Paul Volcker Endorses Barack Obama

Nice endorsement from the most respected living Fed Chairman. A man who fought and won the battle over inflation in the 70's.

Democratic presidential candidate Barack Obama won the endorsement of former Federal Reserve Chairman Paul Volcker.

``It is only Barack Obama, in his person, in his ideas, in his ability to understand and to articulate both our needs and our hopes that provide the potential for strong and fresh leadership,'' Volcker said in an e-mailed statement today.

Obama, 46, an Illinois senator, is locked in a tight race with New York Senator Hillary Clinton for the Democratic nomination. The two will meet head-to-head in more than 20 state primaries and caucuses on Feb. 5 after yesterday's withdrawal of former North Carolina Senator John Edwards from the race.

``This is a high-profile endorsement that is likely to strengthen Obama's credibility with respect to economic issues,'' said Costas Panagopoulos, director of the elections and campaign management program at Fordham University in New York. ``Given the growing importance of the economy as a top issue for voters, the Volcker endorsement can be very helpful.''

Paul Volcker, Former Fed Chairman, Endorses Obama