Thomas Gallatin / Oct. 26, 2020

Biden’s Dark Money Advantage Over Trump

No campaign finance complaints from Dems, who hold a massive fundraising advantage over the GOP.

Cognitive dissonance is a strange phenomenon that is often most evident when it comes to politics. An amazing example of this comes via the financial industry. Wall Street favors Joe Biden over President Donald Trump despite the fact that under Trump the stock market has boomed — the Down Jones Average is 54% higher today than when Trump first took office. Trump’s policies have been really good for the stock market and yet many Wall Street fat cats are betting on Biden, as demonstrated by his campaign receiving five times more in contributions from Wall Street. Look who “occupied” Wall Street.

Further exposing Wall Street’s cognitive dissonance is economic reality. Prior to the pandemic, Trump was overseeing a booming economy that had produced record-low unemployment numbers as well as significant wage growth. COVID-19 certainly threw a wrench in the works, but as has been demonstrated over the last few months, the U.S. economy has bounced back amazingly, just as Trump predicted. MarketWatch is now forecasting that third-quarter economic growth will surge to over 31%, essentially recovering second-quarter losses.

Meanwhile, Democrats have enjoyed a nearly three-to-one advantage over Trump in total cash on hand going into October. The Washington Times reports, “Including money from outside groups, Mr. Biden and his allies surged to a total of $1.375 billion as of Oct. 14, compared with $856.3 million on Mr. Trump’s side, according to the Center for Responsive Politics. That is a reversal from early September, when Mr. Trump and his allied organizations held a substantial lead in the money race: about 44% more than the Democrats.”

Where is Biden getting all this cash? Again, the answer is Wall Street. The great irony is that the dark money Democrats have historically railed against — and that was the impetus behind the ill-devised Bipartisan Campaign Reform Act of 2002 — has been flowing into Biden’s coffers. Trump highlighted this in the last debate when he observed, “You’re the one that takes all the money from Wall Street. I don’t take it.” The Wall Street Journal notes that the 2020 elections will be the most expensive on record — projected to cost $11 billion, blowing away the previous record, primarily thanks to Biden and the Democrats having out-raised the GOP by nearly $350 million.

So, why is Wall Street backing Biden so heavily? The Journal’s editorial board argues Wall Street is “financing Democrats in hopes of buying protection if the party sweeps Congress and the White House.” But there’s also the belief among some of Wall Street’s biggest players that Biden, who is far from a principled ideologue, would be easily amiable to their business interests. In other words, they see Biden and his Big Government agenda as a potential cash cow, irrespective of his dubious “tax the rich” economic plan.

Biden and the Democrats represent a return of control to the establishment class in Washington, a return to the interests and agenda of the globalist elites. Nowhere is this made more patently obvious than with the massive political spending of leftist billionaire George Soros, who has pumped over $70 million into Democrat campaigns across the country in 2020, triple what he spent in 2016. Where’s the outrage from the Democrats over campaign finance? Well, it only exists when Republicans hold a fundraising edge. Anything that gives Democrats an advantage is perfectly fine with them, including the darkest of dark money.

Updated.

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