Conservative opposition to a federal bailout of financial institutions is over campaign donations, not a desire to uphold sound market principles, according to CNBC.
“A lot of our guys have decided that we hate Wall Street … because they’re giving a lot of money to Democrats right now,” Harwood said he was told by an unnamed source.
“We’ve talked about how nice the bi-partisan coming together of the far left and the far right to oppose this plan. It was heartwarming, right? That finally brought the fringe elements of both sides together on this,” co-host Joe Kernan joked.
Even though the Democratic Party has not historically kept step with the Republican Party on campaign contributions from business, the magazine pointed out that for the first time in over two decades, the cash was evenly divided with each party receiving roughly $107 million.
Sen. Richard Shelby, R-Ala., the ranking member of the Senate Banking Committee, has loudly criticized the bailout plan.
“What troubles me most is that we
have been given no credible assurances that this plan will work. We could very
well spend $700 billion and not resolve the crisis,”