Obama has support among the wealthy

October 13, 2008

feurtado.jpgBarack Obama may be looking to boost marginal tax rates for the wealthiest 5 percent of Americans, but that doesn’t mean the wealthy are shunning the candidate, said Richard Feurtado, BlackRock’s head of wealth management in the account management group.
In fact, about 50 percent of BlackRock’s ultra-high net worth clients are Obama supporters, Feurtado said at the 2008 Reuters Wealth Management Summit in Boston.
“People do things for all sorts of reasons, and maybe one of them is financial, but there are many other reasons for people voting in certain ways,” Feurtado said.

4 comments

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Look for a 1400 pt. drop on the dow by 2pm tue oct 14 2008

Posted by bill gordon | Report as abusive

Good.

It’s past time for the privileged class and super privileged class to patriotically ante up their $Trillions for America…while America is still here to serve as a repository for their massive accumulation of wealth of the past 28 years.

Some $40 Trillion lies in their coffers. So, it is in their self-interest to pay off the national debt of $12 Trillion (the latter being the root cause of the fiscal and financial mess that America is presently experiencing).

Beginning with the ratification of the 16th Amendment in February 1913, and on through the passage of the corresponding and resultant tax rate schedule in October 1913, America’s progressive income tax system was designed to do two things: 1) Allow the privileged class and super privileged class to pay America’s bills & 2) Allow the tax-free working class to move into the fledgling tax-free middle class…while consuming America into prosperity and simultaneously creating taxable net profits for the privileged class and super privileged class.

The preceding worked just fine, even with the intervening setbacks of two world wars and the Great Depression, Mr. & Mrs. Reader.

Then Ronald Reagan came along and America’s wealthy fell headlong into the black hole of temptation and greed. Without the democrats and republicans in congress, Mr. Reagan would never have succeeded in such colossal fiscal and financial foolishness (okay, stupidity).

For the past 28 years, privileged class members of congress and privileged class presidents have been borrowing America headlong into the parallel black hole of colossal debt.

It’s past time for the long overdue 270 degree turn from the present and dangerous starboard tack. Put another way, it will take at least 270 electoral votes to put the guy on the bridge and at the helm who has the strength of resolve and character to turn the ship of state from full astern to full ahead.

If the next captain of America’s ship of state is to be successful, the vast majority of the crew must support him. Therefore, the president, speaker of the house and senate majority leader must be of the same party as the president. Otherwise, America will end up dead in the water…or worse, i.e., sinking beneath the waves.

OK Jack

All I have to say is, Welcome President Barack Obama. All those that want to use the spin that he’s a “terrorist”, “muslim”, “socialist” and whatever else, it’s not going to work. It’s not working for McSenile and it sure the hell isn’t going to work with you blogging it on the internet. Oh, it’s not that much of a surprise the wealthy are voting for Obama. McFool has some too, just to give credit, but if your trying to say the percentage is greater for him, then you need to add that to your article.

Posted by Trasa | Report as abusive

The dow will increase tommorow, not drop.
Transfer of wealth is un-american period.
Obama has to lower tax’s not increase them.
Truman did the same thing Obama wants to do,
This led to the great depression!
Mccain will knockout all the government overspending in Washington in his first term.

Posted by mr b | Report as abusive

[...] Obama has support among the wealthy About 50 percent of BlackRock’s ultra-high net worth clients are Obama supporters, [...]