The Washington Post

pa2012.com is proud to partner with The Washington Post in bringing our originally reported insider political news to a wide audience of decision makers and opinion leaders across the country.

Close it

DSCC keeps up derivatives attack in new ad

Democrats are staying on the attack against Pat Toomey, using a new TV ad to once again blame the GOP Senate candidate for the financial crisis.

The new ad from the Democratic Senatorial Campaign Committee, embedded at bottom, comes two weeks after the party first went on the air in Pennsylvania, and just a couple days after Democratic nominee Joe Sestak started running his first ad. Toomey and his conservative allies have been hammering Sestak on the airwaves for months.

The latest 30-second spot seems to repeat the misleading claim that Toomey “pioneered derivatives” that “nearly wrecked our economy”—the same charge that fact-checkers took issue with in the DSCC’s last ad. In the 1980s, Toomey traded currency derivatives, but the so-called credit default swap derivatives that many blame for the 2008 financial crisis weren’t developed until Toomey left the industry. The DSCC is on slightly firmer ground this time in simply saying that Toomey “pioneered” derivatives and that derivatives “nearly wrecked” the economy—but the claim is still misleading.

“The evidence is clear,” the ad says. “Pat Toomey stands up for Wall Street, not you.”

The ad also continues the Democratic onslaught against Toomey’s position on Social Security. Toomey has long been one of the leading advocates for personal investment accounts as an alternative to Social Security—the plan pushed by former President George W. Bush that is widely referred to as privatization. Toomey has avoided the word privatization—language conservatives believe is unfairly loaded—but has maintained his support of the policy itself.

The ad says that Toomey’s plan would put “your Social Security at risk in the stock market”—a claim that is accurate in the broadest sense but still somewhat misleading. Most privatization plans call for only optional personal accounts, and even then, benefits would largely continue to come from the government-run Social Security program.

“Privatizing Social Security, helping Wall Street,” the ad says. “Pat Toomey: He’s not for you.”

share001btn DSCC keeps up derivatives attack in new ad

September 1, 2010 at 3:45 pm

--pa2010.com Staff

Tags: , ,

comments

comments [19] | post a comment

  1. bill healy

    Sep 1st, 2010

    The republican party has been trying to kill SS since 1936, they are not friends to the elderly or disabled. To think that Toomey’s plan is anything other than yet another republican plan to destroy SS is naive.

  2. Nick C.

    Sep 1st, 2010

    Joe Sestak has nothing positive to say about himself so he’s on the attack. Toomey is going to wipe the floor with him.

  3. David Diano

    Sep 1st, 2010

    Looks like this election’s going to be a battle to see who can come up with the most misleading ad.

    Bill-
    Shhhh… the Republican don’t want people knowing they want to eliminate Social Security (and Medicare). They want it to be a surprise.

  4. JB

    Sep 1st, 2010

    Nick, Joe Sestak hasn’t said anything since the primary, and that’s his big problem. The only anti-Toomey ads have been put out by the DSCC. One of the most important rules of political campaigns (and PR in general) is that you MUST make sure that you define yourself, instead of letting others define you. Joe Sestak violated this rule, and it’s probabl going to cost him what chance he had at a Senate seat.

  5. bill healy

    Sep 1st, 2010

    JB That sounds exactly like what you were claiming during the primary. Toomey’s been running ads since the primary election. His numbers are remarkably the same now as then. He has peaked at 47% not enough to win. He has no where to go but down. If three months of unanswered lies and distortions haven’t helped him I doubt another two months of the same will be any more helpful. Joe will win this seat handily probably by 8 pts.
    The reason Toomey had to run negative ads from May 18th till now is because he can’t run on his record and he can’t run on what he will do if elected. I expect the Sestak campaign will run a barrage of ads in the final month and slam Toomey repeatedly with his own dammin words.

  6. David Diano

    Sep 1st, 2010

    JB-
    Sestak’s defining himself as “that Admiral guy” to exploit his military service for personal gain (rather than as a sitting Congressman seeking a higher office). The campaign even has new T-shirt with just the word “Admiral” on the front. Pathetic and disgraceful. Everything we’ve come to expect from someone who treats military service like a theater prop.

  7. bill healy

    Sep 1st, 2010

    Gee Dave your everything we expect from someone with no respect for our Armed forces or anyone who served in them. Must be a great business builder when most of the Democratic candidates for office in this area are Veterans. Pathetic and disgraceful doesn’t even begin to describe you.

