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Real 'Work'? Clinton Swipes at Chelsea's Profession
February 19, 2008 4:48 PM
ABC News' Jennifer Parker and Eloise Harper Report: Sen. Hillary Clinton took a swipe at her daughter's profession today at an economic roundtable discussion at a restaurant in Parma, Ohio, suggesting wealthy investment bankers and hedge fund managers on Wall Street aren't doing real 'work.'
The former first lady's daughter, Chelsea Clinton, works for New York-based hedge fund Avenue Capital Group. She previously worked in New York for McKinsey & Company, her first job after graduating with her master's degree from Oxford University.
"We also have to reward work more," Clinton told a small group of Ohio residents today. "and by that, I mean, I have people in New York working on Wall Street as investment managers, as hedge fund executives. Under the tax code, they can pay a lower percentage of their income in taxes on $50 million dollars, than a teacher, or a nurse, or a truck driver in Parma pays on $50,000. That's very discouraging to people."
You just feel like, 'wait a minute. I'm working as hard as I can.' All those people you see in your law office. They're working as hard as they can and they feel like they're just getting further and further behind," Clinton said.
It's not the first time Clinton has taken a swipe against her daughter's profession. Campaigning in Wisconsin yesterday, Clinton railed against hedge funds as Chelsea sat off to the side.
"I saw a sign over here - someone has a t-shirt on, tax hedge fund dealers," Clinton said Monday, "well in this economy we are going to have a fair tax system again. A Wall Street investment manager, a hedge fund dealer, should not pay a lower percentage of taxes on his 50 million dollars worth of income.”
In 2006, Chelsea scolded her mother for telling an audience that young people "think work is a four-letter word." Clinton said daughter Chelsea called her to complain, arguing she does work hard and her friends work hard. Clinton later said she apologized to her daughter.
The line about investment fund and hedge fund managers has been introduced into Clinton's talking points as she campaigns across the economically struggling state of Ohio. Clinton is focusing her campaign on the delegate-rich states of Ohio and Texas voting March 4.
February 19, 2008 in Bush, George W., Tancredo, Tom | Permalink | User Comments (362)
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Anyone have a line on Team Clinton campaign $$$ coming from persons employed by hedge funds? I bet it dwarfs all other candidates.
Posted by: Vote4BO | Feb 19, 2008 5:13:36 PM
The Gallup daily tracking poll Feb 16 to18 shows Clinton closing on Obama from 49%-42% to 46%-45%. Since the poll is based on 3 days polling, I estimate the Monday Feb 18 polling by Gallup, Hillary Clinton with 50% and Barack Obama with 41%.
A Hillary Clinton win in Wisconsin (or losing by less than 5%) may confirm her campaign was effective over the weekend as reflected by my estimate of the National Gallup poll on Monday.
A quote from The New York Times, Feb. 19, 1992:
"Gov. Bill Clinton of Arkansas was comfortably in second place at 26 percent and in a position to take his resilient candidacy on to the string of primaries in his native South."
Celebrating today the comeback kid's 16th anniversary by Bill Clinton in 1992, will history repeat with Hillary Clinton in 2008?
Posted by: Angel | Feb 19, 2008 5:14:48 PM
How many millions - of the $140m wasted in their campaign - did the Clintons suck out of Wall Street and hedgefunders ? Their hypocrisy is boundless.
Posted by: AntiRestorationDemocrat | Feb 19, 2008 5:21:10 PM
Since when is it any surprise that Hilary "sold her sould" a long time ago. After the casualty she was relegated to (by the one-and-only Bill), we must understand that "she has to WIN" something in return for having stayed the aftermath. We can't be hard on her for dropping to any level in order to rise back to the mountain tops. Hilary has always had her "eyes on the prize", and there's no riding quirtly into the sunset for her EVER. She "will be avenged" in the end.
Posted by: Conserned Constituent | Feb 19, 2008 5:41:43 PM
Sour grape comments in this thread -- Hillary is willing to stand up for workinig class people. She has done so her whole life. This is not just recycled rhetoric from the Patrick...errr....Obama campaign. She has a long and distinguished career of standing up for the less fortunate.
Posted by: WestCoastMessenger | Feb 19, 2008 5:42:08 PM
In his healthcare plan, Senator Obama proposes to dramatically lower health insurance costs in order to make it affordable, and to PROVIDE FINANCIAL SUPPORT to those who may have financial issues.
On the other hand, Senator Clinton proposes to dramatically lower health insurance costs in order to make it affordable, and to PUNISH those who would fail to pay (see universal mandate).
Nevertheless, Senator Clinton insinuates that Senator Obama's plan discards some Americans!
SHE WILL SAY ANYTHING, .. SHE WILL DO ANYTHING TO GET ELECTED.
Posted by: Mark | Feb 19, 2008 5:43:28 PM
WestCoastMessenger - Clinton has done what? Can you provide any specifics to back up your opinion? Are you speaking of her Senate record? One or two concrete examples would suffice.
Posted by: Kevin | Feb 19, 2008 5:48:18 PM
Westcoastmanager - Like Kevin, I also want to know what exactly Hillary has done for us. Almost everything major she's been involved in has failed - most spectacularly, she wrecked our chances at getting health care reform in the 90s.
