Volcker Tapped for Advisory Role

Wall Street Journal ^ | Jonathan Weisman

[HappyinAZ]

we’re on the same page...I’m VERY concerned that they’re just making it worse...so EVERYBODY with even 1/2 of an economic clue...had better be working on this.

[NonValueAdded]

Change, eh? Bah! Can anyone name ONE thing the O-child has done that would even remotely qualify as innovative?

[M203M4]

A few decent choices so far. Volcker is very good (the Democrat-Party equivalent of the Souter nomination - Reagan kept him on after his appointment by Jimmah), but it is unfortunate his role is one without teeth. Interest-rate targeting always was and still is a fraud. He brought America temporarily back on a path toward sane monetary policy - there was some initial pain, but the real growth in the economy after the (necessary) recession resulted in the greatest increase in the standard of living, for rich and for poor, the world has ever seen. It was beautiful to see economics trump politics.

Regardless, the kos kids and DUers must have exploding head syndrome right about now.

[gitmogrunt]

Volcker? Is he the one that's too old?....or was that Mcwhat's his name?

I keep getting confused with the rosey picture CNN is painting.

[Moonman62]

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

LOL. You are making that up ...................... aren't you?

This is a central bankers ideal economy. It isn't growing, unemployment is going up, the government is going to borrow an extra trillion for some demand side stimulus, and there's no inflation.

[politicket]

"If you have a closely integrated world economy with free trade and free movements of capital, the logical complement of that is a global currency," -Paul volker, Business Week March 19.

"My sense is that if we are to have a truly globalized economy, with free movement of goods, services and capital, a world currency makes sense," Volker said. "That would be a world in which the objectives of growth, economic efficiency and stability can best be reconciled." - Paul Volker WSJ 2000

[Deo volente]

I've always thought of Volcker as the anti-Greenspan, and that's not a bad thing to be in today's economic environment.
Eventually, interest rates will have to be raised in order to slow down the runaway inflation that will result from all these trillions of dollars floating around.

The strengthening of the dollar that we're seeing right now is temporary. The inflation piper will have to be paid sooner or later.

[politicket]

Oops...I mean Volcker...not Volker.

[Toddsterpatriot]

LOL. You are making that up ...................... aren't you?

His feelings, not his words.

[brydic1]

I give Volker credit as did Reagan for bringing the Carter inflation period to an end setting the stage for real prosperity. He did it by imposing 15% to 20% interest rates. Perhaps, Obama will use him in an effort to combat the inevitable inflation that will exist in the next years with this tremendous money creation that is going on at present. I can not see Obama really letting Volker use the cures that Reagan permitted him to use. The resulting unemployment and financial upset will be tremendous, so I don't think any politician except one like Reagan (and there are no more Reagans) would permit the pain of combating the extreme inflation that we will have.

[NormsRevenge]

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

I don’t think he’s smarter than a 5th grader tho. ;-)

Volcker is Trilateralist as well .. appointed by Carter to boot.

Yup, change IS gooood.

[wardaddy]

Volker ended the recession of the late 70s caused mostly by high oil prices...sorta like this one without housing bust

He did not create it.

That quote is a perfect example of the flaws in Wikipedia and the steady editorializing battles there.

[misterrob]

Post inflationary times result in bad recessions. You have to choke off the money supply to get inflation under control.

[wardaddy]

Volker was very instrumental in ending the very high inflation....and Reagan and his team knew that which is why they kept him.

My memories of the team anyhow.

[NormsRevenge]

He did a real bang-up job investigating the UN Oil-for-Food Tempest in a ricepot scandal too.

[Arkinsaw]

Volcker combined with Reagan to burn stagflation out of the economy and set the stage for the Reagan expansion. Stagflation needed to be burned out very badly. Volcker set the policy and Reagan had the cojones to back him up and take the flack for it for a couple of years.

They both took huge, huge, huge, amounts of flack for it. They were roasted and flayed by Democrats/Liberals. But we ended up with a bad recession for a year or so and then a much better economic weather environment for growth.

I will criticize Obama when he does bad things. But I am not going to try to cast every single thing he does in the worst possible light or criticize him for every single thing he does no matter what it is.

If you criticize him for every little thing you become a moonbat carper who cries wolf, just like our opponents, and nobody believes you when the real bad thing is proposed. There will be PLENTY of bad stuff to carp on. Save your criticism for the real bad things where we will need to be paid attention to.

Having Volcker advising is not that bad of a thing.

[Arkinsaw]

Volcker is Trilateralist as well

They pretty much all are on both sides.

[MissCalico]

That quote is a perfect example of the flaws in Wikipedia and the steady editorializing battles there.

I know but I got worried while watching the live coverage of the press conference and resorted to a quick look-up.

Obama got combative with the one reporter (he accidentally called on) who asked a tough question. All the rest were softballs like the question about his Christmas shopping. He wasn't even sure if some of the reporters he called on were in the room which exposed the lack of authentic spontaneity to the set-up. He's very thin-skinned and interrupted the *errant" journalist two times before he could even get his question out and tried and failed to make a joke out of it.

I do feel a bit better after reading so many endorsements of Volcker and appreciate any excuse to take a break from worrying for the holidays.

[tomnbeverly]

How could you question the Messiah... its blasphemy in their circles. Its just funny to watch...

[b4its2late]

With these appointments, it’s like Obama threw a huge dredge into the river in Ohio that burns on its own.