The Tea Party movement is not the Get In Bed With Wall Street movement (that would be Democrats and Republicans)
I think ABC has been reading Think Progress and Media Matters too much, because as with most of the mainstream media, ABC can’t figure out why the Tea Party is not toeing the Wall Street and big business line on Obamacare and the debt ceiling.
The government shutdown is bad for business, bad for the economy and bad for your 401(k). So why aren’t the politicians listening to the overwhelmingly negative sentiments of Wall Street and the big-business lobby? After all, business titans like Goldman Sachs CEO Lloyd Blankfein and JP Morgan’s Jamie Dimon have managed to get their way on financial regulations before Congress, so why can’t they break the log jam and get government reopened?
Even with numerous lobbying groups calling for an end to the government shutdown, lawmakers are still at an impasse centered on the Affordable Care Act and the debt ceiling limit.
Lawmakers aligned with the Tea Party are holding out to squash if not delay for a year, the individual mandate of the Affordable Care Act, while President Obama said he would remain open to a short-term increase in the debt ceiling.
Wall Street and business efforts to persuade the Tea Party to end the shutdown have thus far been tepid and ineffective. Part of the reason may be that the Tea Party faction in the House has proved to be an immovable object.
Anyone who really understood the Tea Party movement would know that the Tea Party is not the party of Wall Street or big business.
I particularly like the absurdity and self-parody of this former J.P. Morgan investment banker now with the liberal Brookings Institute:
“The only way that Wall Street can influence the Tea Party is by putting their money where their mouth is and selling stocks,” Douglas Elliott, a fellow in economic studies with The Brookings Institution and former managing director with J.P. Morgan, said. “Congress would notice a 500 or a 1,000 point decline in the Dow.”
Even then, Elliott said, the “real impact” would be felt by persuading Republicans in the House who are not die-hard Tea Party members that they have to push House Speaker Boehner to pass an increase in the debt limit.
“The more radical members of the Tea Party just do not see the world as the rest of us do,” he said.
So “tank the market” is the advice from the Brookings Institute former investment banker? And they call us suicide bombers?
While the Tea Party movement is not Occupy Wall Street movement, it is not the Get In Bed With Wall Street movement either.
That latter description would be Democrats and Republicans.DONATE
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