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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Decker on November 26, 2008, 02:36:08 PM
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Obama Names Volcker to Head New Economic Advisory Board
By Michael A. Fletcher
President-elect Barack Obama today named former Federal Reserve chairman Paul Volcker to head a new advisory panel designed to help guide the administration's efforts to stabilize the nation's struggling financial system and create millions of new jobs.
Speaking at his third news conference in three days, Obama said the new President's Economic Recovery Advisory Board will be tasked with bringing fresh thinking and "vigorous oversight" to the administration's efforts to jumpstart and reshape the nation's economy.
"The reality is that sometimes policymaking in Washington can become too insular," Obama said. "The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking -- and those who serve in Washington don't always have a ground-level sense of which programs and policies are working for people, and which aren't."
Obama has said that soon after he takes office he wants to enact a massive economic recovery plan that will save or create 2.5 million jobs, through a combination of tax breaks for the middle class and a huge infusion of government spending on a wide range of infrastructure projects that he hopes will lay the foundation for future economic growth.
He said the new advisory board will help police that effort. The board will be headed by Volcker, 81, who was appointed chairman of the Federal Reserve by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan. He served as one of Obama's closest economic advisers during the presidential campaign.
During his tenure as Fed chairman, Volcker was confronted with an economic crisis marked by high inflation and stagnant growth, which he battled by raising interest rates, which eventually arrested the problem but not before the nation endured a deep recession.
http://voices.washingtonpost.com/the-trail/2008/11/26/obama_names_volcker_to_head_ne.html
Why did the economy recover from stagflation in the early 1980s?
Anyone?
It's b/c of Paul Volcker and his actions as Chrmn of the Fed...and the business cycle too.
(and here I bet you thought I'd say it was this myth: Reagan slashed taxes and regulation spurring an economic expansion that extended into the Clinton years--forget about the Bush recession....that's Bush the smarter's recession, not Bush the lesser)
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He, (Obama) said he would be foolish, at such a “critical time in our history”, to pick people who “had no experience in Washington whatsoever”.
Oh, the irony.
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Ha ha ha - another joke. They used Volker like a tampon ad ignored his advice.
Obama - FAIL!