Yea for Paul Volcker!


In an exciting development, President-elect Barack Obama today announced, “At this defining moment for our nation, the old ways of thinking and acting just won’t do. They call for us to seek fresh thinking and bold new ideas from the leading minds across America.”  That’s why he’s decided to hire 81 year old new thinker Paul Volcker to honcho his new Economic Recovery Advisory Board.  Paul joined the staff of the Federal Reserve Bank of New York in 1952, so he’s had a lot of time to use up his old thinking and come up with new ideas.

He’s already been an under-secretary of the Treasury, a vice-president at Chase Manhattan Bank, and Chairman of the Federal Reserve under both Jimmy Carter and his successor Ronnie Reagan –  when, and I quote Wikipedia, “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.”

Good luck, Paul.  I’m hope you’re the guy who can figure out how to get the bailout bucks from Citibank down to our neighborhood hardware stores and delicatessans.


5 thoughts on “Yea for Paul Volcker!

  1. When I lived at 710, way back when I was just a bit past past kitten, I used to hear Pigpen sing,

    “Gotta find a woman be good to me
    Won’t hide my liquor try to serve me tea
    ‘Cause I’m a stone jack baller and my heart is true
    And I’ll give everything that I got to you, yes I will.”

    That’s how much trust we cats have in old Paulie. This ain’t no wild card game and dontcha ferget it. Welcome to the 20th century. Hey, bring it on!


  2. Yeah, Jinx. I was there too, albeit in spirit.

    Run for the money, caught short on the rent
    Big ideas but the money’s all spent
    If you got the do-re, I got the mi
    And I got a notion we’re all at sea
    Yeah, we’re all at sea”

    -Robert Hunter


  3. Hmmm, well some people thing the whole problem is the fed slashing interest rates and that that is the root of the inflation problem. So maybe is high interest rates were actually a sign of radical change from the usual activity of the fed? Not that I know anything. I’ve never even heard of the guy.


  4. What is wrong with giving the American household a check for $13,000? The $13,000 would do much better in the people’s hands. The $13,000 is less than the government is spending on the original bailout and the new proposed $800 billion. If an economic advisory board cannot put the people before their selfish reasons something is very wrong. If the people had the money they would spend it and then jobs would be added, manufacturing would grow, and last but not least the states would gain money in the form of sales taxes not to mention the added income taxes from the extra workers.


  5. I read today in the NYT about Volcker being marginalized in the Obama WH in respect to his advise on how to obviate another financial crisis. I wrote a post on it arguing that the nation’s financial houses are apparently able to squeeze out even a credible voice that is no longer in their financial interest. I am much less surprised to find this going on, than that Barak Obama and those he has selected as his advisers are represented here as being on the side of the financial culprits. A case of cooptation, I believe. I’m assuming that Barak wants a second term pretty bad and is willing to… (you know)


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