Saturday, May 17, 2008

Obama and Regulation

There is a nice little piece about the endorsement of Obama by Paul Volcker and three former SEC chairmen over on Teagan Goddard's CQ Politics site. As the article mentions, this endorsement was unfortunately overshadowed by the Edwards endorsement, but I think that it gives us more information about what to expect from an Obama Presidency, and the news is good. According to John Cranston, the author of the article, former Fed chairman Paul Volcker has now signed onto the endorsement, which means that three of the four signatories are Republicans, two of them appointed to their posts by Reagan and one by Bush 43 himself.
You might think that this indicates that Obama has an anti-regulatory streak, or has been signalling an intention to pander to Wall Street, but you'd be wrong. According to the article, each of these men "leaned hard against the anti-regulatory wind when they were charged with overseeing U.S. financial markets" and otherwise showed a willingness to act "as guardians of the interests of individuals and the economy generally" against special interests. And hey, really, that's all I'm asking for in a regulator.
I try to be cynical about politicians, and that's not hard to do, but little signs like this make me hopeful about an Obama Presidency. I guess it's time to go give him another $25.

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