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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 11/26/2008 : 15:51:44
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Obama chooses Volcker as economic adviser
Former Fed chairman will run board to deal with major challenges
By Robert Schroeder, MarketWatch
Last update: 1:12 p.m. EST Nov. 26, 2008
Comments: 59
WASHINGTON (MarketWatch) -- Reiterating that the United States is facing an historic economic crisis, President-elect Barack Obama tapped former Federal Reserve Chairman Paul Volcker to run a new White House advisory board tasked with offering independent advice about how to stage an economic recovery.
Obama named the 81-year-old Volcker to head the President's Economic Recovery Advisory Board, telling reporters at a news conference in Chicago that Volcker is a voice he knows and trusts.
"Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises and keen insight into the global nature of this particular crisis," Obama said.
It's the third major announcement by the president-elect about the economic team in three days, and further evidence that he's making the economy a top priority even before taking office on Jan. 20.
Also, Obama named Volcker to the post on a day of gloomy economic data, including weaker orders for durable goods, a decline in consumer spending and a 25-year low in the four-week average of initial jobless claims. U.S. stocks were trading higher in the late morning after opening lower. See Market Snapshot.
On Wednesday, Obama also suggested he supported a decision by the Federal Reserve to pump another $800 billion into ailing credit and housing markets. See full story.
"We have to do whatever is required to make sure that our financial system stays ... effective in being able to get credit to the markets," he commented.
Volcker was Fed chairman under both Presidents Jimmy Carter and Ronald Reagan, serving at the helm of the central bank from 1979 to 1987.
The board is modeled on the Foreign Intelligence Advisory Board that gave President Dwight Eisenhower independent opinions on intelligence issues. Austan Goolsbee, another key Obama adviser, will serve as the economic board's staff director and chief economist, Obama announced.
The president-elect said he would announce the other members of the board in the coming weeks.
The appointment of Volcker, who was Alan Greenspan's predecessor as the Fed chief, comes a day after Obama tapped Peter Orszag, a Democrat who has headed the Congressional Budget Office for the last two years, to head the powerful White House Office of Management and Budget.
On Monday, Obama announced he is nominating New York Federal Reserve President Timothy Geithner as his choice for Treasury secretary and Harvard economist Lawrence Summers, a former Treasury secretary, to run the National Economic Council from the White House.
Obama also named Christina Romer, a University of California at Berkeley economist, to chair the Council of Economic Advisers. He selected Melody Barnes as director of the Domestic Policy Council.
Robert Schroeder is a reporter for MarketWatch in Washington.
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Think positive. |
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 11/26/2008 : 23:03:57
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Hi there-
I saw the press vid on yahoo. Volcker didn't say a word, and looked like he was dragging his feet (physically and metaphorically) on this whole issue. He kept his hands in his pockets, kept staring at the ground...
What's that mean?????
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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fb101
Administrator
USA
2856 Posts |
Posted - 11/27/2008 : 10:55:39
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quote:
What's that mean?????
"I'd rather be skinny dipping in a swimming pool filled with double edged razor blades than be stuck dealing with this crap!"
(My interpretation) |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 11/28/2008 : 09:30:58
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| In my opinion we have succesfully rearragned the deck chairs on the Titanic. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
 Posted - 11/28/2008 : 09:51:17
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quote:
Originally posted by Cody8404
In my opinion we have succesfully rearragned the deck chairs on the Titanic.
Freakin' hilarious!
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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bruce hylton
Penny Pincher Member
USA
102 Posts |
Posted - 11/28/2008 : 16:31:42
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| We better get a big board to tie across our backsides. And hope the hole doesn't continue to grow at the same rate. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/28/2008 : 16:59:46
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quote:
Originally posted by Cody8404
In my opinion we have succesfully rearragned the deck chairs on the Titanic.
That's just it Cody, no new blood or ideas such as Ron Paul's. Too late to stear clear of the iceberg, but at least they can stop taking anymore passengers on board. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 11/30/2008 : 22:16:14
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quote:
Originally posted by Ardent Listener
Too late to stear clear of the iceberg, but at least they can stop taking anymore passengers on board.
But WILL they?? How many people will keep wanting to drink the Kool-Aid that's telling them not to worry, not to pull their fiat dollars from the financial market and just to keep on doing things that they always do? Now is the time for everyone to start doing everything they can to protect themselves FROM the end result of the government's actions, not just sitting passively and blindly accepting their reassurances that "we're getting things under control." Obama and Volcker might have a plan that would've worked 25 years ago, but we're so late in the game in terms of the size of our national debt and the state of the world economy as a whole, there's nothing anyone in the government can do except try to put on the brakes. We are GOING to hit a brick wall, the question is how hard and how soon. And the more people who believe this PR line that we're going to pull out of this aren't looking at the big picture, and what worries me most isn't what happens but how pi$$ed everyone will be when they realize that the government was trying to cover its own rear, and to heck with the people.
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Obama chooes Volcker as economic adviser
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