When Joe Biden was declared the big winner in South Carolina, you could hear Democratic donors from Manhattan to Malibu crying for joy. Buoyed by glowing, round-the-clock media coverage of his weekend blowout, Mr. Biden made an impressive showing on Super Tuesday. With the former vice president resurgent, the Democratic establishment now has an unexpected final chance to crush Bernie Sanders’s socialist revolution.
Mr. Sanders achieved early front-runner status by making the wealthy into boogeymen. Pushed to the wall by a rising tide of antiwealth sentiment, these elite Democratic donors feared losing control of their party to a socialist who didn’t need them and, worse, would make them his permanent scapegoat. The patronage system they had built over generations, which assured them of power and fortune, was at risk of forced liquidation.
The Democratic donor class had thrown money at a succession of candidates they judged better bets.
- Kamala Harris,
- Cory Booker,
- Beto O’Rourke and
- Pete Buttigieg
were each trumpeted, proclaimed by the establishment’s media organs as the next Barack Obama. Then, to the horror of their backers, most failed to connect with voters and exited early. Donors were dispirited.
Michael Bloomberg’s entrance was a potential safe harbor—and an attractive one, given the prospect that donors could have influence without having to open their wallets. But that notion was dispelled the moment Elizabeth Warren eviscerated him on the debate stage.
With no viable options left, donors were becoming quietly resigned to a Sanders loss to President Trump in November. They could thrive economically in a second Trump term, but they couldn’t survive politically if a socialist took over their party apparatus. Backing Mr. Biden became the last option to consolidate their resources and recover their slipping grip on political power.
Mr. Clyburn immediately used his political capital to make clear that Mr. Biden needed a campaign “overhaul.” The candidate agreed. With this go-ahead, the money men kicked their efforts into high gear trying to put his Humpty Dumpty operation back together again.
The choreography of the establishment consolidating its resources quickly became visible. Mr. Biden hauled in $5 million in the 24 hours after South Carolina. Then came withdrawal announcements from Mr. Buttigieg and Amy Klobuchar. By the time Mr. Buttigieg offered his endorsement, Mr. Biden’s finance team had recruited dozens of Mayor Pete’s “bundlers.” Top Obama confidantes made it known that “the signal” had been sent to back the former vice president.
Alongside these on-the-ground moves, some media analysts estimated that Mr. Biden enjoyed as much as $72 million in earned media “air cover.” The press’s goodwill filled the void while the Biden campaign rushed to fill its coffers for the contests beyond Super Tuesday.
On Wednesday, Mr. Biden received another political blessing. Mr. Bloomberg exited the race after his $570 million campaign netted an embarrassingly low haul of delegates. He then immediately endorsed Mr. Biden, who will undoubtedly be the beneficiary of the former New York mayor’s deep pockets.
With no billionaire primary candidates left to kick around, Mr. Sanders has turned his ire against Mr. Biden’s contributors. Taking the stage in Minnesota Monday night, Mr. Sanders reprimanded his audience when they booed Mr. Biden’s name. The former vice president was a longtime friend and “decent guy whose just wrong on the issues,” Mr. Sanders said. Then he went after Mr. Biden’s donors: “Does anybody think that we’re going to bring about the change we need in America when you are indebted to 60 billionaires?”
This is the moment my Democratic donor friends have dreamed of since Hillary Clinton lost. The battle for the soul of their party will be fought on the terms that both they and Mr. Sanders want: big-money power brokers versus a small-dollar socialist mob. Since 2015, Bernie Sanders has been a threat to the political relevance of the Democratic donor class. Now, they’re out for revenge and hoping to bankrupt the socialist revolution once and for all.