  8. Texmex

    Sep 1st, 2010

    Toomey pioneered the derivates that wrecked our economy? Really? Default credit swaps are the financial instrument that overheated Wall Street, and they were pioneered long after Toomey left the banking sector to start up restaurants and bars. Funny thing is, the guy who wrote the ad and his client have a looooot of money invested in the stock market. Sshhhhh……

  9. David Diano

    Sep 2nd, 2010

    Bill-
    You’d be surprised by how many of those vets share my opinion of Sestak’s character.

  10. bill healy

    Sep 2nd, 2010

    Dave I’d be shocked if any of them did.

  11. bill healy

    Sep 2nd, 2010

    Nick C.
    This isn’t a Joe Sestak ad. Pat Toomey’s been running nothing but negative ads for the past 3 months, guess he has nothing positive to say. Can’t run on his record, can’t run on what he would do if (god forbid) he were elected, so he is all negative all the time. Only thing we agree on is that Toomey is fit to wipe floors.

  12. David Diano

    Sep 2nd, 2010

    Bill-
    After Joe loses (and you recover from that shock), no one will be afraid of him anymore, so you might meet a few.

    Or rather, you’ve probably already met them, but you didn’t know how they feel about Joe.

  13. bill healy

    Sep 2nd, 2010

    I know they aren’t afraid to tell me what a joke they think you are. Sestak by 8. Toomey’s peaked at less than 50% can’t win unless you have 51% Look for Sestak to win by at least 8. Delusional Dave didn’t you tell me how I would be crying in May? Sestak by 8+

  14. David Diano

    Sep 2nd, 2010

    Bill-
    I guess that’s why candidates and committee people call ME for help and voter data, and laugh when I ask how come they didn’t ask Sestak’s team for help. I asked one of this year’s candidates if he/she was going to ask Sestak for help. His/her response: “If I want to get rejected, I’ll go to a bar.”

    Sestak got beaten here in the SE where voters knew BOTH candidates the best. I was shocked by how badly the rest of the Dems in the state blew it with short term thinking and falling for Joe’s petty attacks. If Specter had won, we’d be in much better shape, especially because Arlen would actually be working on a coordinated campaign and have more money.

    If the DSCC is smart, they will realize this race is a lost cause and stop diverting money from races that are closer and winnable. Even if $4.4 million could win the race for PA, I’d much rather it was divided up among the 4-5 close races where a million could tip the race.

    I realize that in the “Sestak Universe”, you guys think having Joe win is worth losing three or four other Senate seats.

  15. TB

    Sep 2nd, 2010

    Diano, I’d love to know what races are, ‘closer and winnable’ in your judgment?

  16. David Diano

    Sep 2nd, 2010

    TB-
    That’s easy:
    http://fivethirtyeight.blogs.nytimes.com/

    Look at the rankings and expected chances.
    Currently, Sestak’s got an estimated 12% chance of holding the seat for the Dems. That’s like 1 side of an 8-side die.

    The other races are closer to coin-flips.

    Harry Reid has a MUCH better chance to keep Nevada, and $1 million goes a lot further there, than here.
    Illinois, Washington, California and Kentucky are all MUCH better Dem prospects, but could easily be lost. An extra $1 million could have more impact on these races, rather than a long-shot like Sestak.

  17. TB

    Sep 3rd, 2010

    Harry Reid is going to win Neveda and he is going to win without outside help. His opponent is falling apart at the seems and Harry is the best damn slash and burn, take no prisoners campaigner out West. Barbara Boxer should take a page from his book and start ripping out Carla Fiorina’s hair.

    Sestak can win still win. It’s not too late.

  18. David Diano

    Sep 5th, 2010

    TB-
    I’m not saying that it’s not possible for Sestak to win. What I am saying is:

    1) It’s very unlikely Sestak will win

    2) If he can win it’s going to be VERY, VERY expensive

    3) That money would do more to help the odds of several Dem candidates, who are struggling, but not longshots like Sestak.

    Therefore: an unlikely Sestak win is NOT worth the risk of losing several other Senate seats, given the limited dollar resources available.

  19. love Sestak

    Sep 8th, 2010

    Diano is a closet Rep. If you can’t say anything “nice” about our (?) Dem candidate Sestak, don’t say anything at all, or go work for Toomey. You are the enemy within.

Leave a Reply


- will not be published