Political Hay
Banking on Mike Castle
How the Delaware Republican moderate could still prove useful to Democratic cap-and-trade schemers.
Here’s the scenario — it’s 14 days after the 2010 midterm elections. The American people made their voices heard at the ballot box and voted for an ideological shift in the United States Congress. But despite this clear voter sentiment, a desire for change, Senate Majority Leader Harry Reid decides to announce an aggressive legislative agenda to finish out the second session of the 111th Congress.
That’s not a far-fetched scenario to envision, especially when it comes to Senate Democrats making a last run at passing cap-and-trade. It’s a possibility Carol Browner, Obama’s energy and environmental czar raised in a TV interview recently. So shouldn’t it be taken seriously?
One of the key storylines in this scenario would be the swearing in of the winner of the special election for Vice President Joe Biden’s former Senate seat in November. Right now, there are three legitimate contenders — 2006 Delaware U.S. Senate nominee Christine O’Donnell and Rep. Mike Castle on the Republican side, and on the Democratic side Delaware businessman Christopher Coons. Most polling gives Castle an edge over O’Donnell and Coons. And that’s a problem.
The problem is the winner will be seated right after the election and would give that newly sworn-in member the ability to vote on bills during the so-called lame-duck session. And if cap-and-trade comes up during the session, there’s a historical precedent showing how Castle would vote.
Castle has been friendly with the environmental movement in the past, but the most telling part of the narrative is that in 2009, when the House passed its version of the bill, Castle was a “yes” vote. One of eight Republicans to go the other way, he had no qualms with bucking the trend of his party. The question is, why?
It’s not as simple as labeling Castle a greenie, tree-hugging Republican, but more along the line of the interests supporting the nine-term congressman. As Delaware’s former governor, Castle has a pattern of looking after the banking industry, a major component of the state’s economy. He did this first as public servant in state government, but more recently in Congress as a member of the House Financial Services Committee.
Should cap-and-trade be signed into law, it would place limits on carbon emissions, and as National Center for Public Policy Research’s Tom Borelli says, it would lead to “the creation of the largest commodity market in the world.” Borelli adds that the Commodities Futures Trading Commission estimates a $2-trillion futures market would be created “in relatively short order,” which he says would be larger than the futures market for oil and gas.
An entire new trading market created out of thin air? It’s no wonder Castle would be on board. Wall Street firms would stand to profit off of each transaction made in on such an exchange. So the immediate benefits of cap-and-trade for the banking industry would certainly outweigh any long-term concerns it may present the industry for the overall economy.
Because of its lax regulations and corporate governance laws, more than 50 percent of all publicly traded companies in the United States, including 63 percent of Fortune 500 companies have made Delaware their “legal” home, according to the state’s website. The same is true with the banking industry.
With that distinction of being corporation-friendly, Bank of America, JPMorgan Chase, Citigroup, Deutsche Bank and Barclays all have a major presence within the state and have considerable influence in the Delaware state legislature. However, these banks wield that influence beyond Dover and into Washington as well.
Take a look at Castle’s campaign contributors. The Delaware congressman has been a favorite of the banking industry when it comes time to filling campaign coffers. According to the Center for Responsive Politics website OpenSecrets.org, since his election to Congress in 1992, three of Castle’s top five contributors have been from the banking industry — MBNA Corp (acquired by Bank of America in 2006), Bank of America and Morgan Stanley. And 10 of his top 20 contributors were banking firms.
As things stand now, Reid has demonstrated he has been able to break filibuster by peeling off a few votes for cloture, in particular Massachusetts’s Scott Brown and Maine’s Olympia Snowe and Susan Collins. But with the departure of Sen. Ted Kaufmann, the current Delaware junior senator, the Democratic leadership will either have to find one more vote to get legislation through in this lame-duck session, or they have to find one less vote, particularly on cap-and-trade, if Castle wins the race.
So why would Mike Castle be dangerous in a 2010 lame-duck session of the U.S. Senate with cap-and-trade legislation on the table? The answer is pretty obvious.
