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January 12, 2005
George Soros doubles down on $27M
The Democrats lost the 2004 elections for many reasons. For one, the "party of the working people" that claims to want to get big money out of politics has increasingly come to be funded by wealthy billionaires rather than a grassroots base of $50 to $5000 donors. (Howard Dean notwithstanding.) Republicans thus get some credibility in claiming to represent the middle class.
George Soros, who made his billions breaking the backs of small countries, has decided to double down on the $27M bet he lost in 2004, the Financial Times reports. If at first you don't succeed...
A group of billionaire philanthropists is to donate tens of millions more dollars to develop progressive political ideas in the US in an effort to counter the conservative ascendancy....
Far from being disillusioned by the defeat of John Kerry, the Democratic presidential candidate, the billionaires have resolved to invest further in the intellectual future of the left, said one person involved. Their commitment to provide new money comes amid criticism of the efforts of high-profile donors such as the Hungarian-born Mr Soros to sway US politics, as well as doubts about the effectiveness of record funding in helping the Democrat cause in 2004.
When Jon was running for Mayor in 2003, the committee forbade him from investing his own funds in the race. The reason is simple: raising small amounts from many people invests many people in the race's outcome. The Democrats may have plenty of funds, but at the end of the day money helps but motivated voters decide the election.
I agree with criticism that John Kerry wasn't a flawed candidate so much as he was running on a flawed or incoherent platform. To that end, Soros may be making a wise investment if the left can build its intellectual capital. But that requires a Clinton-like move towards the right, something many Democrats object to. Soros may just be doubling-down in the Democrats' civil war.
Posted by adrianjo at January 12, 2005 09:52 AM
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