Brother Can You Spare a Quarter Million?

The Washington Post today reports that Wall Street is shifting its allegiance from Democrats to Republicans: www.washingtonpost.com/wp-dyn/content/article/2010/02/23/AR2010022305537_pf.html. Ever since the triangulation policies of Clinton and the New Democrats proved effective at winning elections, the party has in many ways been beholdent to their very rich benefactors. They have sold themselves as liberal on social issues but more conservative on economic policy. While the populist rhetoric occasionally emerges (Gore in the last two months of his 2000 run; Obama at times), the party generally does little to actually hold Wall Street accountable for their actions or, for example, change the tax structure so hedge fund managers pay a reasonable tax rate on the millions (and for some individuals billions) they earn every year -- rather than the paultry 15% they currently do. So while many will see this as bad news, particularly given the recent Supreme Court decision about campaign finance reform and the early forecasts for the midterm elections (slatest.slate.com/id/2245799/?wpisrc=newsletter), I wonder if some good news doesn't emerge from this trend? For one, could Democrats finally stand up to Wall Street and start reregulating the markets (as they did in a minor way with recent bills on bank and credit card fees)? Can they start to hold the postmodern Robber Barons accountable for their actions? Can they usher in a real debate on economic reform that will challenge the dramatic stratification that reigns supreme today? I wouldn't hold my breath just yet, but I think it could be a good sign if the American people believed Democrats were the party that actually stood up to the powerful for once. Otherwise, the small government movement may appeal to those who wrongly place the blame on government and not the markets and their architects (and I do use this word on purpose) for our current economic problems (much as Reagan placed the blame on feminism and the civil rights movement in the 80s).