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American Banker Editor-in-Chief Neil Weinberg on politicians keeping their distance from bankers.
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Things are certainly different than they used to be big banks in particular won't be feeling any love that either this year's conventions.
And that's different in the past my next guest says there's a very good reason for this Neil Weinberg joins me now he's the editor in chief.
Of American banker he'll welcome back to the show thank you so tell me get a -- bankers have fallen out of love or politicians upon -- up with bankers.
Imagine that I mean there's been a huge change over the last four years it's hard to believe that four years ago the most famous bankers in the country -- -- -- at the Democratic Convention in Denver.
What you you wrote and I had this is interesting that Rahm Emanuel was partying.
With the JPMorgan boxes right he was parting of the JPMorgan boss is Susan Sarin then a -- -- democratic Hollywood type was there as well.
And they were they -- in -- also with Bank of America because it was investing in green technology so there was a real love -- between the banks -- the Democrats back -- -- -- -- even the Republicans don't wanna be -- with bankers well I think -- most of -- -- viewers can imagine that if you were running for office right now you don't exactly wanna be seen with bankers but there's other issues here as well of course the Republicans have been receiving a lot of money from Wall Street.
But at the same time they don't wanna be seen publicly and the banks of course have been having their own financial problems and they're not -- -- necessarily gonna drop lots of money on these parties either.
To that point out one of the issues of course.
Being seen with bankers is that Americans don't trust bankers like they used to only 9%.
Of Americans say they have a great deal of confidence in -- almost as bad as our confidence in congress.
When policy is worse that's a great question I think the bankers are worse.
It's it's close it's close that I think that congress actually breaks double digits is something like 11% which is nothing to brag about -- the analyst Eric.
No work better than that because I've -- factors sad though that they go to this -- lack of trust also Dodd-Frank you say.
Sure Dodd-Frank has been the real.
Divorce issue between the Democrats who have been sponsoring it and the bankers who of course are vehemently opposed to Dodd-Frank the big banks don't like it because it could potentially.
Cause them.
A break up or it could cause them to have to deal with a great deal of regulation and to the smaller banks they complain that this is really.
Targeted at the big banks but it's killing us so the Democrats and the banks are totally at loggerheads over Dodd-Frank.
Hurts me to imagine though that lenders stop giving stop.
Contributing to the political parties that's not happening right.
No that's not happening -- you are seeing more of an imbalance -- you've seen at least since the 1980s namely the banks are giving a lot more of their money.
To the Republicans and of course bankers particularly Wall Street trading types are very good at hedging their -- but this time it's been very much a resounding a vote of wallet confidence for the Republicans well.
And certainly what we hear is a lack of confidence in Obama and money moving towards Mitt Romney -- believe that.
Well I certainly think if you're talking about the banking industry and if you're talking about Wall Street absolutely.
They're not too happy with what's been going on in the democratic administration -- that that's an understatement well there's a long -- that -- sorry Neal thanks for coming out tonight always great to see.
