America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.

“Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.

TRUMP HITS BIDEN ON FRACKING: ‘PENNSYLVANIA WILL NEVER GO FOR HIM’

Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to OpenSecrets.

Employees from Goldman Sachs have contributed $156,584 to Biden’s campaign, JPMorgan Chase has raised $379,057, and $257,821 has come from Morgan Stanley.

The same leaders in the banking sphere have contributed significantly less to Trump and outside groups supporting the Republican, to the tune of $11,943 from Goldman Sachs, $86,083 from JPMorgan Chase, and $96,010 from Morgan Stanley.

Additionally, backers from Wells Fargo have poured $267,000 into efforts to clinch a Democratic win while giving just $194,000 to Trump.

SILICON VALLEY REPORTEDLY POURING MONEY INTO BIDEN COFFERS — NOT SO MUCH FOR TRUMP

From Bank of America, Biden has raised $275,200, compared with Trump’s $164,911.

Earlier in the campaign, more progressive candidates such as Sen. Bernie Sanders, I-Vt., blasted corporate donations.

During his failed run for the White House, Sanders said he didn’t want to be beholden to banks or mega-donors.

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Senator Kamala Harris, Democratic vice presidential nominee, speaks during the U.S. vice presidential debate at the University of Utah in Salt Lake City, Utah, U.S., on Wednesday, Oct. 7, 2020.



Photo:

Kim Raff/Bloomberg News

Kamala Harris in Wednesday’s debate declared that Joe Biden’s Administration would make the U.S. “carbon neutral” by 2035—a more ambitious goal than even California has set—while at the same time disavowing plans to ban fracking for natural gas. We look forward to Mr. Biden explaining this apparent contradiction in the next debate, if there is one.

Meantime, it’s worth highlighting a new Energy Information Administration report that shows how fracking and competitive energy markets have done more to reduce CO2 emissions over the last decade than government regulation and renewable subsidies. Vice President Mike Pence made this point on Wednesday night, and he’s right.

According to the report, energy-related CO2 emissions in the U.S. fell 2.8% last year as many utilities replaced coal and heating oil with less expensive natural gas. Hydraulic fracturing combined with horizontal drilling has unleashed a gusher of natural gas production in the Midwest and Southwest. As a result, natural gas prices have plunged, putting many coal plants out of business.

CO2 emissions from coal declined by more than 50% from 2007 to 2019, the report notes, and by 15% in 2019 alone. Between 2016 and 2019 the share of electricity generated by natural gas rose to 38.1% from 33.7% and by non-carbon generation (including nuclear and hydropower) to 38.2% from 35.5%. Coal generation during this period plunged to 23.3% from 30.3%.

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  • Kamala Harris gave a blunt refresher on President Donald Trump’s finances early on in the vice-presidential debate Wednesday night.
  • “It would be really good to know who the president of the United States — the commander-in-chief — owes money to,” Harris said, referring to The New York Times’ investigation into Trump’s taxes that found him in debt for hundreds of millions of dollars in debt, $139 million of which he’s on the hook for within five years.
  • “Because the American people have a right to know what is influencing the president’s decisions, and is he making those decisions on the best interests of the American people — of you — or self-interest.”
  • “Just so everyone is clear, when we say in debt, it means you owe money to somebody” Harris said.
  • She also took a dig at Trump for how little he paid in federal income taxes.
  • “When I first heard about it, I literally said, ‘You mean $750,000?’ And it was like, no, $750.”
  • Visit Business Insider’s homepage for more stories.

Sen. Kamala Harris of California gave a plain-spoken assessment of President Donald Trump’s finances during Wednesday night’s debate, hitting Vice President Mike Pence over the lack of transparency when it comes to Trump’s debts.

Harris was referring to The New York Times’ investigation into Trump’s taxes, which found him mired hundreds of millions of dollars in debt obligations — $139 million of which he’s personally on the hook for within five years.

“We now know Donald Trump owes and is in debt for $400 million — and just so everyone is clear, when we say in debt, it means you owe money to somebody,” Harris said.

“Because the American people have a right to know what is influencing the president’s decisions, and

Democrat vice presidential nominee and Senator from California Kamala Harris. (Photo by KEREM YUCEL/AFP via Getty Images)

Democrat vice presidential nominee and Senator from California Kamala Harris. (Photo by KEREM YUCEL/AFP via Getty Images)

(CNSNews.com) – Democrats in and out of office are sounding alarms about the “national security threat” President Trump’s reported indebtedness may pose.

Sen. Kamala Harris (D-Calif.), Joe Biden’s running mate, told MSNBC on Monday:

This is why the American people deserve to have a full accounting of the financial interest, including the indebtedness of the president of the United States. And I do share in that concern. Who does he owe the money to? Tell us. Who do you owe the money to?

And do you owe debt to any foreign nation? You know, do you owe debt, do you owe money — let’s just be clear about what debt means. You owe somebody money. Do you owe anybody money who is impacted by any decision you make as president of the United States? We need to know that. The American people have a right to know that when the president of the United States acts, he acts with their priorities in mind, not with his priorities in mind.

And we’ve already known that he puts his political priorities in front of the American people. But we are now seeing in a way that is evident — clearly evident — that he also is prepared to put his personal interest ahead of the American people by not disclosing who he owes money to. And apparently he owes a lot of money. Maybe to a lot of people. And we should know.

The New York Times says it obtained tax return data going back more than two decades for  Trump and his business organization. “His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks