Democrats are wringing their hands over the latest circular firing squad, but I think all the self-promotion and betrayal is a good thing. It should remind Democrats why many working- and middle-class people either sit out elections or don’t think there’s a big difference between the parties. For the last 20 years, folks like Rattner, Booker and Ford have tried to make sure their party courted Wall Street more slavishly than the GOP – and they often succeeded. We ought to remember that history before we get carried away with our populist high-fiving in the 2012 campaign, convinced that Obama deserves to win the fealty of the unemployed, underemployed and Occupy Wall Street, too.

I’ve always kind of liked Cory Booker, even while knowing he was a privileged Ivy Leaguer in love with his own capacity to reconcile conflict and also to convince rich people and Republicans that Democrats don’t hate them – kind of like Barack Obama, before he got sandbagged by the modern GOP. I still don’t think Booker has gotten nearly enough grief for his multilayered betrayal of Obama on “Meet the Press.” For one thing, he stepped on the president’s message, which is a terrible move for a trusted surrogate. He also played the despicable false-equivalence game – and he did it again in the video he made to try to walk back some of the damage he’d done. Booker keeps claiming what he really finds “nauseating” are the negative super PAC ads “from both sides” – but the Bain attack is coming directly from the Obama campaign (although the pro-Obama Priorities USA contributed one ad to the mix). Besides, it’s outrageous to equate the Bain attacks with the Fred Davis-Joe Ricketts plan to morph the president into Rev. Jeremiah Wright. I expect Republicans to try to make that lame argument, not Democrats.

Maybe most unfair, Booker and Ford endorsed the GOP lie that Obama has it in for private equity generally, not merely the excesses of firms like Bain. They’re only egging on the Wall Street wusses who act like the president has nationalized the banks just because he signed on to the flawed Dodd-Frank bill and once called a few of them “fat cats.” Booker and Ford are clearly only out for themselves, anxious to prove there are some Democrats who still love Wall Street. Of course, this shouldn’t surprise us: Booker has teamed up with hedge fund moguls and other super-rich private equity folks (as well as Mark Zuckerberg and Bill Gates) in the course of reforming Newark’s schools as well as generally advancing his career. (He’s also ignored public records laws to keep those big donors from scrutiny.)

I wrote about Rattner’s comments earlier. By all accounts he did a decent job as auto czar, helping the president restructure the big three automakers and save the industry. But the big Democratic Party donor is clearly trying to pull the party back from those who are coming to understand that its fealty to Wall Street has hurt it with working- and middle-class voters – and much more important, has hurt the country. It’s Democrats who have for years protected the carried interest rule, keeping tax rates low for investors and private equity principals like Mitt Romney. Booker, Ford and Rattner are firing a warning shot at Democrats who are wandering away from their Wall Street. To its credit, the Obama team is doubling down on its Bain campaign, and let’s hope that continues.

Here’s the Romney ad:

Davis, Ayers and friends should remember that Obama sent in special ops to take out Somali pirates in 2010. These pirates’ fate might be similar. Politically, of course. I’m not suggesting anyone use violence against them. And they’re not suggesting anyone use violence against Obama, of course — although their pitch is chock-full of eliminationist rhetoric. From its title, which promises to “stop [Obama's] spending for good,” to its description of being “locked, loaded and ready” to “hit Barack right between the eyes” and bring about “his demise,” the memo the New York Times released today is right-wing hate porn, designed for maximum titillation to Ricketts, its intended audience. It may not have worked on Ricketts, whose PAC disavowed the plan Thursday afternoon after a day of negative publicity. But will it work on anyone else?

I doubt it. The 54-page PowerPoint is certainly a quick, fun read, a guide to the profiteering right-wing id. I loved the idea that they wanted to unveil the whole campaign in Charlotte during the Democratic convention: I can’t think of anything that would get the oft-divided Democratic Party fired up better than right-wingers with flyover Rev. Wright hate porn. Although the plan is supposedly designed to demonstrate Obama’s “incompetence,” it’s hard to see what Wright’s views have to do with Obama’s competence – unless you’re of the opinion that nothing says “incompetence” like a black man having something to do with another black man. The writers reassure Ricketts they’ve minimized the risk of being charged with racism by lining up a “highly literate” (that must have been hard) black spokesman, Larry Elder, whom they’re paying $25,000 to serve as frontman. (If I were Larry, I’d talk to an employment discrimination lawyer: I think a white guy would get more than $25,000 to front a $10 million ad campaign. Not to mention to sell his soul.)

