The Los Angeles Times has endorsed Democrat candidate Barack Obama for the presidency “without hesitation”, citing his “steadiness” and “maturity” as “qualities American leadership has sorely lacked for close to a decade”.

“Obama inspires confidence not so much in his grasp of Wall Street finance but in his acknowledgment of and comfort with his lack of expertise. He will not be one to forge far-reaching economic policy without sounding out the best thinkers and practitioners, and he has many at his disposal. He has won the backing of some on Wall Street not because he’s one of them but because they recognize his talent for extracting from a broad range of proposals a coherent and workable program.

“On paper, McCain presents the type of economic program The Times has repeatedly backed: One that would ease the tax burden on business and other high earners most likely to invest in the economy and hire new workers. But he has been disturbingly unfocused in his response to the current financial situation, rushing to “suspend” his campaign and take action (although just what action never became clear). Having little to contribute, he instead chose to exploit the crisis.”

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