Historically the GOP has always had a cultural divide between pro-business country club conservatives, and the grass-roots social cons.
As we’ve suggested this is changing a little — a new split is emerging between moderates who claim they want to reduce the deficit, and radicals who REALLY want to do something about the deficit, like never ever vote for a non-balanced budget.
But there’s another split and that’s on the subject of bailouts. The Tea Party (rightfully) HATES them. It’s such a driving motivator that multiple pro-TARP Republicans have lost in primaries this year, notably SC’s Bob Ingliss and Delaware’s Mike Cast.e
Meanwhile, as you know, Wall Street has shifted its support from Dems to Republicans, because many believe that the White House has hung them out to dry and vilified them.
On CNBC, guests express shock — shock! — when Obama suggests that some of his supporters think he’s been too nice to Wall Street.
So guess what, this is going to be a bit of a problem. You have the big money guys supporting a party (the GOP) whose real grassroots are virulently anti-bailouts. Let’s see how this works out.