Can the Wright fear-mongering work? I think it mainly plays with people who wouldn’t vote for the president, anyway. I’m one of the few liberals who wrote with concern about the Wright revelations back in 2008. I didn’t want to believe that Obama looked the other way as Wright preached the unredeemable evil of the United States (and most white people), along with self-defeating theories of black difference and downright lies about genocide. But I never believed Obama shared those opinions. I assumed he admired Trinity’s social work and political connections. I didn’t think he spent a whole lot of time in its pews or listening to Wright’s views. Still, I thought it was fair to look at what Obama’s ties to Wright told us about his politics – and like most people, I quickly decided: not much.

Four years later, independents are able to see that Obama has in fact been a fairly hawkish president, whose foreign policy certainly didn’t come from the Jeremiah Wright hymnal. In fact, his expansion of drone warfare, with its inevitable civilian casualties, is precisely the kind of thing Wright and other foreign policy critics think can result in “chickens coming home to roost.” And it’s not like the media ignored Wright, either. Remember that whole race speech candidate Obama had to make in March 2008 – against the advice of strategists who worried it would backfire?

The notion that the Wright mess didn’t get adequate attention comes down to one fact: that John McCain wouldn’t greenlight a lurid strategy to blacken Obama (literally and figuratively) with scary ads about Wright. For that, McCain earns derision from his former campaign advisors: They call him “a crusty old politician who often seemed confused, burdened with a campaign just as confused.”

What is Mitt Romney saying about the so-called Ricketts plan? He told reporters this morning he hadn’t had time to read the papers (typical Romney bravery), although he’d already done his own Wright-baiting in a February interview with Sean Hannity. By this afternoon, the Romney campaign released a statement disavowing the proposal (and Romney himself then told the conservative Townhall site that he would “repudiate” the Super PAC’s ad strategy). Even Ricketts did the same, in a statement from his PAC saying “he is neither the author nor the funder of the so-called Ricketts Plan to defeat Mr. Obama that The New York Times wrote about this morning…. [I]t reflects an approach to politics that Mr. Ricketts rejects and it was never a plan to be accepted but only a suggestion for a direction to take.” (Jeff Zeleny of the Times later Tweeted that a reference on page 46 of the plan suggests that it had received tentative approval at a meeting in New York.)

You can decide whether or not you believe that. I think it’s good news that even Joe Ricketts can be shamed out of such a crude and racialized appeal. That doesn’t mean we won’t see such appeals in the months to come, just that they probably won’t come with a prominent billionaire’s name on them.

Huh? Of course Obama cut taxes for the middle class in the 2009 Recovery Act, which Republicans consistently lie about, and Clinton controversially raised taxes on high earners (Romney would lower them) to cut the deficit in 1993. Meanwhile, Obama has left President Clinton’s welfare reform alone, despite rising rates of poverty and unemployment in the recession.

On Tuesday Romney took his attack up a notch, suggesting that “a personal beef” between the two men accounts for Obama allegedly rejecting Clinton’s centrism.

According to Romney, Clinton understood that “Democrats should no longer try to govern by proposing a new program for every problem. President Obama tucked away the Clinton doctrine in his large drawer of discarded ideas, along with transparency and bipartisanship. It’s enough to make you wonder if maybe it was a personal beef with the Clintons … but really it runs much deeper.”

There he is again, mean ol’ Mitt, trying to hype reports of personal tension between the last two Democratic presidents. It’s silly. Nobody denies there was trouble on the 2008 campaign trail during the Democratic primary, when the former president smarted at Obama camp charges that his overenthusiastic support for his wife’s candidacy, and diminishing of Obama’s, smacked of racism. And today, nobody suggests that the two guys are sneaking off to basketball games together or planning their next joint family trips. But whatever personal strain may persist, they put their problems behind them a long time ago.

Clinton stumped enthusiastically for Obama in 2008, and on behalf of the president and beleaguered Democrats in the 2010 midterms. Who can forget the current president calling on the past president to help him sell the idea of a compromise on the Bush tax cuts (to liberals, by the way) in December 2010 – and then walking away and leaving Clinton by himself at the lectern happily holding forth with the White House press corps (as Obama reportedly went off and did some Christmas shopping)? Currently Clinton is, of course, working hard to help Obama beat Romney. He recently attacked the presumptive Republican nominee for backing failed Bush policies “on steroids.”

