[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.

[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?

[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.

[tomnbeverly]

Obama is becoming Bush third term...

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

[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.

[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

[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.

[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.

[b4its2late]

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

[BlackjackPershing]

Change finds its roots in ‘Peanut’ Carter. Good grief!

[wolfcreek]

Obama appointees, Tim Geithner and Larry Summers were invitees to the 2008 Bilderberg Conference.

[ari-freedom]

first obama will crash the economy with deflation and then we’ll follow with hyperinflation.

[real_patriotic_american]

CHANGE????? Volcker is 81 years old! Obama tried to say that McCain was to old.

Obama is running out of time with the con job that he’s trying to lay on America. Note this petition against his potential lack of U.S. citizenship:
http://www.rallycongress.com/constitutional-qualification/1244

[Texas Eagle]

Volcker is "change"?

What's next? William Westmoreland at Defense? McGeorge Bundy at State? Jimmy Carter at Housing and Urban Development?