Finance World Heavyweights Endorse Obama

Three former Securities and Exchange Commission Chairmen have endorsed Barack Obama. William Donaldson (appointed by Bush), David Ruder (appointed by Reagan), and Arthur Levitt (Clinton appointee), joined highly respected former Federal Reserve Chairman Paul Volcker in backing Obama. While we don't believe endorsements in general mean a whole lot, what this tells us is that even dyed-in-the-wool Republicans will support a Democrat if that Democrat adopts, in this case, economic policies that are prudent and sound. We get the sense that this is happening not only at the Presidential level, but in the recent special Congressional elections that the Democrats (all fiscally conservative) have swept.