As to the notion that Clinton was a centrist and Obama is a liberal: I think they’re both politicians with liberal hearts and centrist political instincts, working to make life better for the non-wealthy in an age when Republicans have become strident, extremist servants of the super-rich. President Clinton raised taxes on the rich. He signed the Family and Medical Leave Act, belatedly letting parents take time off after the birth of a child or when needed by a sick family member.  He let Newt Gingrich’s GOP shut down the government rather than agree to Medicare cuts; on that point, he might be more traditionally liberal than Obama, who entertained the idea of Medicare cuts while trying to get a “grand bargain” on the deficit last summer. (Since then, though, Clinton himself has come out in support of Simpson-Bowles, which would trim Medicare.)

Clinton vastly expanded the Earned Income Tax Credit, which is one main reason why low-income people don’t pay any federal withholding taxes – a scandal (according to all the GOP presidential contenders) that Romney’s tax plan would remedy by imposing taxes on low-wage earners. The EITC is the absolute best proof that it’s Romney who’s moved away from the appealing mainstream ideas of his party’s past, not Obama. The low-wage tax credit Clinton and Obama expanded was originally a Republican notion (inspired by Milton Friedman) to make poorly paying jobs an alternative to welfare. Signed into law by President Gerald R. Ford, it was expanded by George H.W. Bush, and also supported by George W. Bush.

It’s true that Clinton tried to pioneer a “Third Way” attempt at Democratic centrism, balancing the budget and ending “welfare as we know it.” He thought if he met increasingly radical Republicans halfway, the country might make progress. He thought wrong. Instead Romney’s party attacked the man Romney now purports to admire; attacked him viciously, from Day One, culminating in a nihilistic effort at impeachment for sexual indiscretions that are common in Washington, D.C.

What Romney is really trying to do now, of course, is cause trouble with the segment of the electorate that admired Hillary Clinton but took a while to warm up to Barack Obama in 2008, particularly the white working class, as well as white female Democrats and independents. I don’t see it working. I’m on record saying repeatedly that dismissing Clinton’s support with working-class whites as merely racism was mistaken and divisive when Democrats did it four years ago. Working-class voters had valid reasons to doubt the charismatic newcomer whose economic platform was marginally less progressive than Clinton’s, and who talked riskily – and naively, as it turned out – of a post-partisan rapprochement with Republicans.

But that doesn’t make those voters easy targets for Romney. His record as Bain Capital job destroyer combined with his enduring prep-school entitlement should make him less simpatico than Obama to those voters. Romney lacks Bill Clinton’s “I feel your pain” empathy for working-class folks; he comes across as the guy who’s more likely to cause them pain.

Oh, and Romney, by the way, wasn’t always such a Clinton admirer. In his book “Turnaround,” he tells the story of visiting the White House in 1999, while Clinton was president (h/t Andrew Kaczynski):

When we got through the Secret Service checkpoint for clearance at the West Wing, the agent handed each of us a badge to wear around our necks. Mine had a big, red A. I turned to Cindy and, in front of the agents, said, “Why do I have to wear this?” Thinking I was confused, she tried to explain that all visitors to the White House had to wear a badge. “I know that,” I responded, “I’m asking why I have to wear the red A around my neck. I’m not the one that cheated on my wife. He should be wearing the scarlet A- not me.” I grumbled all the way up the drive and into the West Wing lobby. The look on Cindy’s face was priceless.

What a jokester! What a hypocrite.

Rattner’s reaction to Obama’s tough Bain ad shows why Democrats have had a hard time capitalizing on anti-Wall Street sentiment among worried, screwed-over American voters: because for the last 20 years, at least, they’ve too often done Wall Street’s bidding almost as reliably as the GOP.

But Obama is to be praised for his aggressive rollout of RomneyEconomics.com, which features the new ads. The president is going to have a problem with voters who are not seeing signs of the economic recovery, particularly working-class whites who didn’t go to college. He probably can’t win a majority, but he has to defend his margin in 2008, when he did better with that group than John Kerry or Al Gore before him. He may not be able to do much before the election to make those voters feel less economic pain, but he can make clear that Romney would only make their pain worse. Because that’s what he’s done his whole career.

