Wall Street's New BFF

Today, POLITICO had a big scoop: Wall Street has a huge crush on Mitt Romney. Surprising news, to be sure, especially given the candidate’s propensity to name drop his business experience when discussing any policy issue, his distaste for regulation, and the many corporate conglomerates Romney considers allies. The more startling news in the article is the numbers: The Romney camp is outraising Obama among financial-sector donors $37 million to nearly $5 million. That’s a 7-to-1 margin, and 19 of the top donors supported the Democratic ticket in 2008. This is more scary news for the Obama campaign, recently hobbled by May fundraising numbers and a seemingly perpetual inability to call rich liberal donors into action—and more than a little ironic given that Zachary Goldfarb reported at the end of 2011 that “During Obama’s tenure, Wall Street has roared back, even as the broader economy has struggled.” 

That wasn’t the only news on the campaign front that strikes another point in Romney’s favor. Sheldon Adelson, who kept Newt Gingrich’s campaign afloat months past its expiration date in the Republican primary, is giving $10 million to the pro-Romney super PAC Restore Our Future—the single largest donation of the super PAC’s short lifespan. As Alec MacGillis points out, it would take 181,818 checks of the average $55 donation for Obama to make up the steep split. What started the campaign season as a minor annoyance is now turning into a horror story of how the incumbent’s operation isn’t keeping up with the times—now dominated by big donors even more than our historically money-soaked election system ever has been before.

There was one bright spot in the reams of bad campaign-finance tidings for the left. It seems that Democratic donors—met by the double dose of Scott Walker’s victory and the Obama campaign finally falling behind the Romney campaign in fundraising—have started sending checks to Priorities USA and other Democratic-leaning super PACs. Is it too late to close the gap? Maybe. But it definitely proves one thing. Citizens United sure didn’t make running a populist campaign easy—even with Sarah Jessica Parker’s help.

 

So They Say

“I’m against very wealthy ­people attempting to influencing elections. But as long as it’s doable I’m going to do it.”

Sheldon Adelson

Daily Meme: Pants on Fire

  • Jon Chait: "It’s Romney’s bad luck that fate has dictated his only path to the presidency lies in being a huge liar."
  • Andrew Sullivan has been compiling a list of Mitt's biggest fibs
  • It's not a new story either—we've been writing about this since the start of the primary.
  • And he keeps adding more to his repetoire—see today's addition!
  • But wait, Justin Frank says, "Let me repeat: Mitt Romney doesn’t lie. He is telling the truth as he sees it—and truth it is, the facts notwithstanding."
  •  The New York Times seems to think Mitt's telling the truth, at least on the ACA.
  • Alec Bings: "The man’s vague phoniness and robotic 'weirdness' is easy to write about (and, yes, fun) but the fact is that as we get closer to Election Day we are suffering from a lack of public penalty for the GOP’s fraudulence."
  • Jamelle Bouie: "Constant mendacity is the norm for Romney and his campaign, and odds are good that he won’t suffer for it. Campaign reporters don’t have a strong incentive to challenge him on his misrepresentations, and interested parties have a hard time dealing with the deluge."

What We're Writing

  • EJ Graff writes that pseudoscientific research on lesbian and gay parenting—such as one "study" recently featured in Slate—is misleading and dangerous.
  • Abby Rapoport explores how legitimately cleaning up voter rolls would work.

What We're Reading

  • Surprise, surprise: As Adam Weinstein reports, Stand Your Ground laws don't deter violent crime.
  • Nate Silver looks into what Public Policy Polling's North Carolina survey means. 
  • The Economist says you're wrong if you think ignoring right-wing media lessens its influence.
  • Frank Rich says June isn't the time for Dems to start panicking. 
  • Brian Beutler reports on some good economic news!
  • headline from The Atlantic Wire: "A $100 Million Donation from Adelson Is Like You Giving About $300"
  • Noreen Malone uncovers the scientific reasons behind Chuck Grassley's love of the History Channel.
  • According to Brendan Nyhan, voters don't care about the gaffes dominating the news cycle. 

Poll of the Day

A recent poll by the Pew Research Center finds that belief in God has dropped by 15 points in the last five years among people under 30. Only 68 percent of respondents from the "Millenial" generation agreed with the statement "I never doubt the existence of God," compared with 83 percent in 2007.

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