And, her senate career is undistinguished. Please, tell me all about her accomplishments.
And what's this about being such a great candidate to take on the Republican Attack Machine? Since when has she ever faced a tough opponent (No, Lazio doesn't count)? Only now, and guess what, the wheels are coming off. Feh.
Posted by: Eric | Feb 19, 2008 5:59:00 PM
Senator Clinton has "worked the night shift" (as she claims speciously in a new ad) about as much as George W. Bush has proven to be "a uniter, not a divider" and "a reformer with results."
Posted by: Mark | Feb 19, 2008 5:59:59 PM
Add me to the list as well, WestCoast: What precisely ARE Mrs. Clinton's "accomplishments," and what IS her much-vaunted 35 years' "experience"?
And for that matter, when will she be releasing her tax returns?
Posted by: Mark | Feb 19, 2008 6:02:21 PM
I suppose this is just me - perhaps the last person alive who happens to be pleased we won the Cold War - but when Clinton says "we also have to reward work more," isn't she taking another step away from traditional American perspectives?
I thought the jobs market rewarded our work. Those who want to advance are supposed to work hard, in a marketable job. In other words, we're primarily responsible for ourselves, and our own income.
Sure, there are exceptions - people who need help overcoming obstacles not of their making, or people who need help gaining equal access to opportunities. I don't think many in either party is arguing for a complete dismantling of our current safety nets.
That's all well and good, so long as its in a context of also not dismantling our fundamental American views on individualism, including individual responsibility. We've seen what happens to societies that lose their own sense of individualism, and they're among the most dysfunctional economies - and arguably societies - on the planet.
Several notable examples of this recognize it in themselves, and are trying to re-introduce some sense of individualism - namely the Russians who are desperately trying to rebuild a capitalist economy, and the Chinese, who have somewhat successfully implemented free enterprise zones.
Posted by: Paul | Feb 19, 2008 6:04:03 PM
Mrs. Clinton forgets that that 50K the investor claims as a capital gain has been taxed TWICE.
Nice populism.
Posted by: Ken Jensen | Feb 19, 2008 7:17:02 PM
Can someone please tell me how in the world a hedge fund guy making $50mil can pay less percentage than a $50k.
Posted by: Jason | Feb 19, 2008 7:21:01 PM
Won't someone just make Bill and Hillary go away. I am so tired of their negativity. They don't even know what their daughter does for a living nor appreciate the hypocrisy of claiming to be for blue collar workers when they haven't driven their own car in probably thirty years! tHEY DON'T EVEN WRITE THEIR OWN BOOKS WHICH HAVE MADE THEM FILTHY RICH. They don't even shop for themselves, they are an elite amongst the elite. Hillary comes from a spoiled and stress free environment, and while Bill had some real problems in his early life and overcame them, he makes hundreds of thousands of dollars making speeches [I guess words are worth something] He usually is just running around the world making millions for his libary selling his influence [ie. he's just a Presidential lobbyist] Enough with these two! MAKE THEM GO AWAY PLEASE!
Posted by: Jack | Feb 19, 2008 7:23:14 PM
She is so utterly shameless and craven; and still peddling class warfare when she has no clue what she's talking about. Those hedge-fund banking types work INSANE hours. And contribute far more to the national economy in taxes than a blowhard Senator from New York.
I pray her presidential ambitions implode, forcing her to slink back here to New York where her cultish followers will mindlessly reelect her until she's an embittered old Senator for life. Disgusting.
Posted by: daveednyc | Feb 19, 2008 7:23:50 PM
Do I here someone feverishly typing, trying to find anything substantial Miss Rodham has done? Come on WestCoastMessenger, I am waiting with bated breath.
Posted by: kabdude | Feb 19, 2008 7:24:29 PM
I hope she does win 50% to 41%. But it frightens me that Wisconsin has an insane system where any Obama Cultist, or anyone else, can walk in today from any where in the country, or from Canada, lie and claim they are a Wisconsinite, register and vote in either primary. That's scary.
Obama is not qualified, and his wife is an America-hating lunatic.
Posted by: Jim Alperson | Feb 19, 2008 7:26:33 PM
Is Chelsea Clinton being paid by the Clinton campaign while on her leave of absence? Hillary should remember where her daughter works; Chelsea was given the high-paying job by Clinton friends.
Posted by: DonW | Feb 19, 2008 7:27:46 PM
We remember when Hillary came into Western New York and promised 1,000's of jobs. This was about 8 years ago. Since then, we've LOST 1,000's of jobs and people. You're for Western New York right Hillary? What a crock! This lady is worst than a used car salesperson.
Posted by: Chris Buffaloski | Feb 19, 2008 7:28:07 PM
This speach is simply double talk for income and capital gains tax increases. She would never get elected if she just said plainly "I am going to raise your taxes."
Also, it's her view that she gets to "reward" and determine who keeps what through the power of governmental confiscation and redistribution, instead of the free market.
So, really, she should have just said, "I am going to decide who should get what in life, will tax you more and punish free enterprise."
Posted by: Glenn | Feb 19, 2008 7:28:22 PM
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