See Democrats Are Courting These Wall Street Financiers to Help Them Win in 2028: Potential presidential candidates are already looking to build a donor network ahead of formally entering the race next year by Brian Schwartz and John McCormick of The WSJ. Excerpts:
[Democrats] "have met with wealthy investors and financiers in recent months."
"Wall Street and wealth are viewed with great suspicion among many of the progressives likely to play a significant role in picking the party’s nominee, and taxing the rich and bashing capitalism have become a rallying cry for many of them. Wall Street has nonetheless long been a significant source of money for the party"
"The early meetings with donors are happening quietly, including over meals near Wall Street and in Midtown conference rooms. They are also playing out in Silicon Valley and other U.S. wealth centers."
[Centerview Partners co-founder Blair] "Effron, a longtime bridge between Wall Street and Democrats, has played a central fundraising role in multiple presidential elections.
Emanuel, who has had his own stints working for Wall Street, including becoming a senior adviser at Centerview after returning to the U.S. in 2025 from his Japan ambassadorship, has been among the potential presidential contenders already engaging with longtime business community acquaintances about a bid."
Then see How the Trump Administration Became an Activist Investor: The president’s reach for government stakes in private companies has business leaders scrambling by Maggie Severns, Gavin Bade, Josh Dawsey and Meridith McGraw of The WSJ. Excerpts:
"There is free-market capitalism and state capitalism. Now, there’s Trump capitalism.
In recent months, the president has extended his hand into American business in unorthodox and, to some corporate leaders, alarming ways—from progressive-style demands to cap credit-card rates to assertive deals grabbing government shares in private companies."
"Administration officials are stoking the president’s instinct to shift more authority over private-sector industries to Trump and his team. The Trump administration has announced direct investment stakes in at least 10 companies, including a 10% equity stake in Intel and a “golden share” of U.S. Steel, which grants the government power to influence company decisions.
“We’re seeing the government get more involved in different aspects of the economy, which is a pivot off the more traditional Republican approach of the last century,” said Kelly Ann Shaw, deputy assistant to the president for international economic affairs in Trump’s first term.
The Trump administration obtained significant shares of critical-minerals companies"
"Trump’s approach extends well beyond national-security concerns"
"In December, Trump met with The Wall Street Journal and said, “When people need something, I think we should take stakes in companies. Now, some people would say that doesn’t sound very American. Actually, I think it is very American.”"
"Trump called for the interest-rate cap [on credit cards] to begin in late January, a deadline that came and went without action from the administration."
"In January, Trump announced policies that marked a turnabout, including a ban on institutional investors such as Blackstone from buying homes."
"“This is a much different Republican Party and a much different leader than I think we’ve seen in the last 50 years,” said Suzanne Clark, president of the Chamber of Commerce, which represents many of the largest U.S. corporations and for decades has advocated for a smaller government role in the economy."
"To critics, the president has embraced a form of state capitalism that expands the authority of the executive branch, recalibrating America’s traditional balance of powers."
"[Jake] Sullivan, Biden’s former adviser, said he worried that the administration’s investment in companies might warp markets and reward cronies."
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See also Americans start caring more about deficits and the national debt when the party they oppose runs them up by John V. Kane of New York University and Ian G. Anson of The University of Maryland. Excerpt:
"In the past two decades, US budget deficits have skyrocketed, and the national debt is now over $22 trillion. But do Americans care about the size of deficits and the national debt? In new research, John V. Kane and Ian G. Anson find that people tend to care more about the deficits and debts when they are increased by presidents from the party that they oppose. Both Republicans and Democrats, they write, become less concerned about governments running deficits when their President is in charge."
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