Paul Volcker, Former Fed Chairman, Endorses Obama

This is an amazing development given the respect former Fed Chairman Paul Volcker still commands in financial markets. Here's part of the rest of the story...

Jan. 31 (Bloomberg) -- 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. More...