Bankers with Pitchforks

Wall Street and San Francisco Are Revolting

Per today's Washington Post, contributions to the Democrats' House and Senate congressional campaign committees from New York are off 65 % from two years ago. The drop-off is attributed to relentless Wall Street bashing.

Although the overall drop is only 16%, the trend is much sharper among big-dollar ($1,000+) donors, down to under $50 million from over $80 million. The New York area accounts for half of that big-dollar-donor drop: $24 million then vs. $9 million this year. In 2008, 28% of Democratic House and Senate committee donations came from the New York area, including 20% from Manhattan alone. This year, New York accounts for only 10% of the total.

Contributors in San Francisco aren't much happier, with donations falling by 34%. Fundraisers explain the drop there by disaffection with overly conservative Democratic initiatives.

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