America’s economy runs on credit, and the stock and housing market slides come as credit markets everywhere hit a virtual stand-still. Consumer loans for automotive purchases and even student loans have dried up for many consumers. While the mortgage market comes to a halt and some banks are even hesitant to lend to each other, at least the National Republican Congressional Committee can still get a loan.
The NRCC secured an $8 million loan from North Carolina-based Wachovia this week in order to fund last-minute campaign activities. That would seem to give the committee about $22 million cash on hand, based on filings made through the end of August (September filings are due October 20).
That’s still well behind what the Democratic Congressional Campaign Committee has to offer. As of September 1, the DCCC had $54 million in the bank.
The NRCC has dealt with Wachovia before, and the company is used to giving to the GOP. Data from the Center for Responsive Politics shows the company’s PAC gives 62% of its contributions to Republicans, with a heavy importance on North Carolinians (the bank is based in Charlotte).
Wachovia itself is enmeshed in the financial crisis. A deal to allow Wells Fargo to acquire Wachovia is still being worked out. Still, it’s nice to see at least a small part of the credit market lending.
{ 10 comments… read them below or add one }
Hey, the republicants have to get their dough from somewhere. And why have lobbyists if they can’t come through for you some times at least?
Oh, Joe, you’re so silly.
Molly – you’re back ! Where you’ve been?
Out of state, out of mind.
We’ve missed your insightful wise and pithy comments. OB Rag has been boring since you quit commenting.
Actually working on the Obama campaign. Recruiting volunteers, training people, etc. Lots of people are voting for Obama. Lots of money pouring in.
Nice.
Still involved in electoral poltiics, are you? Obama is part of the problem.
Joe – thanks a lot – hopefully other readers think differently.
Molly – welcome back. We missed you too. And guys, it’s great when your timing matches each others.
Anonarchist – you must be in that part of the left that either completely rejects electoral politics or is only into the Green Party or other minor party. But, wait, you’re an anarchist. What organizations, if any, do you support? What’s the plan, then?
Oh, by the way, dougbob, wherever you are, where o’ where are all those republican jokes you promised us if we stayed on line?