No, the Tea Party Has Never Cared About Wall Street

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

Will Bunch is exactly right about this:

One of the biggest myths about the Tea Party is that a driving force in its creation was anger over bank and Wall Street bailouts. It’s true that some rank-and-file joiners did feel that way at first, but they were quickly co-opted by the movement leaders — including radio talkers and groups funded by the Koch Brothers — into worshipping the rich instead.

The tea partiers really do hate TARP, and they hate the auto bailout, and they hate the Fed and its money debasing ways. But the tea party’s leaders have always been careful to give those things plenty of lip service while channeling all the movement’s real energy into the issues that its big-dollar funders have always cared about most: lowering taxes on the wealthy, reducing regulations on corporations, and cutting spending on the poor.

After all, tea partiers could have poured their energy into protesting the AIG bailout. They could have poured their energy into insisting that Dodd-Frank be tightened up. They could have poured their energy into demands that the Fed be reformed and made more transparent.

But those were never more than side issues. The real issues for the tea partiers have always been healthcare reform, tax cuts, deficit fever, and EPA bashing. And in the most obvious tell of all, they were actively opposed to Dodd-Frank, a bizarre stand for an allegedly anti-bailout movement. The tea party, in the end, simply isn’t anything new. It’s the same old right-wing fluorescence we see every couple of decades or so, with all the same hobbyhorses. The media really should have figured that out by now.

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with the Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with the Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate