The New Democratic Party of The Rich

Joel Kotkin reports:

Even for politicians, it must seem somewhat of a stretch to troll for dollars in the luxury condos of Manhattan and Chicago one day, and play class warfare the next. Once in power, it’s unlikely Democrats will do much more than talk about curbing the excesses of the rich. Already, one of their leading lights, New York Senator Charles Schumer, has emerged as chief defender of the hedge-fund industry, an emerging bulwark of Democratic support.

If he becomes president, you can’t expect much negativism about rapacious hedge-fund managers from Senator Obama, who emerged as the early favorite of highly compensated, younger Wall Street executives. “Mr. Obama might be struggling with the blue collar vote in Pennsylvania,” noted New York Times Wall Street maven Andrew Ross Sorkin, “but he has nailed the hedge-fund vote.”

Another great one from Joel Kotkin.