Obama’s new ad released Monday, which will run in the swing states of Iowa, Ohio, Pennsylvania, Virginia and Colorado, features laid-off workers from GST Steel in Kansas City describing how Romney’s Bain Capital acquired their employer and gutted it. GST went into bankruptcy in 2001, throwing 750 employees out of work with no health benefits and reduced pensions. Ultimately the federal government had to spend $44 million to bail out its pension fund. But Bain made $12 million on its original $8 million investment, along with another $4.5 million in “consulting fees.” This wasn’t an unusual situation for Bain: 22 percent of the company’s investments ultimately wound up in bankruptcy, but the company made healthy profits and consulting fees nonetheless.

“Bain Capital walked away with a lot of money that they made off this plant,” steel worker John Wiseman says. “We view Mitt Romney as a job destroyer.”

If that sounds familiar, that’s because Republican primary opponents Newt Gingrich and Rick Perry made similar charges against Romney. Obama’s ad accuses him of “vampire capitalism”; Perry accused him of “vulture capitalism.” Either one works for me. But the class warfare appeal didn’t seem to work in the GOP primary, where party leaders were more concerned about protecting business than trying to fake populism, and smacked down Gingrich and Perry for emulating Obama’s rhetoric. Will it work in November?

I think it will, as long as Obama combines it with practical proposals to ease the unemployment and underemployment crisis. One Wall Street Journal story that didn’t get enough attention last week found that if it wasn’t for public sector layoffs, the nation’s unemployment rate would be at roughly 7 percent. And those layoffs have been concentrated in red states, particularly Texas, Ohio, Wisconsin, Indiana, Michigan and Florida, where high-profile GOP governors have been spreading the pain on a state level that Paul Ryan would like to extend nationally. The nation’s unemployment crisis is at least partly a Republican production.

The economy is all Romney has against Obama. Just Monday morning, Romney spokesperson Andrea Saul falsely but energetically claimed that “Mitt Romney helped create more jobs in his private sector experience and more jobs as Governor of Massachusetts than President Obama has for the entire nation.” They’re brazen; they’ll keep repeating that without evidence. The most recent Gallup poll shows that 61 percent of voters say Romney would do a “good or very good job” with the economy if elected president. The CBS/New York Times poll released Monday showed Romney up over Obama by 3 points, with voters saying the economy was the most important issue to them. (The poll needs an asterisk because it’s following up with an earlier group of voters previously sampled, and only got in touch with two-thirds of them, which some analysts say could skew the results.)

But most voters haven’t tuned in to the presidential campaign yet. It’s important that Obama help those voters understand that Romney’s touted “experience” with the economy has more to do with job destruction than creation. The Obama ad features Romney saying, “I know why jobs come and why they go.” That last part is true. He certainly knows “why jobs go”: because guys like him make a fortune eliminating them.

I talked about the president’s new Bain Capital ad focus with Rep. Chaka Fattah on MSNBC’s “Politics Nation” with Rev. Al Sharpton:

Visit msnbc.com for breaking news, world news, and news about the economy

Much is being made of Toobin’s revelations about the dramatic internal political divisions and infighting within the court triggered by the CU decision (more on that later). But what I think is most politically significant in Toobin’s piece is that it shows the dramatic rightward – and backward — march of Republicanism over the last 30 years. In January 1982, Ronald Reagan famously wrote in his diary, “The press is trying to paint me as trying to undo the New Deal … I’m trying to undo the Great Society.” Reagan was anxious to unravel the anti-poverty programs Lyndon Johnson pushed into place (though not Medicare), but he collaborated with House Speaker Tip O’Neill to pass payroll tax increases to stabilize Social Security for the next 50 to 60 years.

Today’s Tea Party, of course, is going after what’s left of the Great Society and the New Deal too, trying to privatize Medicare and Social Security and undo the labor protections passed by Congress and many states in the wake of the Great Depression. But the Roberts court wants to go back even further, to the Progressive Era, when some politicians in both parties recognized that the omnipotence of Gilded Age robber barons had to be curbed – and that campaign finance regulation was a good place to start.

Back then a conservative Supreme Court majority also disagreed with that Progressive reform push. In an 1886 tax case it first held that the 14th Amendment’s equal protection laws applied to corporations. In its 1905 Lochner ruling, striking down a New York law limiting bakery workers to a six-day 60-hour week, it declared such regulations a breach of contract rights, an “unreasonable, unnecessary and arbitrary interference with the right of the individual to his personal liberty or to enter into those contracts in relation to labor which may seem to him appropriate or necessary for the support of himself and his family.” As Toobin observes, “In simple terms, the majority in Lochner turned the Fourteenth Amendment, which was enacted to protect the rights of newly freed slaves, into a mechanism to advance the interest of business owners.”

