Monday, August 22, 2011

Wall Street Ditches Thier Support For Obama And Now Support Romney

With President Obama spending his entire presidency vilifying Wall Street, he's now finding it difficult to get their support for the 2012 campaign. In fact, they used to support Obama in 2008 but are now switching to Mitt Romney because he is known as a candidate who supports big and small businesses: 
Dozens of Wall Street executives who supported President Obama in 2008 have donated to Mitt Romney's presidential campaign this year.

According to a review of fundraising data, 67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and to the former Massachusetts governor in 2011.

The reversals come in the wake of Obama's tough rhetoric on Wall Street — most notably last year, when the president was pushing Congress to pass what has become known as the Dodd-Frank financial reform law.

The 67 individuals who live in New York, New Jersey and Connecticut donated at least once to Obama's 2008 campaign. They have since directed contributions amounting to more than $147,000 toward Romney's presidential campaign.

The crossover donors are employed by a large number of banks, private equity firms and hedge-fund companies, including Credit Suisse, The Blackstone Group, Stanwich Group and Goldman Sachs.
One former wall street Obama supporter explained why many businessmen are abandoning the President and supporting Romney: 
One Wall Street executive, who requested anonymity, said he and some of his colleagues feel betrayed by Obama.
"Everybody I speak to is on the same boat — disappointment," said the source, who contributed to Obama three years ago and is now backing Romney.

The executive said he and others on Wall Street have taken exception to Obama's rhetoric about the wealthy, especially because the president has asked rich donors to fork over $35,800 to his reelection efforts.

"It's not healthy for rich people to feel maligned," the executive said.
The Obama Administration has shown that it does not respect businesses regardless of their size. He will take their campaign donations and then turn around and berate them for their wealth in front of the American people. He supports unions which are an impediment to business wishing to grow and remain competitive in this economy. Obama has made repeated promises to fix the economy but has yet to follow through with it. Finally, Obama's record on the economy as President of the United States demonstrates that he has never taken the economy or the deficit seriously.. His policies have caused the economy to shrink rather than expand and we lost our AAA credit rating due to his incompetence on the economy.
The reason why business owners and workers are supporting Mitt Romney because he is a candidate who has been focusing strictly on the economy.  Many people were impressed with Mitt's passionate defense of business at the 2011 Ames Straw poll a few weeks ago. In fact, Mitt Romney will continue to defend business through out his entire campaign.
That's why America need Mitt Romney in the White House in 2012. He's a candidate who appeals to people across the political spectrum because everyone is affected by the poor economy. Everyone benefits from a healthy and vibrant economy.  People want a candidate who respects businesses, employers and employees. They need a candidate who knows how to create jobs by providing a regulatory environment that is friendly to businesses. There's no better pro-business candidate in this election than Mitt Romney.

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