Big Business Bets on the Democrats
Successful business leaders are nothing if not pragmatic when it comes to picking a winner in a Presidential race. Its clear the business bet is on the Democrats.
Of seven major industries that have been the most reliable Republican resources, Sen. McCain has beaten Sen. Hillary Clinton and Sen. Barack Obama in only one, according to data from the Center for Responsive Politics, a nonpartisan organization. Even that one, transportation, is a close call. Among the seven combined, the expected Republican nominee raised $13.1 million through February, compared with $22.5 million for Sen. Obama and $27.1 million for Sen. Clinton.And in perhaps the most pragmatic business family of all, the Murdoch's, there is a not so subtle shift away from Clinton and towards Obama, Elisabeth Murdoch is throwing a fundraiser for Obama tomorrow. Rupert had the New York Post endorse Obama
"He has a very well-informed sense of the influence of politics on his business interests,” said Reed Hundt, chairman of the Federal Communications Commission in the first Clinton administration, who during negotiations had an up-close view of how the media mogul seeks to influence government.We have entered an Interregnum, and all normal ideas of political alignment are moot.
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More like business is interested in influencing what changes will come with a Democratic president. Business is pragmatic and protein.
April 2, 2008 12:25 PM | Reply | Permalink
Its funny how things change Jonathan. Who could have predicted this 8 years ago. But, I think its clear that the business community has seen that unfettered capitalism just doesn't work for anyone. Least of all business.
One of the coming reckonings in business is the performance of Chinese Assets for Mulitnationals. As the Yuan floats higher the cost of doing business is rising with it. Real wages are on a tear upwards. Central control on who what where and when of product and resource flow through the country is also causing problems. Case in point. Ilmenite which is readily available can't be shipped across regional borders thereby creating localized shortages and causing prices to rise. Unless the dollar makes a miraculous turnaround business is going to be faced with increased costs shipping here from China which will hurt Corp. profits in the long run.
That said, its hopeful that either Hillary or Obama can get into Business ears' and create some consensus on making US economic health and US Business growth match in some sort of way.
April 2, 2008 12:29 PM | Reply | Permalink
Jonathan Taplin asks:
"Could it be that even the business leaders think that the era of Savage Capitalism needs some limits?"
Don't be an ass, these meetings are to ensure business as usual.
April 2, 2008 12:33 PM | Reply | Permalink
Obviously that's because Obama and Clinton are involved in a contested primary and McCain has already won. Just wait till the general election gets underway-- McCain's contributions will go through the roof.
Obama will win the nomination and lose the general election. The "right" will use the "Wright stuff" to anhilate him. The super delegates know that, but they won't have the guts to stand up to the Obamapods.
April 2, 2008 12:56 PM | Reply | Permalink
Campaign contributions 2008 election
Health Professionals:
Clinton, Hillary (D) $2,513,100
Obama, Barack (D) $1,992,365
McCain, John (R) $790,899
Health Services:
Clinton, Hillary (D) $378,032
Obama, Barack (D) $240,406
McCain, John (R) $120,400
Hospitals/Nursing Homes:
Clinton, Hillary (D) $533,465
Obama, Barack (D) $522,645
McCain, John (R) $161,401
Guess which candidate will make payments to medical insurance corporations mandatory, which candidate is for freedom of choice, and which candidate is in the middle.
April 2, 2008 6:56 PM | Reply | Permalink
Re: But, I think its clear that the business community has seen that unfettered capitalism just doesn't work for anyone.
We haven't had anything like "unfettered capitalism". We have had crony capitalism, of the worst sort.
April 2, 2008 7:14 PM | Reply | Permalink