04 May, 2010

So, Then... Who is the Party of the Rich?

Popular wisdom states that the Republicans are the party that is supported by the rich while the Democrats are the party of the "poor, common man". Except... if you look at the details, a startling amount of the richest neighborhoods in the country give overwhelmingly to the Democrats, not Republicans:

Johnson locates the oligarchy in the upper reaches of the investment banking profession. What he doesn’t note is that these are overwhelmingly Democratic. There is nothing “curious” about a president’s seeking to arm his most reliable supporters with political power. And when you look at it this way, the intermarriage of financial and executive branch elites could only have happened in the Clinton years, simply because there is not sufficient Republican manpower in New York’s investment banks to permit it. Robert Rubin, Larry Summers, Jon Corzine, Timothy Geithner  …  one could make no similar list of partisan Republicans who have made the trek from Wall Street to Washington.
--The Weekly Standard: American Oligarchy, by Christopher Caldwell

Hat Tip: Jonah Goldberg, NRO-The Corner

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