The Corner

What Did They Think Was Going to Happen?

The lead story in the Wall Street Journal this morning bears the headline “Financiers Switch to GOP,” and quotes a Wall Street lobbyist saying, “Hedge funds bankrolled the Democrats in the 2006 and 2008 elections, and the very people they helped put in power turned around and screwed them.”

Just what did they think a large Democratic majority and a radical president would do to them? Are Wall Street hedge-fund managers even dumber than industrial CEOs? At least the big industrial companies (like GE) can expect some old-fashioned rent-seeking benefits from Washington.

Then there’s this gem:

“I am sure, if we are really nice and stay quiet, everything will be alright and the president will become more centrist and that all his tough talk is just words,” Mr. Loeb wrote in an email about four months ago expressing frustration with the president’s posture toward Wall Street. “I mean, he really loves us and when he beats us, he doesn’t mean it.”

Loeb, founder of a hedge fund called Third Point, raised $200,000 for Obama in 2008. I say he should have his taxes raised.

Steven F. Hayward is a visiting professor at the Goldman School of Public Policy at the University of California, Berkeley, and a fellow of the Bipartisan Policy Center in Washington. He writes daily at Powerlineblog.com.

Most Popular

Elections

An Election Too Important to Be Left to Voters

The Democrats believe that the 2020 election is too important to be left to the voters. It’s obvious that President Donald Trump withheld defense aid to Ukraine to pressure its president to commit to the investigations that he wanted, an improper use of his power that should rightly be the focus of ... Read More
Elections

An Election Too Important to Be Left to Voters

The Democrats believe that the 2020 election is too important to be left to the voters. It’s obvious that President Donald Trump withheld defense aid to Ukraine to pressure its president to commit to the investigations that he wanted, an improper use of his power that should rightly be the focus of ... Read More
Elections

It’s Not Because She’s a Woman

In early October, Elizabeth Warren hit her stride. Her stock in the Democratic primary had been climbing steadily since midsummer, and as Joe Biden continued to lag, the Massachusetts senator became the first presidential hopeful to overtake him as front-runner in the RealClearPolitics polling average. She’s ... Read More
Elections

It’s Not Because She’s a Woman

In early October, Elizabeth Warren hit her stride. Her stock in the Democratic primary had been climbing steadily since midsummer, and as Joe Biden continued to lag, the Massachusetts senator became the first presidential hopeful to overtake him as front-runner in the RealClearPolitics polling average. She’s ... Read More
Film & TV

Clint Eastwood’s Messy, Nuanced Triumph

After a pipe bomb exploded at a concert held to celebrate the 1996 Olympics in Atlanta’s Centennial Park, the FBI came to suspect that the security guard who discovered the device might have planted it to gain a reputation as a hero. The knotty story of that security guard, Richard Jewell, does not lend itself ... Read More
Film & TV

Clint Eastwood’s Messy, Nuanced Triumph

After a pipe bomb exploded at a concert held to celebrate the 1996 Olympics in Atlanta’s Centennial Park, the FBI came to suspect that the security guard who discovered the device might have planted it to gain a reputation as a hero. The knotty story of that security guard, Richard Jewell, does not lend itself ... Read More
Film & TV

A Feeble Fox News Attack at the Movies

Don’t hold your breath waiting for Oscar-winning talents to rip the lid off the scandal at NBC News, whose bosses still have suffered no repercussions for their part in the Harvey Weinstein matter and other sleazy deeds — but at least Hollywood has finally let us know how they feel about Fox News ... Read More
Film & TV

A Feeble Fox News Attack at the Movies

Don’t hold your breath waiting for Oscar-winning talents to rip the lid off the scandal at NBC News, whose bosses still have suffered no repercussions for their part in the Harvey Weinstein matter and other sleazy deeds — but at least Hollywood has finally let us know how they feel about Fox News ... Read More