Where does the line start to attack Matt Taibbi?

[underpants]

Big Business Is Making Sure It Wins the Presidency

http://www.alternet.org/story/94334/big_business_is_making_sure_it_wins_the_presidency/

Apart from the obvious absurdity of not having a functioning election-policing mechanism in an election year in the world's richest democracy, the late start by the FEC makes it almost impossible for the agency to do its job. The commission has a long-standing reluctance to take action in the last months before a vote, a policy designed to help prevent federal regulators from influencing election outcomes. Normally, the FEC tries to root out infractions and loopholes -- fining campaigns for incomplete reporting, or for taking shortcuts around spending limits -- in the early months of a campaign season. But that ship sailed way too long ago to take the stink off the 2008 race.

They're succeeding. Both would-be presidents have already sold us out. They've taken the money and run -- completing the cyclical transformation of the American political narrative from one of monopolistic Republican iniquity to an even more depressing tale about the overweening power of corporate money and the essentially fictitious nature of our two-party system.

McCain has also raked in big contributions from two other giants of the buyout world: the Carlyle Group (famous for its close ties to the Bush administration) and the Blackstone Group (whose co-founder, Pete Peterson, wrote a $28,500 check to McCain after he took home almost $1.8 billion from a public offering last year). McCain has also received monstrous sums from hedge-fund managers, attracted by his pledge to keep the tax rate on their earnings at only 15 percent. Executives and family members in a single hedge fund, Knott Partners, have contributed some $225,700 to McCain's campaign.

All the same, plenty of other evidence suggests that much of Wall Street is betting on an Obama win. In fact, some observers believe that KKR announced a multibillion-dollar public offering this summer because it expects McCain to lose. "They're doing the public offering now so that the compensation can be taxed at the lower rate while Bush is still in office," says a strategist for a major labor union. "They're betting Obama is going to win, and they're getting their money while they can."

Other companies are getting in on the ground floor with the new chief by stuffing money in his ears. Overall, Obama is flat-out kicking McCain's ass when it comes to Wall Street contributions, raking in nearly $9 million from securities and investment executives, compared to $6.2 million for McCain. Obama has received more contributions from Goldman Sachs than from any other employer -- more than $627,000 at this writing -- not to mention $398,021 from JP Morgan Chase, $353,922 from Lehman Brothers and $291,388 from Morgan Stanley. Even among hedge-fund executives, who have an unequivocal interest in electing McCain, Obama is whipping the Republican, collecting $500,000 more than McCain. All of which begs the question: Why would corporate giants like these throw so much weight behind a man who promises to strip them of billions in tax breaks?

Sadly, the answer to that question increasingly appears to be that Obama is, well, full of shit. He has made no bones about his plans to raise income by soaking the rich, promising to roll back the Bush tax cuts for people making over $250,000, increase the top tax rate on capital gains to 25 percent and raise the top rate on qualified dividends. He has also pledged to deliver a real stomach punch to hedge-fund managers, raising the tax rate on most of their income from 15 percent to 35 percent.

These populist pledges sound good, but many business moguls appear to be betting that the tax policies, like Obama himself, are only that: something that sounds good. "I think we don't want to make too much of his promises on taxes," says Robert Pollin, professor of economics at the University of Massachusetts. "Not all of these things will happen." Noting the overwhelming amount of Wall Street money pouring into Obama's campaign, even elitist fuckwad David Brooks was recently moved to write, "Once the Republicans are vanquished, I wouldn't hold your breath waiting for that capital-gains tax hike."

[GreenPartyVoter]

1. I won't be getting into that line until President Obama proves him wrong. For now everything

is just promises and speculation.

[DCKit]

2. Devil's advocate says:

What if the employees of Goldman Sachs, J.P. Morgan/Chase, Lehman Brothers and Morgan Stanley realize their entire industry will be destroyed if the NeoCon corporatist agenda remains in place and are doing what they can to achieve some semblance of sanity by helping to elect an administration that will push for healthy regulation?

The rank and file employees aren't the ones making $100 million plus salaries and bonuses or benefiting from the low tax rates.

[Miss Authoritiva]

3. "the essentially fictitious nature of our two-party system"

Well, Taibbi's wrong there. Our two-party system is a fiction. Nobody gets to be the presumptive presidential candidate of either "party" in America by being a threat to the established power structure. If the so-called Enron loophole is eliminated or if the financial services sector undergoes greater scrutiny and regulation or if universal healthcare comes into being, it will be the result of the self-interested decision of the establishment. What voters want is entirely incidental.