Obama Picks Up More Elitist Endorsements

Presumptive Democratic nominee Barack Obama picked up “picked up the endorsement today of three former chairmen of the Securities and Exchange Commission, two of whom were appointed by Republican presidents.” Bloomberg reports:

Arthur Levitt, who was appointed by Bill Clinton; William Donaldson, who was appointed by George W. Bush; and David Ruder, who was appointed by Ronald Reagan, issued a joint statement saying Obama can provide the best leadership during times of “monumental economic challenges.”

“We believe Senator Obama can provide the positive leadership and judgment needed to take us to a stronger and more secure economic future,” they said. The statement also was signed by former Federal Reserve Chairman Paul Volcker, who previously endorsed Obama.

The four men said they appreciated Obama’s support for “balanced regulatory reform. We believe that such a constructive approach can be extended broadly in the economic area as well as elsewhere.”

Levitt, in an interview today on Bloomberg Radio, said their backing was prompted in part by Obama’s opposition to a summer gas-tax holiday advanced by Democrat Hillary Clinton and Republican John McCain. Obama called the idea a “gimmick” because it would save the average driver less than $30.

“Obama alone opposed this as being political and so over the top and we agree with that,” Levitt said. “We felt that Obama’s position on this particular issue was fair and balanced.”

I’m sure that the Clinton supporters will see such endorsements as further evidence that Obama is an elitist, as they prefer to ignore economists (no matter what Bill Clinton said in 1992). Clinton supporters have responded to the strong trend for the educated to support Obama over Clinton by taking on an increasingly anti-intellectual tone, yet another area where they are becoming difficult to distinguish from Bush supporters.

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