Volcker Tapped for Advisory Role

Wall Street Journal ^ | Jonathan Weisman

[MissCalico]

x-Fed Chief to Lead New Economic Panel of Outside Experts Who Will Brief Obama

President-elect Barack Obama appointed former Federal Reserve Chairman Paul Volcker on Wednesday to be the chairman of a new White House advisory board tasked with helping to lift the nation from recession and stabilize financial markets.

University of Chicago economist Austan Goolsbee, one of Mr. Obama's longest-serving policy advisers, will serve as the board's staff director, along with his duties as a member of the White House Council of Economic Advisers. Members of the panel will be drawn from a cross-section of citizens outside the government, chosen for their independence and nonpartisanship.

[MissCalico]

From wikipedia...

Chairman of the Federal Reserve

Paul Volcker, a Democrat[2], was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.[3] Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983. [1] However, the change in policy contributed to the significant recession the U.S. economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression, and Volcker's Fed also elicited the strongest political attacks and most wide-spread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.[4]

[rom]

Now that’s Change!

[Boiling Pots]

Change? Not so much

[Frantzie]

Volcker is pretty smart but he is a World Bank & CFR guy.

[Sacajaweau]

Volker is married to who?

[HappyinAZ]

he’s a very bright guy and has been through the learning curve....we need every good mind engaged in this debate. A good appointment.

[adorno]

Volcker Tapped for Advisory Role

It's back to the future.

Lessons not learned means that we're doomed to repeating those chapters of history.

Let's hope that one of those chapters, the election of Reagan, is also repeated.

We don't have a Reagan in sight, but perhaps a Palin?

[MissCalico]

Volker is married to who?

Who?

[Moonman62]

It was Reagan that ended up making Volcker look like a genius. Not the other way around. A Volcker did was cause a nasty recession.

Volcker was also on the committee that recommended wage and price controls to Nixon.

[rhombus]

Volker is married to who?

To whom is Volker married?

[Revolting cat!]

Is Whom married to Volcker?

[Sacajaweau]

Yeh, but in this day and age, I’m still smarter than a 5th grader.

[Toddsterpatriot]

Volcker, “The economy is moving. Shoot it again, just to be sure”.

[lonevoice]

According to wikipedia, he was married in 1954 to Barbara Bahnson, the daughter of a physician. She died in 1998 and Volcker hasn’t remarried.

[Lazamataz]

I agree with you. I don't like Democrats, and I'm VERY AntiBama, but this was a reasonably good appointment -- mostly because Volcker is unlikely to repeat the mistakes he made last time.

Hard experience and all.

[Lazamataz]

Volker is married to who?

Well, he likes them, but I wouldn't call it 'married'.

[savedbygrace]

His wife was Barbara Marie Bahnson. They married in 1954, and she died in 1998.

[tomnbeverly]

Obama is becoming Bush third term...

Liberals soon to see all their socialist dreams dashed...

[Lazamataz]

Volker is married to who?

Horton Hears a Married To Hoo.

[rom]

Funny how no one is talking about the Failed Policies of the last 8 years when talking about Obama’s appointments.

Teehee.