Washington (CNN) - A whopping $19 million has been spent by candidates and interest groups on television commercials attacking Wall Street in less than four months, a clear sign that the financial industry will be a chief villain in the midterm elections.
Another $6 million has been spent primarily by two organizations, the U.S. Chamber of Commerce and the Committee for Truth in Politics, criticizing President Obama's financial reform legislation, according to a new analysis for CNN by Campaign Media Analysis Group.
In total, $25 million has been spent on TV ads about Wall Street and financial reform since January, said Evan Tracey, president of CMAG and CNN's consultant on political TV advertising.
Tracey noted that Wall Street is not the only issue that candidates will be talking about in 30 and 60 second TV ads in the coming months. Republican candidates have spent $2 million on TV commercials critical of Obama's health care reform legislation since it was signed into law last month. Republicans have vowed to make opposition to health care a major theme in the upcoming elections.
"Recent early examples show that candidates are staking out who they are running against and in a lot of cases it is not their specific opponents as much right now as it is Wall Street, its ties to Washington and the new Obama health care bill," Tracey said.
Some of the biggest spenders on ads critical of Wall Street include Sen. Blanche Lincoln, D-Arkansas; Arkansas Lt. Gov. Bill Halter, who is challenging Lincoln in the primary; Senate Majority Leader Harry Reid, D-Nevada; and GOP Senate candidate Rand Paul of Kentucky.
Follow Mark Preston on Twitter: @prestoncnn
I find it amazing how all these special interest groups can contribute all of this money on attack ads rather than investing it somewhere important such as.....jobs!
Money and power. Wall Street wants the money and Conservatives in Congress want the power. To get them, they will do anything.
To Conservatives, politics is about winners and losers. The winners – the wealthy – should make laws that control the middle and lower classes. They themselves should not be constrained by any law, they think.
The national economy is a game of winners and losers. The wealthy are winners by definition. The middle class is the loser class: a group of people who play the game but do not win. The lower class is the loafer class. They are poor because they are lazy.
To Conservatives, the winners make the rules but they do not have to play by the rules. As the old saying goes, "If you ain't cheating, you ain't trying." Non-Conservatives, however, must play by the rules.
Whatever happened to Tort Reform, the republicans were so hot to do something about it why haven't they? I know that they are the minority, but there are quite a few Democrats that wanted this too. I don't understand why there are no co-pays in the new Health Care Plan; we who already have our own health insurance have to co-pays; seems only fair to me. The copays would seem to cut down on frivolus claims as well as demands on the docs.
Choose Your Battles Wisely, And Don't Be The Kid Throwing Rocks At The Men Who Carry Machine Guns!
I find it interesting that we are seeing Democrats attacking Wall Street, which I agree with. Wall Street is out of control. They make money on you when you win or lose. Ironically, people posting here are writing about Conservatives, but they spent (according to the article) $2 million attacking the Health Care bill. While Democrats have spent $19 million (or so the article implies) in attacking Wall Street.
@Dutch/Bad Newz, VA, your special interest groups (which seem mostly Democrats) seems to be funding more money on attack ads than creating jobs.
@John..............the dems are in bed with the trial lawyers. Howard Dean even admitted it. There will be no tort reform under this regime.
The Republicans are incapable of telling the truth. All their care about is their selfish agenda and taking $ from special interests aka lobbyists.
I will determine if this bill is good if it has:
– The consumer protection agency with independence and authority
– The separation of Investment Banks and Commercial Banks ( making them smaller banks)
– The trading of derivatives on the open market just like stocks (full transparency of a market estimated at over $200 Trill..yes 200 Ts!!!!)
– The elimination of bailouts – PERIOD
– Shareholders to have more say in compensation
– And no more bank CEOs on the Fed's board!!!
Wall Street will pay billions to stop whatever bills, programs, or legislative initiatives President Obama supports, when they should be spending those billions to hire Americans "out of work!" All the increase of profits being experienced on Wall Street is not connected to employment of the unemployed! But, these guys want bail outs, big bonuses, big salaries, and influence in our political races! Therefore, I hope Banking and Wall Street reform needs to happen, and Lobbyist kicked out of Washington politics! These people spent hundreds of millions of dollars fighting the Stmulus bill, Healthcare reform, now Banking reform, money which would have hire hunreds of thousands of Americans, if they were really putting Americans first before politics!
The Chamber of Commerce is not a friend to the people. They are an anti-democratic capitalist oligarchy whose only goal is profit without regard to the costs in human suffering. I believe they are the poster boy for bad corporate governance. If the Chamber is for it, you don't have to guess that it is bad for 95% of Americans.
Wall Street may think it is under attack, because the TRUTH is being told for once! The TRUTH of Wall Street BETTING against American homeowners and selling bogus investments that cost American investors billions!
And Healthcare, well, we all know that Republicans are A-okay with Americans dying because they do not have healthcare!
But........ Healthcare for Americans who need it will prevail!
To terry in west texas, liberals have proven they can play the game all too well. Most wall street ceo's are in fact liberals.
We can agree that most poor people are lazy though,however government has some responsibility for that,welfare should've ended a long time ago.
The Dems like to railroad through, things that don't make sense. However, both bills could have been good ones, if the Congress had any sense.
I am sick of the Repbulicans aka kkk, aka moral majority , aka tea partiers , etc, etc try to demand respect when their agenda is paid for by the special interest money they pretend to dislike. Hello, can't you think any better that you did when the last 8 years of Bush trashed the US economy. Oh , and Senator McCain , now a "partisan", he's a sad old man needing to retire just like the minority leadership , as well.
Well, look at it this way. It's good for the ad agency and the tv stations that run the ads. That has to be a positive, as in stimulating the economy. I personally don't watch tv ads. Truth in advertising went out the window years ago, so why bother.
that is what you get for giving $1million to obama. a knife in the back.
" rather than investing it somewhere important such as.....jobs!"
Ummmm...investing it just gives it to Wall Street and the already-rich to play with. There is no economic gravity because of financial instruments/nonsense like derivatives. The money doesn't come down. It stays up like it's blown by a fan...floating around making more and more money for the people who already have a ton of money...while the rest of us jump up and down for their entertainment, hoping to snag a buck or two while it flutters about.
Can you believe what is coming out of the Democrats now. It is obvious that their party is not a Christian one. Now they're trying to say that the Tea Party is just a bunch of whining Bible Belt people. OH how misinformed you people are. Yes we are Christians but this is no spiritual movement. We are also people who are mad. We are mad at the ACLUs, and people that support the likes of OBAMA. (Which has nothing to do with his being black. So I beg your pardon African Americans. It is not a racist thing. The Party is open to all races. Attend a meeting and see. We do not breed violence. We breed the constitution and that is taking the evil doers out of office by law. About OBAMA it is simply that he is not eligible to be President. He also is trying his best to change our constitution. For the ones of you who are non-religious and think this country was not founded on Christianity you had better go back to your history books. The colonies was founded so there could be puritan relief from the Church of England. I feel sorry for any of you inbreds who think there is no God. "GOD PLEASE FORGIVE THEM FOR THEY KNOW NOT WHAT THEY DO".
Their problem is Obama is/has been very good at blunting their attacks.
Since Health Care Obama has changed, he is no longer hesitant to attack "enemies of change", he is now doing what we elected him to do.
They spend millions on millions in attacking and President Obama, in three speeches wipes away any gains they make – What a waste of money!
Maybe Iraq and Afgan is not the place to send our troops. Send our troops to Wall Street.