Thursday, January 14, 2016

YOU CAN'T SERIOUSLY BELIEVE THIS LOAN STORY IS GOING TO HURT TED CRUZ, CAN YOU?

The political class thinks this is a huge story:
Ted Cruz Didn’t Disclose Loan From Goldman Sachs for His First Senate Campaign

As Ted Cruz tells it, the story of how he financed his upstart campaign for the United States Senate four years ago is an endearing example of loyalty and shared sacrifice between a married couple.

“Sweetheart, I’d like us to liquidate our entire net worth, liquid net worth, and put it into the campaign,” he says he told his wife, Heidi, who readily agreed.

But the couple’s decision to pump more than $1 million into Mr. Cruz’s successful Tea Party-darling Senate bid in Texas was made easier by a large loan from Goldman Sachs, where Mrs. Cruz works. That loan was not disclosed in campaign finance reports.
The report, which appears in The New York Times but was probably handed over to the Times by a rival campaign's opposition-research team, goes on to quote dishonest accounts of the campaign financing by Cruz and his wife:
In recounting the decision to put all of their savings into the campaign, Mr. Cruz said in [a] 2013 Times interview that Mrs. Cruz immediately agreed to his proposal....

“What astonished me, then and now, was Heidi within 60 seconds said, ‘Absolutely,’ with no hesitation,” Mr. Cruz said.

Mrs. Cruz, who is on leave as a managing director at Goldman Sachs, later suggested that the reality was more complicated. She told Politico in 2014 that she thought they should apply “common investment sense” and not use their own money for the campaign “unless it made the difference” in winning. The article did not mention anything about loans from banks.
The loans, we're told, were perfectly legal. Failure to disclose them violates campaign finance laws, but the enforcement of those laws isn't exactly draconian:
Other campaigns have been investigated and fined for failing to make such disclosures, which are intended to inform voters and prevent candidates from receiving special treatment from lenders. There is no evidence that the Cruzes got a break on their loans.
So why is this supposed to be a big story?

I suppose it's because Cruz has been known to criticize "crony capitalism." However, he's been a hypocrite on that subject all along and his fans don't seem to mind. (March 2015 headline from Politico: "Cruz Rails Against 'Crony Capitalism,' Praises Wife's Goldman Sachs Career.")

And this is to be expected. As Ed Kilgore wrote earlier this week, Republicans nowadays may shake their fists at "the establishment" and "elites," but the "elites" somehow never seem to include members of the business community:
There are no corporate or Wall Street bad guys, unless they are deemed too cozy with government, the perpetual Satan figure.

... You are left with the impression that absent government intervention corporations like Koch Industries would be able to make life in this country, well, if not Edenic, then infinitely more prosperous and efficient.

... as candidates in both parties conduct a wide-ranging debate over the various interests that have at least partially spoiled the American Dream, there's a gap in the GOP discussion that's as obvious as a lost front tooth: Somehow corporate "job creators" never share responsibility with lazy welfare bums and freeloading immigrants and police-hating minorities and feminist baby-killers and Muslim-loving anti-Semites and every single organ of domestic government that is not being systematically degraded by conservative ideologues. In the Year of Anti-Elite Anger, the elites who collectively own much of the country are being given a pass by one of the two major parties so long as they do not consort with any other enemies, particularly government.
I've been saying that for years -- once again, I'll link my roundup of Tea Party reactions to the Citizens United ruling in 2010. The teabaggers were delighted.



A private corporation lent money to Cruz, who was a private citizen at the time. Failure to report the loan violates a campaign finance law (boo! hiss!). This is an infraction in the eyes of the hated government, and the hated New York Times. Nope, it's not going to hurt Cruz with Republican voters.

16 comments:

Victor said...

Nope, not gonna hurt him a bit.

Just one tiny thing there, Teddy Cruz-ader - 60 seconds ain't exactly agreeing instantly.
It's pretty damn quick, I'll grant you. But not instantaneous.

Also, how big a risk was it really?
Mrs. Cruz-ader is in top management at GS, not a rural schoolteacher.
And you could have gotten a high paying job at some legal firm if you lost, so you weren't exactly an auto mechanics betting his and his wife's lifelong savings on a Senate run.

So, please...

flipyrwhig said...

OK but. It's a mite ironic that the candidate blessed as "one of us" by Duck Dynasty also happens to have as his command 7 figures of Wall Street financing. Cruz is a product of Princeton and Harvard Law and didn't want to study with people from "minor Ivies." His wife is an investment banker. His whole life screams elitist, and yet he's styled himself as jus' folks. I think he's open to being whacked as phony/chameleon-like/inauthentic, especially when you add the "not really born here" thing.

Missy Vixen said...

So you don't think Trump will be able to run with it?

Steve M. said...

His whole life screams elitist, and yet he's styled himself as jus' folks. I think he's open to being whacked as phony/chameleon-like/inauthentic

Remember, the Bushes were transparently phony good ol' boys and it worked for them in three elections.

Steve M. said...

So you don't think Trump will be able to run with it?

It'll be one thing he uses against Cruz, but I really don't think he'll get much traction out of it. Canada, maybe, but not this.

Four Bs said...

If Hillary Clinton had taken a loan and not disclosed it, Trey Gowdy would be firing up the #loanghazi! committee as we speak.

Victor said...

Great one, @Four B's!

Ten Bears said...

I've been gracing these hallowed halls for quite some time now, as you well know. Don't think I've ever seen you do that.

sdhays said...

The way I see it, Cruz needs to beat Trump in Iowa to stand a chance. Getting a loan from Goldman Sachs (not just any old bank) does not help. And it's not even the fact that he got the loan and "forgot" to report it, but that it brings up the topic of his wife being a Goldman Sachs executive. Those people aren't popular, even among Republicans. If a few Republicans in Iowa think twice about this guy who is married to a Goldman Sachs executive, then Trump wins Iowa, then New Hampshire, then South Carolina, and Cruz is done. It's the same as the birther issue; it doesn't really matter if Cruz is eligible - the doubt being seeded right now could cost Cruz just enough to prevent his campaign catching fire in Iowa.

If Cruz was better liked in the party, he might be able to weather minor setbacks like these, but he's in a similar position to Trump - he has to deliver success or see his bubble pop. The establishment seems to be deciding that if the choice is between Trump and Cruz, they'd prefer Trump. So it seems that Cruz very well may expect to see weeks of bad press up to the Iowa caucuses. I may be wrong, but I don't see him as being as teflon as Donald Trump.

Webb Rowan said...

I don't see anything good coming out of taking all of your finances out to put into anything less than a sure thing. It really took a lot of confidence to go ahead with that move right there!

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