Thursday, September 6, 2012

Why Wall Street Turned Against Obama





The Atlantic’s Gayle Tzemach Lemmon writes: Plenty of financiers supported the president in 2008, but investors I spoke with have decided that the man who rescued the economy isn't the right one to lead its recovery.

The financial services community swooned for President Obama four years ago and opened its collective wallet to offer him more than $16 million in campaign cash. This cycle its well-heeled members have ponied up far less for the president -- contributions to the Obama campaign have barely reached $4 million, according to the Center for Responsive Politics - and many who backed the president last time say they don't plan to again.

It's not anger over Wall Street reforms that prompted their change of heart and vote, they say, but questions about the country's economic future. And even while they remain queasy about former Gov. Mitt Romney's socially conservative positions, including on gay marriage, and eager to hear focused and specific economic proposals rather than "59-point plans," they say their desire for stronger economic leadership is leading them toward the GOP nominee…..

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