On Wed, Aug 14, 2024 at 09:00 AM, Michael Meeropol wrote: > > the "established" business leaders are probably (my opinion -- uncertainty > here!) a bit worried about the incredible aggressiveness of the Musks and > Peter Thiels of the billionaire class
I may have previously copied an excellent analysis by Adam Tooze of the divisions in the ruling class between the establishment based on finance and the big multinationals which leans Democratic and the aggressive venture capitalists and high tech entrepreneurs which resents it and have lined up behind Trump. Tooze writes: "In finance on Wall Street, the C-suite is much changed. It has become more diverse and significantly more aligned with the Democratic Party. This began at the latest in the 1990s with Rubin’s central role in the Clinton administration. Jamie Dimon, the leading banker of his generation, took a knee in 2020. His seemingly positive comments about Trump early in 2024 were taken out of context and misinterpreted. Far more telling is his famous quip that running a bank in the modern age requires the assistance of a psychiatrist and a lawyer. A Trump presidency only makes that double dilemma worse. "But for finance too, it is clear that banking regulation under the Democrats has been more onerous than it would be under Trump. It is telling that the further you get from New York - you only need to go as far as New Jersey or Long Island - and the further you get from the big banking side of finance, the more support for Trump rises. It is not by accident that some of Trump’s most important big money support comes from hedge funds and private equity, who are far less constrained by the polite conventions of corporate America than are big banks. "The same logic of differentiation within the business community applies in the tech world as well. The big tech names - the Microsoft, Apples etc - remain politely aloof from the fray until they have actually to deal with a Trump administration. Then, of course, they get down to business. The overwhelming majority of tech staff lean Democratic and donate accordingly. But a handful of prominent names in Silicon Valley, not necessarily the biggest, but big enough to make a substantial difference to campaign fund-raising, have come out ostentatiously in favor of Trump, as if to burnish their credentials as “outsiders” and mavericks. Furthermore, they are encountering less resistance as they come out into the open." Tooze's long essay is well worth reading in full, bearing in mind that it was written when Wall Street was resigning itself to Trump before Biden was pushed off the ticket and Harris appeared as reassurance to Big Capital that the Democrats could win. https://adamtooze.substack.com/p/chartbook-287-after-the-verdict-american -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#31631): https://groups.io/g/marxmail/message/31631 Mute This Topic: https://groups.io/mt/107897371/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: marxmail+ow...@groups.io Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [arch...@mail-archive.com] -=-=-=-=-=-=-=-=-=-=-=-