Letter to the Editor View all comments (24) | Leave a comment
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Ken (Old Texican)| 8.17.10 @ 7:05AM
Thomas Sowell is
on NRO these five days on video discussing America. (Scroll to the bottom of their home page.)
D| 8.17.10 @ 8:49AM
Um, Chris Coons is in the middle of his second term as New Castle County Executive. He is not a businessman.
He is also a liberal hack who would fit right in with the other Democrat senators, but that's beside the point, I guess.
Castle versus Coons is a choice between the lesser of two non-ideal choices. Christine O'Donnell is anice idea, but this is Delaware. It's very blue.
DEConservative(EvanQ) | 8.17.10 @ 11:46AM
What makes Delaware a very blue state? Is it the fact that just 10 years ago Tom Carper (a conservative Democrat then) was our governor, preceded by 20+ years of Conservative Governors? (and yes, back then, when Castle was a disciple of Pete DuPont he actually WAS fairly conservative) Is it the fact that Bill Roth was one of our Senators for some time (doesn't get more fiscally conservative than the man they named an IRA after). Perhaps you refer to the fact that semi-centrist Jack Markell was recently elected over the more liberal John Carney (and against Bill Lee...Republican Party elite choice who didn't understand why he had to attend the African American Festival because it's not like "they" were going to vote for him anyway).
When the GOP runs the perennial Mike Castle's of the world that makes the Dems and Repubs nothing but different shades of the same color blue of course the people will generally shift that way. When given the opportunity to move Delaware back to the right where it belongs, they almost ALWAYS vote that way. Carper and Castle were both considered "conservative" when they were elected and have both shifted to the left in Washington. Biden is the only real "liberal" mainstay and he's such a household name that why WOULDN'T the people continue supporting him. He is afterall...OUR idiot.
R Martin| 8.17.10 @ 9:16AM
Jeff, I hope you've send this piece to the News Journal in Wilmington. They never print my anti Castle stuff but, as a real writer, you might fare better. You're dead right on the threat Castle poses to Delawareans who generate 65 percent of their electricity from coal. His cap and trade vote will disadvantage most of us while benefiting his big backers--and I'm not referring only to the banks. There are large corporations here (no prize for guessing) who are not emitters, and they will make big money selling their excess allowances. Castle is in their pocket.
Ken (Old Texican)| 8.17.10 @ 9:26AM
Well,
another thought: Like the man said "All politics is local".
Somebody up there in Delaware should put a pencil to the pluses and minuses for a majority of the voters...AND GET THE WORD OUT RIGHT THE HELL NOW!
DEConservative(EvanQ) | 8.17.10 @ 11:48AM
Ken..I'm with you...check out www.cscsociety.org and support a group that is out to stop Castle from taking over the Senate seat and hurting America.
ncatty| 8.17.10 @ 9:35AM
After "deeming the bill passed," "reconciliation," and passing unread bills, is there any doubt that the lame duck session will attempt to pass cap and tax?
Steve A| 8.17.10 @ 9:49AM
Let these fools ram thru cap & tax & amnesty in a lame duck session & they will so alienate the independent segment of voters that they will relegate themselves to a minority political party for a generation. Bring it on.
Conservativeiam | 8.17.10 @ 9:56AM
THANK YOU FOR FINALLY putting this race into it's proper perspective! This is a Delaware race with NATIONAL implications. The DE political establishment, the noxious blogosphere and even values voters are all playing a game of 'what has she done for us lately' and 'show us the money'. They, and others across the Nation, need to get behind Christine O'Donnell in order to ensure SOMEONE STANDS UP against the full slate of destructive legislation on the lame duck agenda. Send money, get on FB, comment on blogs-do something! Or, like so many, sit and continue to watch your freedoms and your money go down the progressive toilet.
Anthony| 8.17.10 @ 11:00AM
So Alfred E. Newman became a U.S. senator from Delaware, who knew? I always wondered what happened to ole Al, and now I know.
Hey Al, err, Mike, "What me worry?" I sure as hell would if I were in your shoes.
