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.