Yet again and again, journalists push the premise that it’s a big problem that Wall Street isn’t supporting a prominent Democrat this election. For instance, the Times recently interviewed “more than two dozen hedge-fund managers, private-equity and bank officials, analysts and lobbyists” to find out what they thought, and feared, about Warren’s campaign. CNBC also checked in with “hedge fund managers and private equity executives” to chronicle their Warren complaints. And I’m just wondering: On paper, is it possible to find a coalition of voters less likely to support a Democrat than hedge-fund managers, private-equity and bank officials, analysts and lobbyists? I seriously doubt it. That’s like doing a news report on how college history professors aren’t supporting Trump in 2020. Yes, and … ?
The never-ending emphasis sends a clear message that the votes and donations of Wall Street bankers and billionaires matter more than other people’s. But they don’t.