Streams

Wall Street Money: Good for Romney?

Wednesday, June 06, 2012

Mitt Romney Republican presidential candidate, and former Massachusetts governor, Mitt Romney. (Getty)

Director of the Business and Economics Reporting Program at CUNY Journalism School and contributor to Crain's New York Business, Greg David, questions whether Wall Street's "embrace" of Mitt Romney is good for Romney or the economy.

Guests:

Greg David

Comments [24]

rose from Long Island

Romney is part of the 1% and the money he has raised is basically from the 1%. If elected he will have to be true to his supporters, therefore I see that if Romney gets elected, we will have a president who presides over and for the 1%. Is that what we want??????

Aug. 08 2012 10:41 AM
joe

But Greg, wait!
Wasn't it tricky Dick Cheney who said "Deficits don't matter"?

Jun. 06 2012 03:24 PM
jawbone

There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning.
~~~Warren Buffett, New York Times, November 26, 2006.

Greg David is a warrior of the winning class, btw, and he will use statistics to his advantage.

Please look at this chart, which shows in long term numbers how income in this nation has been redistributed upward:

We Grew Apart, 1947-1979 vs. 1980-2007

http://susiemadrak.com/wordpress/wp-content/uploads/2012/03/wegrewapart.jpg

Jun. 06 2012 11:44 AM
art525 from Park Slope

THis guy is a pompous blowhard who spouts rhetoric with no regard for facts and truth. His talk aobut class warfare is a perfect example. It's class warfare to want the moneyed class to pay their fair share? It's class warfare to say that Wall Street be reigned in so they don't again break us with their ponzi schemes and money hustles? He's full of hooey.

Jun. 06 2012 10:58 AM
steve

Why did Mr. David claim that Obama is receiving no money from Wall Street? When he is receiving plenty though not as much as Romney. Mr. David also ignored the disparity between wealth(income+assets) disparity and merely talked about income levels between certain sectors of society.

Jun. 06 2012 10:48 AM
Ed Weiss from Stapleton

David's statistic's are bogus. He picked a year when the stock market collapsed (2008) to make his point that income equality was not a long term trend. It's completely disingenous. And he didn't mention wealth inequality which didn't drop off. No reputable commentator refutes the fact there has been a 30 year trend of shifting wealth from the bottom to the top.
"FACTS!" ? according to David are closer to what other people call "lies" It's one thing to bring on David as a commentator for his point of view, but to interview him as if he's a reporter or impartial analyst is ridiculous.

Jun. 06 2012 10:47 AM

This guy is clearly not an economist and as a contributor to Crain's he is invested in upholding the status quo. I suggest he listen to Joseph Stiglitz who appeared on Democracy Now this morning with some hard facts and figures about the state of income disparity (Wall St CEO's saw raises of 20% this year and last year) and rates of poverty in the US.

Jun. 06 2012 10:43 AM
Dara from manhattan

Brian,
You and Jon Snow are my favorite newsmen....I appreciate and respect you. But why did you play softball with Greg David today? He skewed the argument several times with selective facts and statistics in the name of "specfics" and you didn't call him on it. That, and like the others have said, the class warfare BS.

Jun. 06 2012 10:43 AM
Amy from Manhattan

It's not as bad as "the rhetoric" would have it, Mr. David? And when you used the term "class warfare," that wasn't rhetoric? Class warfare is the policies that favor the rich over the poor, not pointing out that those policies benefit the rich.

Jun. 06 2012 10:41 AM
Martin Chuzzlewit from Manhattan

Cuomo has been very savvy and "played" both the unions and business.
Obama is an amateur compared to our governor....think about their different styles.

Jun. 06 2012 10:41 AM
David from Fredericksburg, VA

@Andrew

We "allow" this obscene spending because restricting it would be a violation of the 1st amendment. The Supreme Court has ruled that money=speech (& corporations are people!).

In order to change things, we would need a constitutional amendment. Guess who is in charge of these amendments.

That's why the spending continues to spiral out of control.

Jun. 06 2012 10:40 AM

Wow...this guy is trying to deny that income distribution isn't worse today than it has been in eighty years.

Average wages are 8x the 1962 level. GDP is 24X the 1962 level. That's the long-term trend that Mr. "They're not quoting recent numbers" needs to address.

How 'bout we have this guy arm-wrestle with Lenny Lopate's Joe Stiglitz. I'd learn about as much.

Self-serving, condescending, hokum salesman.

Jun. 06 2012 10:39 AM

Can this guy be more full of it. He's just cherry picked the dat he wants to talk about and glossed over 'wealth' inequality.

Let's talk about tax inequality. Pull in $1 million in ordinary income and you pay 35% tax rate, pull in $1 billion in capital gains and you pay 15% capital gains.

If equalizing tax rates on all income was good enough for conservative Reagan, (at 28% all), why isn't it good enough for todays conservatives?

Jun. 06 2012 10:39 AM

It is true that the rich in NYC did get less rich - Wall St. did layoff people, personal wealth fell as the stock market became more volatile and bonuses fell. But the real reason why inequality "fell" in NYC was because of gentrification. Large numbers of middle income citizens left the city and were replaced by higher income households.

Jun. 06 2012 10:38 AM
RL

I'd rather have Grover Norquist on the air than this guy. Greg just picks and chooses the facts he wants to use to make his point even when there are a ton of other facts that don't fit his world view. And his vocal tone is "absoluuuutellly" annoying.

Jun. 06 2012 10:38 AM
Smokey from LES

It is not class warfare to ask the rich to pay their fair share of taxes. It needn't be 91% as it was 50 years ago, but below 15% is just not right.

Jun. 06 2012 10:36 AM
Martin Chuzzlewit from Manhattan

It's not just the rich.....
There is a tsunami of tax increases coming in January 2013 that will affect EVERYONE listening to this show (LOL, at least those few who work.)

Jun. 06 2012 10:36 AM
Michael from Brooklyn

It's not just income inequality it's wealth inequality.

Jun. 06 2012 10:35 AM
C.E. Connelly from Manhattan

Your guest is really going to dispute that inequality is growing!? Good lord! This is absurd. Fact warfare!

Jun. 06 2012 10:35 AM
Andrew

I don't understand why we even allow such lavish spending in politics. Seems like it only promotes corruption and political kick backs and makes it easier for the super wealthy to have their way. Furthermore, it makes it so any common person without bottomless pockets or without friends with bottomless pockets from getting into politics despite being a superior leader. We should eliminate political commercials and slash spending limits on elections and make the voting public get their information from the debates rather than a 30 second bias ad that airs on prime time television.

Jun. 06 2012 10:34 AM
RL

It's bogus for him to use NYC as an example of anything in the rest of the US. Bad on Greg!

Jun. 06 2012 10:34 AM
David from Fredericksburg, VA

Re: The expiring Bush tax cuts.

Enough of "Don't tax you, don't tax me, tax that feller behind that tree" junk. We need to raise taxes. I, like everyone else, would love to hold on to more of my money - but we can't run the government on sunshine & positive thoughts.

It's time for ALL of the Bush tax cuts to expire.

Jun. 06 2012 10:34 AM
Smokey from LES

Please don't use the term "class warfare" without an appropriate tone of irony. That's just Republican-speak.

Jun. 06 2012 10:31 AM
Martin Chuzzlewit from Manhattan

Boo Hoo !!
In 2008 President Community Organizer got the bulk of Wall Street money and the Obama mainstream press was silent.
OOOOOOHHH, now it's evil because businesses realize that they have an anti-business president and are giving accordingly.

Jun. 06 2012 10:30 AM

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