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In the final Democratic debate of the primaries on Feb. 26, New York Sen. Hillary Clinton trumpeted the populist theme of her campaign: "The wealthy and the well-connected have had a president," she said. "It's time we had a president for the middle class and working people."
The setting was Cleveland, Ohio -- a must-win state for Clinton in the March 4 Democratic primary as she tries to overtake Sen. Barack Obama of Illinois. Clinton portrays herself as a champion of the middle class, which she hopes will go over well with voters in Ohio, a state that has lost more than 200,000 jobs during George W. Bush's presidency.
But while Clinton's talk is tough -- opposing tax cuts for the wealthy, limiting the influence of special interests such as health insurers and Big Oil -- her record and support base indicate she's hardly an enemy of American business interests.
Some of the biggest names on Wall Street -- including John Mack, chief executive officer of Morgan Stanley (MS, news, msgs), and Steve Rattner, a managing principal of the Quadrangle Group -- have publicly endorsed Clinton.
She has more maxed-out, executive-level donors than either Obama or Sen. John McCain (R-Ariz.). She has pulled in $3.9 million from donors associated with the health-care industry, more than any other candidate. Donors affiliated with Goldman Sachs (GS, news, msgs) are her top contributors.
"On the stump, candidates often say things to voters that would make their contributors cringe, but in the end contributors have a good track record of getting what they want," says Massie Ritsch, a spokesman for the Center for Responsive Politics in Washington. "No matter who is elected president, Wall Street will have a friend in the White House."
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Clinton, however savvy she has been in her dealings with business, would not be the kind of pro-business president Bush has been. On Feb. 18, Clinton released a 13-page blueprint for fixing the economy that reads like a manifesto for working- and middle-class voters -- and against corporate interests. As Clinton stresses on the campaign trail, her health-care plan would mandate coverage for every American, with those who can't afford it eligible for government subsidies.
To address the mortgage crisis, she pledges to freeze home foreclosures for 90 days and subprime adjustable-rate mortgages for five years. She also pledges massive government investment in job creation for infrastructure projects such as roads and bridges, including the creation of at least 5 million new "green collar" jobs in cleaner and renewable energies.
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Which party is best for business?The primary-election campaigns of Republican John McCain and his two top Democratic rivals are presenting voters with clear differences on the issues of taxes, spending and trade.
She also talks in general terms about regulation, saying she favors "a regulatory framework that protects against the excesses that have led to the current housing crisis." Equally important, Clinton says she would work to take away some of the advantages business enjoyed under the Bush administration, including the Bush tax cuts, and free-trade agreements that don't impose core labor and environmental protections on the low-cost countries eager to cut deals with the United States.
Continued: Not strongly pro-business
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