Mutual fund giant Vanguard is apologizing and distancing itself from its pre-election blog post crediting the Obama stimulus bill passed without the votes of any House Republicans with averting a second Great Depression.
A post here earlier this week faulted the policy views of the blog post and wondered why the company was posting what it described as a "guess" by an official about a politics and public policy question so close to an election. The FutureOfCapitalism blog post went viral on Facebook and was picked up by the highly trafficked blogs Instapundit and Ace of Spades. It also generated an outpouring of dismay in the comments below the original FutureOfCapitalism post, including several from Vanguard investors who wrote that they intended to withdraw their investments from the firm in reaction.
Vanguard has now added the following disclaimer at the top of its original post: "A Word of Clarification My blog post below has struck a chord with some of you. As a Vanguard blogger, I am charged with sharing my personal and professional perspectives on issues facing investors. The post, prompted by a discussion I had with a fellow passenger during a recent flight, represents my understanding of how the federal economic stimulus programs might be viewed historically. The focus is on certain macroeconomic principles and is not intended to endorse specific political leaders or parties. More importantly, my views are my own and not necessarily those of Vanguard, and they do not influence how the company manages our clients' assets. I regret if some readers have interpreted the posting as representing a partisan point of view."