As we've seen in recent weeks, Wall Street gets what it pays for. Democratic Sen. Chris Dodd included language in the stimulus bill allowing executives of the bailed-out banks to collect million-dollar bonuses.
And yet the Democrats' endless favors for their Wall Street friends never sticks to them because everyone treats Democrats' shilling for their own contributors as if it's a Nixon-goes-to-China moment.
On the March 23 edition of MSNBC's "Hardball," The Nation's David Corn said: "Remember -- What was it? A year or two back when there was talk about taxing hedge fund managers at the rate that the rest of us pay? Who intervened in that? Chuck Schumer."
But Corn then quickly added that this "got a lot of Democrats really mad. Here was a Democrat, you know, getting in the way of a populist issue at a time when the economy was already heading in the wrong direction."
Which Democrats got "really mad"? Chris Dodd? George Soros? Warren Buffett? Jon Corzine? Tim Geithner? Roger Altman? Bob Rubin? Jamie Dimon? Lloyd Blankfein?
Corn's formulation was wonderfully subtle: Admit that a Democrat preserved a sweetheart deal for hedge fund managers -- but then claim that his fellow Democrats were furious with him.
People are more likely to believe something if they think they came to it themselves. Hearing a liberal muse on TV that it was an aberration for Chuck Schumer to intervene to protect hedge fund managers -- risking the wrath of other Democrats -- the average person thinks: So Democrats must be the party of the people. I always thought George Soros was a Democrat, but he must be a Republican.
Democrats take care of the financial industry -- and the financial industry takes care of Democrats. After honing his financial skills as the bagman for Bill Clinton's White House, Rahm Emanuel was hired by the investment bank Wasserstein Perella, where he worked for 2 1/2 years.
For that, Emanuel was paid more than $18 million. (Maybe Rahm Emanuel was the Democrat livid at Schumer for preserving a sweet tax deal for hedge fund managers!)
Democrats have a beautiful system: They're showered with Wall Street money, but they also get to pillory Republicans for being the party of "Wall Street." The bankers don't care if Democrats attack them. They still get their bailout money.
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