George S| 8.17.10 @ 11:32AM
Castle is not the problem, nor is he the solution. This carbon market scheme is not going to go away because their is way too much money to be made. Imagine if Congress passed a law mandating that all people must buy stocks and bonds. Would Wall Street approve?
If not Castle, then someone else. Cap and Trade would compel people with the threat of death or imprisonment to shift capital into the carbon markets. The temptation is just too great. After all, that money is going to wind up in someone's pocket, no?
ncatty| 8.17.10 @ 2:05PM
You are correct.
Ken (Old Texican)| 8.17.10 @ 12:09PM
I'm writing as fast as I can...as smart as I can.
Right now...the working title is "The Nays of Texas". It is wholly fiction...but still may land me in jail.
...Cap and trade will put you folks in the dark...
I hope you folks won't enjoy it
Gill O’Teen ✝✡$| 8.17.10 @ 12:57PM
None of this matters anymore. Cap and Trade will not destroy OUR country. the incompetent won can now safely book a speech on the USS Abraham Lincoln and cover its flight deck with trillions of newly minted “Mission Accomplished” banners. On June 1, 2Yo, the National Debt Clock revealed to the 3 or 4 paying attention that OUR National Debt was a trifling $13,028,082,750,655. Yesterday, it was a nothing to be concerned about $13,332,445,030,508, an increase of ONLY $304,362,279,853. On those same days, OUR GDP was $14,396,745,612,137 and $14,476,733,004,936 respectively. An increase of $79,987,392,799. That’s right, fan club. OUR Debt is growing 3.8051281 times faster than OUR GDP. The only mystery remaining is whether or not the real name of the captain of OUR ship of state is Max Pruss or Edward John Smith as our choice now is only between death by fire or death by ice.
Gill O’Teen ✝✡$
Don’t Tread on Me.
gill.Oteen07041776@gmail.com
“He that dies pays all debts.” - William Shakespeare (The Tempest, Act 3, Scene 2)
Only 887 days to go
Bob350 | 8.17.10 @ 3:19PM
I have written two letters to the Delaware News Journel in support of Christine Odonnell and had both of them printed. Mike Castle has to go and this is but one of the reasons. He is not a Conservative and there has even been a" whisper of a hint" that he will switch parties if he should win. Christine Odonnell is the Consevative canadite in this race and she needs all the help that she can get.
Mike Castle must go.
Clinton nee Publius| 8.17.10 @ 3:46PM
Elections have consequences. Voting for Democrats and Republicans has produced this unprecedented opportunity for the rape of our country at the hands of the liberal-progressive movement. In 77 days you can vote for a liberal, vote for a conservative or vote independently for Tea Party candidates and Libertarian candidates. A vote for a conservative is a vote for more of the same. I've voted for Republicans on a straight-ticket basis for 30 years and for 30 years all we have heard is excuses for what happens after the elections.
Never
Again
I won't vote for a Republican ever again.
Not one dime of my money.
I'm sick of the corrupt ruling class and I'm tired of the "this is the most important election - we have to put them into office and then we'll get it straightened out afterwards."
The straightening out afterwards part is always a sham.
George True| 8.17.10 @ 6:46PM
CNP: So in the example of the Delaware senate race, who would you vote for? Tle leftist Democrat, the conservative Republican, or the RINO? Are you saying that if the RINO wins the Republican primary you would vote for the leftist Democrat? That doesn't make a lot of sense. Or if the conservative wins the Republican primary you wold vote for the leftist Democrat? That makes even less sense. Or would you not vote? That would make no sense at all.
There is only one imperative for this November, and that is to vote out Democrats of all stripes. As we have seen over the last 18 months, there really is no such thing as a "moderate" Democrat these days. They all stuck together like glue to pass the disastrous Socialist Obama agenda.
ALL Democrats have to be defeated wherever and whenever possible. And the only way to do that is to vote FOR Republicans. Even if the true conservative Republican does not win the primary, the "moderate" Republican is still a better choice than just about any Democrat. Yes, if there is a good independent or Libertarian conservative running against a RINO in the primary, certainly we should support the true conservative. But no matter who wins the primary, even if it is the RINO, we MUST get rid of the Democrats. Then we can try to replace the RINO in 2012. In the meantime, the RINO will probably not be as harmful as the Democrat, and he may even be helpful at least some of the time.
