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Some Wall Street Democrats Quiet on Georgia Runoff

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Wall Street Democrats are hesitant in supporting their party’s goal of capturing the Senate majority through the Georgia runoff elections. Wall Street Democrats actively campaigned for their candidate Joe Biden to win, pouring $77 million into the campaign. In contrast, incumbent Donald Trump managed to scrounge $18 million. Given the support for Biden, will Wall Street open their wallets again to help win Georgia?

RELATED: Democrats Unwilling To Compromise On Stimulus, Says Treasury Secretary

The Senate Majority is a Different Story

While the Dems celebrated the ouster of Donald Trump and the ascension of Joe Biden, the Senate race is a different story. If Dem candidates Raphael Warnock and Jon Ossoff win the Georgia race, this also means the Senate will be 50-50 in terms of Republican and Democrat composition. Fortunately for the Democrats, the Vice President will have the tiebreaker, which tips the balance in their favor. 

Therefore, the stakes are bigger beyond state representation. But why are some Democrat Wall Streeters against a Democrat Senate? By itself, it’s not a bad idea. But if the Democrats get the majority, it will mean they will get the upper hand in all three branches. The White House, House of Representatives, and the Senate will fall under Democrat control. After all, a blue sweep can mean a lot of things. It can especially mean a clearer path to higher corporate and capital gains taxes. A Republican majority means a harder road for policies that do not sync with Wall Street interests.

Split Government

Many Wall Street investors prefer a split government, where a party dominates two chambers and the other controls the other. Wharton Finance Professor Jeremy Siegel is among those who say that this bodes well for the market and the economy. Siegel believes better results can happen with Republican Senate majority leader Mitch McConnell working with Joe Biden. Programs like stimulus relief will still pass but will end up with smaller budgets than what Democrats want. 

CNBC’s Carl Quintanilla said that the markets do better when there is a split Congress. He noted that “a gridlock doesn’t mean nothing will get done.” Instead, a divided Congress can prevent extreme changes to the law from happening. This includes any radical tax changes that Democrats plan to introduce next year. In that case, Wall Streeters agree. Mike Novogratz, the founder of Galaxy Digital, said, “Most Wall Street Democrats and certainly all Wall Street never-Trumpers — Republicans that voted for Biden — want a split government.”

Reluctance to Donate

Novogratz said Wall Street Democrats were more reluctant to donate to Ossoff and Warnock’s campaign fund. Fundraising initiatives for #winbothseats, a drive to get people out to vote, raised a smaller amount than expected. The Galaxy Digital founder said he “got a lot of ‘Thanks, but no thanks,’ or ‘What are you talking about?’ from guys I know voted for Biden,” Novogratz said. Despite the setback, Novogratz managed to raise $2 million for #winbothseats and another organization. 

A Wall Street Democrat who requested anonymity confessed that he has yet to contribute to the Georgia Senate race. He said he doesn’t think Democrat sweep matters much, and a Blue Sweep is unnecessary. According to him, there will be Democrats opposed to progressive tax legislation anyway.

Money Doesn’t Guarantee Victory

With so much at stake, Wall Street is unanimous in saying the money will still flow on both sides. However, more money doesn’t mean a surefire victory. Democrats with a fundraising advantage fell short in unseating Republican incumbents in Iowa, Kentucky, Maine, North Carolina, South, and South Carolina. 

For the Senate race, Wall Street donors favor incumbents. The industry gave more to Republican candidates in Georgia this year. Perdue raised $1.3 million versus half that for Ossoff. Warnock raised almost $300,000 more than Loeffler, but the latter got more outside. Husband Jeffrey gave $5.5 million to a Super PAC helping her. Another $3 million came in from Citadel founder Ken Griffin for the same PAC.

Ad Spenders

Democrats did spend more on ads. Warnock’s campaign shelled out $45.7 million versus Loeffler’s $38.4 million. Ossoff spent almost $13 million more than Perdue in ad spots, $42.7 million compared to Perdue’s $28.8 million. Although, if you include super-PACs and party committees, the GOP is outspending Dems, $156.7 million to $101.9 million.

Watch as CNBC News reports that big money is pouring into Georgia’s Senate run-off elections:

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Do you support a Republican majority in the Senate? Or do you prefer a Democrat Blue Wave? Let us know what you think of the race for Senate control by commenting below.

8 Comments

8 Comments

  • Avatar Gary Carvella says:

    ok i have answered this question 10 times. When will you git it?????

  • Avatar Sam says:

    The crooked election must not be made worse by letting the socialist party get one more damn vote!

  • Avatar William Wilhelm says:

    In California, it’s illegal to even ask someone wanting to register to vote if their a citizen. The supreme court has ruled that illegals must be counted in the census. Its the census that dictates how many represent that state. Why should illegal have a voice in who makes the laws we must live by?

