Since Jeb Bush’s campaign seems to be slowly imploding in disgrace, the Republican establishment may have picked their new golden boy: Florida Senator Marco Rubio. While Rubio has sub par numbers, since his last debate performance, a Monmouth University poll shows Rubio’s numbers have tripled in New Hampshire. He needed it too, his money game is seriously lacking. Rubio ranked only 7th from the top fundraisers in the last financial quarter with only a $5.7 million haul. To put that on context, Bernie Sanders raised $26.2 million. But since the debate, Rubio’s campaign announced they have been pulling in some serious cash.
So what’s a candidate to do? Literally capitalizing on Bush’s destruction, Rubio is going to Wall Street.
Here are 7 reasons the Senator is the new favorite
1. Paul Singer
On Monday, Rubio landed a substantial endorsement from gay hedge fund billionaire Paul Singer who has ties to some serious cash and bundling power. Singer has a “real time” net worth of about $2.1 billion, so just under what Donald Trump likes to pretend he’s worth. His Wall Street hedge fund, Elliott Management, has $27 billion under his management. Being Singer’s latest favorite is going to open a lot of Wall Street doors for the new prized candidate.
Singer’s money does come with some backlash, however. He once gave $100,000 to a pro-immigration group and he believes in same-sex marriage, what with being gay and all. So, while Rubio might have the right-wing chops, he’s now getting flack for taking the cash. His money also comes with strings.
Hey, maybe it’ll bring immigration back to the debate, goodness knows the GOP needs a win with Latinos.
2. Rubio is a long-time billionaire buddy
If there’s one thing Marco Rubio has always been willing to do, it’s bend over for billionaires like the Koch brothers, Norman Braman and Sheldon Adelson. According to a political insider who spoke to the New York Daily News, at a recent event in Manhattan, David Koch indicated he thought Rubio was the new front-runner after Scott Walker fizzled out. Billionaire auto dealer Norman Braman is a staple in Florida politics and has literally bankrolled Rubio’s campaigns and agenda since the early days of the State House in Tallahassee. But as everyone who watches GOP politics knows, if you want to be anything you have to kiss the ring of Las Vegas Casino tycoon Sheldon Adelson. Politico reports that the grumpy old man has warmed to Rubio and could endorse anytime.
One thing is certain, if you’re going to run a presidential campaign, you’re going to need all the billionaires you can get.
3. Rubio thinks millionaires are getting a bad wrap
Saint Peters Blog reported Rubio’s sentiment where he said “the people who have millions of dollars in their bank accounts, we just need to treat them fairly.” Next he’ll probably do a YouTube video sobbing and saying “leave those poor rich people alone!”
4. Rubio opposes raising taxes on the rich
I’d be remiss if I didn’t remind everyone that trickle-down economics doesn’t work, never worked and will never work, but that doesn’t stop Rubio from trying to defend his wealthy donors. In a January 2015 appearance on Face The Nation Rubio said:
This is a 20th century, outdated model the president is following. The notion first of all that in order for some people to do better, someone has to do worse is just not true. Raising taxes on people that are successful is not going to make people that are struggling more successful. The good news about free enterprise is that everyone can succeed without punishing anyone. It would also be counterproductive.
In a speech on the Senate floor back in 2011 Rubio said:
The idea that if we raise taxes, as the President said, on millionaires and billionaires, raise taxes on oil companies, raise taxes on owners of private jets, that that somehow is going to make a difference in America’s debt in terms of having a real impact, is not only misleading, I think, quite frankly, it’s disappointing. It’s class warfare, and it’s the kind of language that you would expect from the leader of a third world country, not the President of the United States.
5. Rubio voted four times to repeal Dodd-Frank
After Congress relaxed banking laws by getting rid of Glass-Steagall, we had a little bit of a financial meltdown. It turns out regulations help stop a lot of financial mismanagement. Dodd-Frank was supposed to fix those problems, but like any bill that hits the banking industry, lobbyists made sure it was watered down. Even with a less regulatory law, Rubio still voted to repeal the law four times. Once as part of the 2011 Ryan budget. Again in 2011 when it was included in the jobs bill. When Ryan proposed a budget for 2013 at the end of 2012. Finally, he did it again in 2014.
6. Rubio doesn’t want to cap your debit card fees
Every time you go shopping and swipe your debit card, the retailer is charged a fee. Many retailers say that those fees get passed onto the customer. In June of 2011, Rubio voted for an amendment that would delay the implementation of the portion of the Dodd-Frank that put a 12-cent cap on fees that banks can charge retailers for swiping debit cards in stores.
7. Rubio doesn’t think foreigners deposited large sums of money in American banks should be monitored
In 2012, the IRS proposed a rule that would require banks to report account activity and information for foreign investors:
Houston has seen a disproportionately large percentage of such deposits, specifically from Mexico,” according to the Houston Business Journal. “The goal is to reel in tax dollars from those foreign depositors by trading key account information with other governments.
Rubio proposed legislation that would stop such reporting entirely.
In an op-ed Rubio wrote with fellow Florida Republican Rep. Bill Posey in the Miami Herald:
Unfortunately, our state could lose tens of billions of dollars in foreign deposits if the IRS regulation takes effect. For some banks in Florida, these deposits represent as much as 90 percent of their capital, and even a small withdrawal could result in bank failures and more bailouts by struggling American taxpayers.
It’s no wonder people like Paul Singer are lining up behind Rubio. He’s not just the lap dog to Wall Street, he’s pretty much their prostitute. Whether it turns into enough cash to give his campaign a boost for Iowa and New Hampshire is anyone’s guess. We shall see.
Feature image via Wikimedia Commons