Money Talks

April 8, 2007

During the first 3 months of this year, Democratic and Republican candidates for President raised more than $120 million in campaign contributions. Leading the field are Hillary Clinton ($26 million) and Barack Obama ($25 million). Both candidates are on pace to collect $100 million in funds before the 2008 election year begins.

The capitalist media is already predicting victory or defeat for various candidates on the basis of their fundraising. Indeed, these results help indicate which candidates are favored by the capitalist class. Hillary Clinton, for example, has been a favorite of corporate U.S.A. since the beginning of her political career. During her 2 campaigns for the Senate, Clinton raised more than $50 million; her leading contributors include Citigroup Inc., Goldman Sachs, Metropolitan Life, Time Warner, JP Morgan Chase & Co., Morgan Stanley and other big banks and corporations. So too, Barack Obama raised about $15 million in 2 years as a Senator; Soros Fund Management, Goldman Sachs, Excelon Corporation, and JP Morgan Chase & Co. are among his top contributors.

These contributions are only the tip of the iceberg. In addition, to individual campaign war chests, the Democratic and Republican parties receive billions of dollars in donations to their state and local party organizations. Both these parties also receive untold billions in free publicity from the capitalist media which dutifully considers their every step as "news."

The vast sums of money required to run for President again remind us that rather than a government of the people, our country has a government of, by and for the millionaires and billionaires.