Will Rich Politicians Be Punished This Election?
Great wealth can't buy you political office. But it certainly helps-or, it has in the past.
The process of "getting the message out" is expensive. Being able to spend millions of dollars of your own money not only jump-starts a campaign, but it also intimidates potential rivals who don't have their own personal fortunes. And some voters look up to the wealthy as models of success and effective management. Look at New York City Mayor Michael Bloomberg or New Jersey Gov. Jon Corzine
Yet with populist rage being all the, well, rage today, will rich politicians will be punished for their riches? Will their greatest advantage become their biggest weakness?
There are several wealthy politicians spreading their money along the campaign trail this fall. Mr. Bloomberg already has spent $64.8 million of his own money in his bid for a third term as mayor, and there still is more than a month to go. He has outspent his opponent, William Thompson Jr., 16 to 1.
Mr. Corzine, who spent $62 million in 2000 to get elected, is now spending millions of dollars more in a bid to retain his office. And in Massachusetts, Stephen Pagliuca, the former Bain Capital executive who co-owns the NBA's Boston Celtics, is bidding for Edward M. Kennedy's Senate seat.
Mr. Corzine will have an especially tough time battling public opinion on his wealth. He made his fortune at Goldman Sachs Group, which isn't the most popular institution with voters these days. His opponent, Christopher Christie, aired an ad featuring Gordon Gekko, the villain in the film "Wall Street"–-implying that Mr. Corzine also believed the Gekkoism that "greed is good."
Mr. Bloomberg isn't as personally linked to Wall Street, though his fortune is. To offset the public perception that a billionaire usurped democracy and overturned term limits to win a third term, Mr. Bloomberg has been airing ads showing his middle-class upbringing and folksy values.
As for Mr. Pagliuca, his money will probably be less of an issue than his previous political leanings and his lack of name recognition.
Still, I have to believe that whatever the circumstances, having great wealth in this election season, when the wealthy are seen as a cause of the financial crisis, will be a double-edged sword.
Do you think voters will be tougher on wealthy candidates this election season?
The process of "getting the message out" is expensive. Being able to spend millions of dollars of your own money not only jump-starts a campaign, but it also intimidates potential rivals who don't have their own personal fortunes. And some voters look up to the wealthy as models of success and effective management. Look at New York City Mayor Michael Bloomberg or New Jersey Gov. Jon Corzine
Yet with populist rage being all the, well, rage today, will rich politicians will be punished for their riches? Will their greatest advantage become their biggest weakness?
There are several wealthy politicians spreading their money along the campaign trail this fall. Mr. Bloomberg already has spent $64.8 million of his own money in his bid for a third term as mayor, and there still is more than a month to go. He has outspent his opponent, William Thompson Jr., 16 to 1.
Mr. Corzine, who spent $62 million in 2000 to get elected, is now spending millions of dollars more in a bid to retain his office. And in Massachusetts, Stephen Pagliuca, the former Bain Capital executive who co-owns the NBA's Boston Celtics, is bidding for Edward M. Kennedy's Senate seat.
Mr. Corzine will have an especially tough time battling public opinion on his wealth. He made his fortune at Goldman Sachs Group, which isn't the most popular institution with voters these days. His opponent, Christopher Christie, aired an ad featuring Gordon Gekko, the villain in the film "Wall Street"–-implying that Mr. Corzine also believed the Gekkoism that "greed is good."
Mr. Bloomberg isn't as personally linked to Wall Street, though his fortune is. To offset the public perception that a billionaire usurped democracy and overturned term limits to win a third term, Mr. Bloomberg has been airing ads showing his middle-class upbringing and folksy values.
As for Mr. Pagliuca, his money will probably be less of an issue than his previous political leanings and his lack of name recognition.
Still, I have to believe that whatever the circumstances, having great wealth in this election season, when the wealthy are seen as a cause of the financial crisis, will be a double-edged sword.
Do you think voters will be tougher on wealthy candidates this election season?
http://blogs.wsj.com/wealth/2009/10/05/will-rich-politicians-be-punished-this-election/
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