $32 million to support Republicans in the 2012 elections. Similarly, the American Bankers Association poured 80 percent of its funds into Republican candidates. In 2008, the percentage was only 58 percent.
But the most extreme elements in the House GOP do not care about offending the business world. The extremists only hear their own voices. The new constituencies that the GOP has gained with Wall Street’s money have created an uncontrollable monster: The districts are drawn to ensure the Republicans’ firm grip. It has become nearly impossible to unseat the furthest-right-leaning elected officials, which diminishes the power of the business world to influence elections in those districts.
Last Wednesday, Republicans undoubtedly got the message from the organization that represents this industry. David French, the chief lobbyist for the National Retail Federation, threatened on Wednesday: “We are looking at ways to counter the rise of an ideological brand of conservatism that, for lack of a better word, is more anti-establishment than it has been in the past. We have come to the conclusion that sitting on the sidelines is not good enough.”
The current crisis, the kidnapping of the American government by elected officials close to the tea party, and the weakness of the Republican hierarchy could create a schism between the business world and the GOP. For a long time, their interests converged, for example on subjects like taxes and deregulation, but since the start of the shutdown, we are starting to see fracture lines. For instance, the business community favors a liberal immigration law, while those who shut the government down are very hostile on that point. All parties have extremists, said Joe Echevarria, the CEO of Deloitte, the large accounting and consulting firm, but “[t]he extreme right has 90 seats in the House. Occupy Wall Street has no seats.”
The U.S. Chamber of Commerce spent more than $32 million to support Republicans in the 2012 elections. Similarly, the American Bankers Association poured 80 percent of its funds into Republican candidates. In 2008, the percentage was only 58 percent.
But the most extreme elements in the House GOP do not care about offending the business world. The extremists only hear their own voices. The new constituencies that the GOP has gained with Wall Street’s money have created an uncontrollable monster: The districts are drawn to ensure the Republicans’ firm grip. It has become nearly impossible to unseat the furthest-right-leaning elected officials, which diminishes the power of the business world to influence elections in those districts.