Even the SEC Doesn't Trust the GOP

You might think that the "business friendly" GOP would be a shoo-in to get the nod from Wall Street types.  However, after seeing what's happened in this round of "creativity" in the financial markets, three former SEC chairmen have decided to endorse Barack Obama.

Former SEC head William Donaldson, who was appointed by Republican President George W. Bush, joined Arthur Levitt and David Ruder in backing Obama, who leads rival Hillary Clinton in the number of delegates necessary to become the Democratic White House nominee.

Levitt was appointed by former President Bill Clinton, a Democrat, while Ruder was appointed by former President Ronald Reagan, a Republican.

How much must it sting in McCain land to see that SEC appointees from Bush and Reagan don't want him sailing the ship of the economy?  

In the statement they praised Obama's "reasoned approach" in analyzing "the current financial crisis and the need for balanced regulatory reform."

The former chairs liked Obama's reasoned approach and sensible policies, as opposed to McCain's economics of delusion.

Q: Are Americans better off than they were eight years ago?

A: You could argue that Americans overall are better off, because we have had a pretty good prosperous time, with low unemployment and low inflation and a lot of good things have happened. A lot of jobs have been created.

...

A: I think we are better off overall if you look at the entire eight-year period, when you look at the millions of jobs that have been created, the improvement in the economy, etc.

How has the economy really done during the Bush administration?  

• Record levels of family debt.
• Flat wages, with only 1.4% growth in seven years.
• Oil prices up 400%.
• Higher prices for necessities.
• Record foreclosures.
• Fewer people with pensions.
• Fewer people with health care.
• The dollar at record lows.

Can the American economy stand another term of McCain's "pretty good prosperous time?"