  • Avatar Larry Donmoyer says:

    Personally, I really like the last choice that they are all a bunch of crooked politicians working in a corrupt system. But that labels all them them, which I do not believe is the case. The checks and balance system works based on honorable public servants. Our fore fathers argued about this and developed the system of federal government we currently see. The majority believe you serve and you go home to your regular job. It was believed that the turn over is a process for keeping Congress fresh. Over time the two political parties have gained to much power and have know grown to powerful for the general public to control. Our primary system was not intended to exist and it should not exist. Who a political party wants to represent them in an election is a decision internal to the party. This is a critical problem when it comes to Presidential elections and primaries held at various times. Not a fan of one vote two names. The voter should be allowed to also vote for the VP. Also, the real problem today is the amount of money needed to be a candidate for public service. In my opinion, the media moguls are the only ones benefitting from the corrupted election process. It is time to standardized the election process and remove money needed to get elected. Maybe if we did something to limit the terms, say no consecutive terms, standardize the staff size of the elected official, and all candidates are provided a set amount of funding from the election fund for campaign use. More who are interested in serving would come forward versus the current trend to become a career politician. Congress is the true set of power, it writes the laws and levies taxes to fund themselves and the other two branches. Turnover was designed into the system. The House of Representatives is the peoples house and needs to actually represent the people. The Senate was the State Government’s house and needs to go back to represent the State’s needs. The elected Senators have lost their focus when it comes to the laws the House pushed forward. Party control of either Legislative house is problematic when neither are focused on the people they are elected to serve. It would appear, again generalizing, they are only interested in serving themselves, like pigs at the trough.

  • Avatar Guido says:

    God help us if Democrats take the Senste

  • Avatar Anonymous says:

    I agree get rid of all the crooked Republicans (i.e. all of them starting with the head of Mitch McConnell) and all of the Trump appointed judges. The judges if they had any true character would have reclused themselves knowing that Obama should have appointed the empty seat starting with Kennedy.

  • Avatar Anonymous says:

    Democrats are nothing but liars and cheats the devil is their commander the same way with Biden if you look at his face he looks like he’s possessed by the devil as far as Democrats they need to wake up we’re going to win the selection it’s a slow process and there are some small hills not much that we have to cross as far as the settlement I wish that we would take all Republicans to block this radical movement by the blue if they get in there will be a fight here in America fight fight in Washington and fight in the streets Everybody knows that and everybody’s ready we’re not going to allow our nation to fall down too many people like myself have fought for our freedom and if slow Joe gets in there and a few other radical Democrats get in there I’m going to take our freedom mobile I am going to validate our constitutional rights and rewrite the constitutional I’m not going to let that happen I voice my opinion and as far as my gun you can take guns from my dead hand I am all in for Trump to win and win the Senate when whatever else Republicans can take you’re not going to steal our election and I wish that everybody would just understand there’s so much of a chance there’s so much wrongdoing by the Democrats who is your commander it is the devil himself guys are possessed with evil spirits and everybody knows it just look at Biden‘s face he looks like he is possessed he looks like he’s out of his mind and will take people like me just shut this country straight because we fought for freedom to keep everybody free not the ones here in the states I just showed her ass and get paid it’s about time that would make America great again and I don’t believe that the Democrats will do it I do believe that they will destroy our country and the only way we can stop this is to go in the streets and protest and if we have to well I guess there’s going to be a riot like no other riot I don’t believe in violence but I have shared my blood for this country before and I am willing to do it again just like other people I believe that if that’s what it takes to make my future generation my kids my grandkids to be able to be free not turn this place into a circus or turn it into left wing country so I urge 12 people the fight in our hearts fight in the streets and fight against this movement to take over our country there’s too much that Biden will do just like now they’re proposing to lock the country down for six weeks six long weeks we have lost so many of our small businesses that have lost so many people search people like trump that will save us he’s already getting a vaccine is coming out Before Christmas or after Christmas going to be great Yes our president has took a lot from a lot of people but he’s cave a lot back to our nation and tried to make America great again I don’t believe that the Democrats will do this I do believe that there’s going to be a war here
    God bless America land of the free home of the brave The only thing I can say yes stand by me and stand by our country pray to God that everything will be OK and do not let the Democrats take over our country if so we will have to take over our country the hard way and the only way yes as we have Civil War here I don’t know. I don’t look forward to it If anybody has ever traveled to other countries I will know what I mean about freedom and not listen to the press social media there just lies lies and lies and lies it’s about sometime somehow someway we fight for what is right and God bless America and keep us safe

  • Avatar Cvm says:

    Checks & balances always produce better results.

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