Think of it as a multi-stage winnowing out process. November 2010 is just the first stage. The RINO Republicans that we are not able to replace this year we can have another shot at replacing in 2012. Lather. Rinse. Repeat.
ds80| 8.17.10 @ 9:30PM
Clinton nee Publius is just taking his marbles and going home to color in his coloring book instead of having to think like a discerning adult.
H the conservative| 9.27.10 @ 10:35PM
Have you not noticed that the Republicans have done all they could to stop the rape of the American people by the dems
Thorvald| 8.20.10 @ 12:18AM
If Republican meant what it said, if it were a brand instead of a "tent", every marketing strategy in the world would force these fakes into the Dem-Commie party where they belong. Let the Ogabe supporters split off their "Social-Progressive Party, and leave Republican for what it is.
We're the middle and the Right. They are the Left.
JP| 9.3.10 @ 6:20PM
I have to disagree with George. At this point, conservatives will take the House. As long as they stand strong, spending can be constrained. In the Senate, it is better to vote for the Dem in a RINO wins the primary. Liberals have to be drummed out of the Republican Party, and the only way to do that is to make sure no RINO is ever elected. If the leftists get a few wildly unpopular things through as a result, it belongs totally to the Dems and just increases the chances for more true conservatives in the next election. Giving a RINO 6 years of damage can't ever be justified when they will vote Dem every time they can.
NJK| 9.8.10 @ 12:55PM
This speaks volumes. They try to destroy any candidate who comes along, and values the United States Constitution. This man needs to go.
Mike Castle: Worse than a RINO
As many of you know who read my blog, I am no fan of Senator John McCain. A man who has sold his principles one too many times to ingratiate himself with the beltway and media. But when it comes to Representative Mike Castle, he makes McCain look like another Jim DeMint.
Supporting the DISCLOSE Act, Cap and Trade, as well as being against the repeal of Obamacare does not spell out republican to me: He is a liberal.
I decided to look at Castle’s record in the House to see if he at least votes for republican issues 80% of the time, following Ronald Reagan’s golden rule. I find out, it’s worse.
According to the ACU (American Conservatives Union), Castle received a 28 out of 100 in 2008 for voting for conservative causes. Suddenly it piked in 2009, not by much. He received a 56. Slightly above half. And a lifetime rating of 52.49.
Contrast that to Senator McCain. At least McCain is trying to espouse some conservative bonafides 96 in 2009 and 63 in 2008, with a lifetime rating of 81.97. Lindsey Graham has an 88 rating in 2009, 82 in 2008, and a lifetime rating of 89.68.
I’m aware that we are talking about Delaware here, however, the mood in this country is for real conservative change, if Delaware can shake things up and get a real conservative in the race, why the heck won’t we support such a conservative woman as Christine O’Donnell in the race?
Republicans are in a volatile situation right now. The tea party and conservatives are attentive to what goes on in Washington. Obama has shaken voters to the core with the policies he has enacted. Not to mention, how the establishment republicans are treating conservatives who are a clear alternative to Obama and the liberals in the senate. Just look at what was done to Joe Miller, Rand Paul, Sarah Palin, and Marco Rubio to name a few. These people are stalwart conservatives, but ostracized by the establishment. Yet they made it out, thanks to grassroots support.
Delaware is no different. Now we see the state chairman of the Delaware GOP, who seems to be in the backpocket of Mike Castle, come out of the beltway closet to lambaste Christine O’Donnell:
State GOP chairman Tom Ross has dismissed O’Donnell as a perennial candidate unworthy of being elected dog catcher, and even some fellow conservatives have turned on her.
This is the kind of contempt we have to deal with, when it comes to the beltway elite.
If the republican party has a Mike Castle who will vote for dangerous liberal policies that will overtax, overregulate, and overgrow the size of government, you can bet in the future, the republican party is in trouble.
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