Volcker Tapped for Advisory Role

Wall Street Journal ^ | Jonathan Weisman

[Paradox]

I knew this was coming, so I am not surprised. Volker is a good pick. He may be a Dem, but he is very smart, and knows what he is talking about. He’s just about seen it all and has dealt with a worse economy. I have seen him speak recently on the Charlie Rose show, and no matter how much Charlie tried to bait him into it, Volker refused to get all doom and gloom about the economy. He was surprisingly confident, said we will suffer for a few years but will emerge with a much stronger credit system that will reap benefits for the future. He refused to place blame on any one party or ideology.

[Lazamataz]

Obama is just a puppet. Thank God.

I was pleasantly surprised. I thought we had just elected the first American dictator. His appointments tell me he's either:

A) In the power-cabal already, or

B) Got a Very Special Phone Call whereinwhich he was informed about what the President's true role is.

[wolfcreek]

B. would be sort of correct however, it was the viewing of a 45 year old film in a smokey back room that caught his attention.

[wolfcreek]

http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=FinalWarning (see CFR influence)

http://www.stopthenorthamericanunion.com/DidYouKnow.html#CFRMembers (fairly up to date list of members)

To connect the dots, Google: Any name + CFR

[Lazamataz]

You know, watching the transformation of Obama from a true-blue social anarchist and socialist, to something that looks more like a Bush-style leader — within a few weeks —makes it more than obvious that something really deep is going on in the hallowed halls of the Capitol, White House, etcetera.

[wolfcreek]

Volcker is part of the SCAM.

http://www.mega.nu/ampp/corporate.html

[wolfcreek]

McCain would of worked just as well (CFR member) but, with Obama, the PTB got someone who is younger and more charismatic, able to pull the wool over more eyes. (do not discount the race factor)

http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=FinalWarn04)

If Barry decides to get off script, he’ll end up like JFK and MLK.

[CRBDeuce]

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.

Reagan had lotsa great advisers...uppermost was Milton Friedman. Pretty sure Volker was implementing a la Keynes, right up until Reagan and Friedman set him straight! Volker's 18% interest rates, gratis Carter and Keynes, were fixed by Friedman's monetarism, and Reagan's deregulation and small government moves. Volker without Friedman is like Carter without Friedman, a disaster waiting to happen!

[stuartcr]

I don’t think you’re allowed to say anything completely positive about any of the appointments, I think you need to say some bad stuff too...unless it’s sarcasm of course.

[stuartcr]

Does that mean there really aren’t any actual sides?

[Hawthorn]

>> Volcker is very good <<

Agreed.

>> but it is unfortunate his role is one without teeth. <<

Maybe not. Perhaps he was the person who persuaded the Big 0 to pick Summers and Romer as White House economic advisers -- and those two are surprisingly good picks.

>> Interest-rate targeting always was and still is a fraud <<

Agreed again! And I'm sure Bernanke, Summers and Romer know in their "heart of hearts" that you're correct.

So whom do you accuse prospectively of interest-rate targeting? Maybe the new Treasury Secretary, whatever his name? I can't speak to his qualifications. But in any case, I don't see his role as directly determinative in the realm of interest rates and money creation.

(Now of course, the Open Market Committee will always talk the interest rate game in their press releases, even though they're also smart enough to know it's the quantity of money that counts. But talking the talk is different from walking the walk!)

[Hawthorn]

>> What’s next? William Westmoreland at Defense? <<

Sorry, but he’s dead.

>> McGeorge Bundy at State? <<

Ditto. Died last year.

>> Jimmy Carter at Housing and Urban Development? <<

Now you’re talkin’! Let’s roll!

[Hawthorn]

>> Where is a good place to get valid information on CFR/Trilateral commission <<

Always remember: Google is your friend.

[Hawthorn]

>> Pretty sure Volker was implementing a la Keynes, right up until Reagan and Friedman set him straight <<

Wrong. Volcker was well-known as a “hard money” man long before Carter was virtually forced to appoint him.

>> Volker’s 18% interest rates, gratis Carter and Keynes, were fixed by Friedman’s monetarism <<

Wrong again. The 18% interest rates resulted from the irresponsible policies of Carter’s previous Fed chairman, G. William Miller. Volcker was the man who eventually cleaned up the mess left by Miller and other Carter appointees.

Moreover, from the beginning of Volcker’s Fed reign, his policies were basically in line with Friedman’s monetary analysis. Milton’s scholarship (not to mention that of Irving Fisher) may well have informed Volcker’s outlook, but such Friedmanian influence certainly would have pre-dated Carter’s appointment of Volcker.

[Texas Eagle]

>> What’s next? William Westmoreland at Defense? <<
Sorry, but he’s dead.

You mean Paul Volcker is still alive???

[ken21]

goof ball thinks he’s so important!

[CRBDeuce]

Volcker is unlikely to repeat the mistakes he made last time.

We agree then that he has new mistakes that he plans to make this time!

[CRBDeuce]

Decades of congressional Democrat economic failures were barely dented by 12 years of REpublican anemic attempts to bandage the permanent wounds. Note that even Newt has gone Greenie, and therefore joined the cranially challenged looney left!

[CRBDeuce]

“He refused to place blame on any one party or ideology.” ...Accepting blame is half the cure. He and his party are in denial. The ‘fix’ will be in but the fix will have nothing to do with the issues that are in need of repair! Volcker is one of those installed to ensure that the ‘one party or ideology’ is the only one left.

[baa39]

Thanks, I signed petition, and also modified the letters for my Congress Critters.

Funny thing, this morning two Obama supporters were outside the market asking people to sign a letter. They explained that since the election things have been happening in the world and the economy and such, and they feel it’s necessary to get a letter with lots of signatures to Obama reminding him of his promises during the election, and asking him to hold true to all the things he said he would do for us.

A friend of mine diligently argued in great detail with these ladies, trying to explain some simple concepts like free markets, FOCA, Mexico City Policy, how increasing taxes always increases unemployment, Obama’s own words from his books.....all things which these Moonbats had never heard of!

I myself could only burst into near-hysterical laughter. All three of them were taking the matter very seriously and demanded to know what I thought was so funny.

“You voted for someone you apparently believe has the power of an Emperor, not a President, to magically give you financial security and medical benefits for the rest of your life, solve all global crises, and instill hope in every man, woman and child on the planet. He never told you how he would do this, but he’s so high-principled and devoted to the American people that you elected him anyway. And now you feel he needs reminding of his promises? This must really be a man of great inner strength and sterling integrity if you have to collect signatures in the street before he’s even inaugurated to persuade him to do what he promised to do....WOW! That is change I can believe in!”

And I walked away grinning from ear to ear for the first time since Nov. 4!