Michael Wolff, a writer for Vanity Fair, founder of Newser and author of a prescient account of the sectret world of Rupert Murdoch, knows something of the 1%. In his latest column for The Guardian he writes:
"Indeed, part of the great generational shift of party identification and loyalty has been the movement of the Republican party away from Wall Street and to social interest groups, and the movement of the Democrats from their traditional labor roots to a new home among the financial Medicis. In ways large and small, the Democrats, during the historic Clinton-led stockmarket surge, became the party of Goldman Sachs. Obama may have incurred the wrath of rich (and wakadoo) Republican outliers – the Koch brothers, for instance – but (at least, up until now) he and the Democratic party have had a firm hold on that once rock-ribbed Republican club, the eastern financial establishment.
"And while this new alignment gave the Democrats vast resources, it also, in ways large and small, confused its message. The Democrats became the snob party, the haughty party, the yuppie party, while the Republicans, remarkably, became the salt-of-the-earth lot. George Bush, from as rock-ribbed a family as anyone has ever been, somehow turned into an everyman.
"Part of the Democrats' inability to make the financial meltdown its own issue is caused by its own deep ambivalence and profound conflict of interest when it comes to the financial industry: many senior administration officials expect to leave office and get jobs, and make personal fortunes, in the institutions that might otherwise be blamed, and even indicted, for the present mess.
Interesting. more here.