It was eight short years ago, but it seems like a lifetime. In 2012, Republicans decided to nominated Mitt Romney for President. A man worth a quarter of a billion dollars at the time. In the first election following the Wall-Street bailout and Occupy Movement, Romney was looked upon as just another greedy, wealthy Republican capitalist.

Mitt Romney’s Bain Capital, which bankrupted 25% of the companies they took over, and his famous 47% remark, in which he wrote off half the country in front of his millionaire donors, became a rallying cry for liberals. Romney was soundly defeated.

Four years later, upon considerable ideological reflection, Republicans nominated someone supposedly wealthier. Trump’s promises of tax cuts got him the wealth vote while his racism garnered him the majority of poorer white votes.

Wealthy people have always loved wealthy candidates because they know they’ll keep their interests at heart at all times. It’s the way the corrupt government establishment system has always functioned. It’s why they feared Barack Obama at first, a non wealthy black man. It’s why they’ll always fear Bernie Sanders, a democratic socialist.

With Trump running for re-election, you would think he’d be a shoe in for the same support he received from wealthy Republicans in 2016. If you though that, you’d still be right, just less so. But some of the elites are jumping ship and backing a less dangerous wealthy man in Joe Biden.

Biden had his own 47% remark during the primaries where he told a host of wealthy donors that if he were elected, nothing would fundamentally change for them. Unlike Romney, whose remark cost him dearly, Biden is benefiting greatly. As the New York Times reported, wealthy financiers can be credited as not only turning his primary campaign around against Sanders but building up a big lead in the polls over the President.

The loudest and most notable example of Republican opposition to Trump (and Sanders) is the PAC known as the Lincoln Project. They have been putting on a clinic on how to create attack ads against Trump. One of it’s founders, George Conway, is worth $40 million alone.

According to Forbes, the race to have the most billionaire donors, because that’s a thing now, has Biden out in front 131, to Trump’s 99. Many of Biden’s Billionaire backers are from the tech industry, but they also include some prominent hedge fund managers.

Donald Trump was extremely generous to his Wall Street friends. Deep tax cuts, deregulation across the board, record stock prices (until the pandemic hit anyway). While most are staying loyal, some wealthy Republicans are abandoning him.

The main reason is Donald Trump himself and the nonthreatening nature of Joe Biden. It seems the poor and middle class are not the only Americans who are fatigued by Trump’s way of governance. Wealthy or poor, people still like Democracy, or at least the appearance of it.

James Attwood, a managing director at the Carlyle Group and a former investment banker at Goldman Sachs, said, “For people who are in the business of hiring and firing C.E.O.s, Donald Trump should have been fired a while ago.”

In May and June, the Biden Action Fund, which draws contributions from Wall Street, raised more than $11.5 million. The sum included $710,000 from Josh Bekenstein, a co-chair of Bain Capital. Mitt Romney’s old firm.

Financial industry cash has been flowing to Mr. Biden this cycle. According to the Times, Biden is dramatically out-raising the president, with $44 million compared with Mr. Trump’s $9 million.

Biden has always had close ties to the credit card industry. His attitude toward Wall Street and billionaires in general can be seen as just as friendly. He has said in the past that “Rich people are just as patriotic as poor people,” and at a Brookings Institution gathering “I don’t think 500 billionaires are the reason why we’re in trouble.”

When three people – Bill Gates, Warren Buffett and Jeff Bezos – have accumulated more wealth than the bottom 50% of Americans, denial of the problem can only come from someone who’ll keep their interests at heart.

Still, even if it’s not nearly adequate enough, if Biden is pressured, he will raise their taxes. It’ll be a tiny drop in the ocean, but if it will help save the oligarchy, I mean democracy, wealthy Republicans and Democrats are willing to make the sacrifice.

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