The Specter of Change

Will Senator Specter’s change change all that much?

On the face of it, anyone who changes parties was probably not voting with his party that much in the first place. That was certainly the case in 2001 with Jim Jeffords, and also with Democrats who switched to the Republican party in ’94.

But if he’s caucusing among friends now, he’s likely to be swayed by their positions. And almost all the Democrats are more liberal than Arlen Specter, so he’s likely to move leftward.

For the Republicans, they’ve lost their 41st vote in the Senate. They cannot count on being able to filibuster President Obama’s agenda on energy, healthcare, or education. Instead of relying on political calculations, they’ll have to muster some new ideas in order to compete.

For the Democrats, while this is a victory, it may end up being pyrrhic. They’ve wanted a filibuster-proof majority for a while. But like the dog that chases the car, they may end up wondering what to do with it, now that they’ve caught it.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-04T20:42:31+00:00 May 1st, 2009|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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