Policy: Economy

When it's Tea Partiers vs. Establishment Democrats, Wall Street and K Street pick the Democrats

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Beltway Confidential,Opinion,Timothy P. Carney,Hillary Clinton,2014 Elections,2016 Elections,Ted Cruz,Campaigns,Economy,Mary Landrieu

It's a mantra on the Left that the Right is the undying ally of Wall Street and the big business lobby. (See Krugman and Chait for two quick examples.) That makes the newspapers awkward these days for our progressive friends.

Politico reports that, if Wall Street Republicans can't get Jeb Bush or Chris Christie to run, they'll go with Hillary Clinton -- especially if the alternative is an actual conservative like Ted Cruz or Rand Paul:

The darkest secret in the big money world of the Republican coastal elite is that the most palatable alternative to a nominee such as Sen. Ted Cruz of Texas or Sen. Rand Paul of Kentucky would be Clinton, a familiar face on Wall Street following her tenure as a New York senator with relatively moderate views on taxation and financial regulation.

“If it turns out to be Jeb versus Hillary we would love that and either outcome would be fine,” one top Republican-leaning Wall Street lawyer said over lunch in midtown Manhattan last week. “We could live with either one. Jeb versus Joe Biden would also be fine. It’s Rand Paul or Ted Cruz versus someone like Elizabeth Warren that would be everybody’s worst nightmare.”

This is one source (Politico cites a few others anonymously), but it's not surprising. Recall, President Obama vastly outraised John McCain from Wall Street in 2008 ($16.6 million to $9.3 million). It was only when the GOP establishment got the guy they liked in 2012 that the pendulum swung back.

Sen. Mary Landrieu, D-La., is also touting her "pro-business" record -- at least vis-a-vis those Tea Partiers. The Wall Street Journal reports:

The political arms of large corporations have given nearly five times as much money to Sen. Mary Landrieu as to her Republican opponent, Rep. Bill Cassidy, according to fundraising data compiled by The Wall Street Journal. ...

According to a vote scorecard from the U.S. Chamber of Commerce, she votes more often for pro-business legislation than Republican Sen. Ted Cruz of Texas.

Cruz bucked the Chamber by voting against the debt-limit bill, a helium-reserve bill that increased federal spending more than its House version and the immigration bill. Landrieu supported all three measures in 2013 but really boosted her Chamber score in previous years, voting for things like Export-Import Bank reauthorization, the 2012 transportation bill and Obama's stimulus.

In general, the Chamber supports Republican candidates, but often there is daylight.

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