Progressive era reform also included campaign finance regulation, starting with the 1907 Tillman Act, which prevented corporations from directly contributing to campaigns. The Court let the act stand, but over the years a series of rulings by conservative majorities have managed to establish that money is “speech,” and though contributions could be regulated, expenditures – speech – could not.

Toobin shows decisively that the court could have kept its decision on Citizens United quite narrow. Attorney Theodore Olson wasn’t seeking to strike down McCain-Feingold, but to clarify that it applied to television commercials, not to 90-minute political “documentaries” such as “Hillary: The Movie” (a shriekingly negative “documentary” on the woman who was expected to be the 2008 Democratic presidential nominee). But in oral arguments the conservative justices sought to broaden their purview, and Roberts helped them along. “As the Chief Justice chose how broadly to change the law in this area, the real question for him, it seems, was how much he wanted to help the Republican Party,” Toobin writes. “Roberts’s choice was: a lot.”

After taking a shot at drafting the CU ruling himself, he later assigned it to “swing vote” Anthony Kennedy, whose views on campaign finance regulation reliably put him with the conservative majority. Assigned to write the dissent, outgoing Justice David Souter accused Roberts “of violating the Court’s own procedures to engineer the result he wanted,” Toobin says. That’s when Roberts took the extraordinary step of asking that CU be re-argued – though with five justices already committed to a sweeping attack on McCain-Feingold, the outcome of those re-arguments were never really in doubt.

And indeed, Kennedy again wound up writing the majority opinion, which found that “The Court has recognized that First Amendment protection extends to corporations” since 1886, and that in McCain-Feingold “the Government has muffled the voices that best represent the most significant segments of the economy.” It’s unclear from the context whether Kennedy is saying what he seems to be – that corporations “best represent the most significant segments of the economy.”

Justice John Paul Stevens, a moderate Republican once on the court’s more conservative end, wrote in his dissenting opinion, “Five Justices were unhappy with the limited nature of the case before us, so they changed the case to give themselves an opportunity to change the law.” Stevens’s dissent continued for a record 90 pages.

At bottom, the Court’s opinion is thus a rejection of the common sense of the American people, who have recognized a need to prevent corporations from undermining self-government since the founding, and who have fought against the distinctive corrupting potential of corporate electioneering since the days of Theodore Roosevelt. It is a strange time to repudiate that common sense. While American democracy is imperfect, few outside the majority of this Court would have thought its flaws included a dearth of corporate money in politics.

Toobin’s conclusion is no less scathing: “The Roberts Court, it appears, will guarantee moneyed interests the freedom to raise and spend any amount, from any source, at any time, in order to win elections.”

It’s worth noting that the most spirited opposition to Citizens United is coming from Montana, where the ties between Gilded Age corporate abuse and campaign finance regulation are perhaps the most explicit. Copper mining interests essentially owned the state in the late 19th and early 20th century, but Montana Progressives pushed a tough campaign finance law as a way of clawing back control of their state from the “copper kings,” who Mark Twain wrote “bought judges and legislatures as other men buy food and raiment.” Montana’s state Supreme Court upheld that 1912 “Corrupt Practices Act” in January, putting the state on a collision course with SCOTUS. Gov. Brian Schweitzer has been one of the most articulate voices against Citizens United, and supports a state ballot initiative that would ban corporate money in politics and make it state policy that corporations are not people.

“Montana’s going first, but we have before,” Schweitzer told the Huffington Post earlier this month. “It was Montana in 1912 that banned corporate money from our elections. We don’t mind leading and we believe it has to start somewhere. This business of allowing corporations to bribe their way into government has got to stop.”

But in a world where the Citizens United decision is precedent, it’s hard to imagine that ballot measure surviving a legal challenge. Toobin’s piece makes clear the stakes in the 2012 presidential race as vividly as anything else does: American democracy can’t survive the appointment of more justices like Roberts, Sam Alito and Antonin Scalia, who mainly serve the interests of corporate America. Mitt “Corporations are people, too, my friend” Romney can be expected to give them company in the years to come if he wins the White House.