Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Big business, shrinking D.C. clout

Thursday, Oct 03, 2013 - 02:37

Oct. 3 - Big business is finding itself marginalized by smaller conservative groups in D.C., and their diminishing influence is becoming more apparent as the shutdown continues. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

Wall Street is getting the cold shoulder from D.C.- most notably from the tea party Republicans. Senators like Ted Cruz - railing against Wall Street: SOUNDBITE: TED CRUZ, U.S. SENATOR, (R) TEXAS (ENGLISH) SAYING: "One of the reasons people are so unhappy with Washington is they get a sense that there are special rules that apply. Wall Street gets special exemptions, the big banks get special exemptions, Dodd-Frank sets up rules that hammer small banks, hammer community banks, hammer the little guys but what happens to the big guys? They keep getting bigger. Why? Because they get rules made in Washington that favor the big guy over the little guy. " But Cruz can't be that dissatisfied with Wall Street- his wife is a high ranking executive at Goldman Sachs in Texas, and Goldman contributed $65,000 to his campaign. While that may be hypocritical says Greg Valliere, Chief Political Strategist at Potomac Research Group, big business is still in a bad place: SOUNDBITE: GREG VALLIERE, CHIEF POLITICAL STRATEGIST, POTOMAC RESEARCH GROUP (ENGLISH) SAYING: "The big banks and Wall Street are petrified that we could have a real crisis on the debt ceiling and I think they are furiously lobbying. The problem is a lot of these new Tea Party members actually have great antipathy towards Wall Street and the big banks. Wall Street and big banks are the villains for a lot of the Tea Party crowd. So no I think the lobbying is not really being met with open arms among a lot of these radical republicans. Even the most prominent on Wall Street- like Bank of America's Brian Moynihan and Goldman Sachs' Lloyd Blankfein - find themselves with no politicians at their side. Blankfein seemed exasperated after a White House meeting: SOUNDBITE: LLOYD BLANKFEIN, CHAIRMAN & CEO, GOLDMAN SACHS (ENGLISH) SAYING: "They shouldn't use the threat of causing the U.S. to fail on its obligations to repay on its debt as a cudgel." The potential damage is real: Just Thursday Dallas Fed President Richard Fisher said if the U.S. defaults- the world will never be the same. SOUNDBITE: GREG VALLIERE, CHIEF POLITICAL STRATEGIST, POTOMAC RESEARCH GROUP (ENGLISH) SAYING: "I think there is long term implications here that the business agenda, the Wall Street agenda, increasingly may fall on deaf ears in the House. If there was another big scandal, another London Whale, I think that could lead to a feeling even among Republicans that we might have to crack down on the banks. So it's a whole new climate for Wall Street and the banks, as opposed to the last few decades. " Valliere expects big business will heavily increase its efforts to court the more moderate Republicans- and get more of them into office in the next election.

Big business, shrinking D.C. clout

Thursday, Oct 03, 2013 - 02:37

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)