Posted on 02/05/2008 1:08:40 PM PST by devere
Former Federal Reserve Chairman Paul Volcker, the latest big name to endorse Sen. Barack Obama, could give the Illinois Democrat a boost by lending his gravitas in the financial world to a presidential candidate whose biggest hurdle is to convince voters he is experienced enough.
“After 30 years in government, serving under five Presidents of both parties and chairing two non-partisan commissions on the Public Service, I have been reluctant to engage in political campaigns. The time has come to overcome that reluctance,” Volcker, a Democrat, said in a statement today. “However, it is not the current turmoil in markets or the economic uncertainties that have impelled my decision. Rather, it is the breadth and depth of challenges that face our nation at home and abroad. Those challenges demand a new leadership and a fresh approach.”
He concluded: “It is only Barack Obama, in his person, in his ideas, in his ability to understand and to articulate both our needs and our hopes that provide the potential for strong and fresh leadership. That leadership must begin here in America but it can also restore needed confidence in our vision, our strength, and our purposes right around the world.”
President Carter appointed Volcker to Fed chairmanship in 1979 and President Reagan replaced him — with Alan Greenspan — just a couple of months before the 1987 stock market crash. He is widely respected among central bankers, Wall Street and economists for breaking the back of inflation in the 1980s — at the cost of the deepest recession the country has seen since the Great Depression. An economist, he was earlier president of the Federal Reserve Bank of New York from 1975 to 1979 and an under secretary of the Treasury from 1969 to 1974.
(Excerpt) Read more at blogs.wsj.com ...
Is he senile?!
Has the whole world gone mad?! I’m starting to believe the Paulestinians “conspiracy theories” may not be theories, after all. With Hillary and/or Obama on one side and the soon-to-be-announced Juan McAztlan/Mike “Open Borders for Jesus” Huckleberry ticket on the other, the Internationalists and Soros crowd can’t lose!!
Well, I am sure Volker studiously examined Obamas plans and weighed them carefully before deciding to back him ... or it was a mancrush.
Regards
If **he** has sold his soul to the Obama faction, the great invisible current is more powerful than we ever thought.
HEY Paul, List me 5 things that Obama has done that impressed you to support him...
Even if you are the only actual sane one left in a group, guess who gets tagged with the "kook" label? Yep. There were very, very good reasons that the founding fathers put limits on "democracy," and nearly every time "smarter" politicians removed a check, we got closer to what is happening today. These are interesting times, and they are going to get a lot more interesting real fast.
Mr. niteowl77
“Is he senile?!”
It would appear that is the case, yes.
Big Paul is an old school Keynesian, NOT a free-marketeer.
Who said that Volcker believed in fee markets? He was a Federal Reserve chairman...
The Racism around Obama and his strongest supporters:
http://card.wordpress.com/?s=Oprah&searchbutton=go%21
http://www.youtube.com/watch?v=eW3qbibh8Mk
http://www.youtube.com/watch?v=RB7XkZUIHEQ
Obama Corruption:
http://www.youtube.com/watch?v=QwjnT4eJJvs&eurl=http://www.obamatruth.org/
http://www.youtube.com/watch?v=VeC8BE-2T_k&eurl=http://www.obamatruth.org/
Makes sense. Strong monetary policy (i.e. Volker, not easy AL or Bomber Ben) is not a political issue. If Volker thinks Obama will favor a strong dollar, then perhaps it is true. I frankly haven’t heard any useful statements from any candidates on the topic.
possibly and possibly promised the post of Secretary of the Treasury by Obam’a staff.
The free market wouldn't exist if he hadn't crushed inflation in 1980.
Well, he has impressive hope. Oh, and he’s clean and articulate.
Rats, that’s only 3, ummm, give me a minute, there’s got to be something.....hmmm.....
(Do I need a /S tag?)
Does Mr. Volker have a new young liberal wife?
That’s usually what makes men go insane :)
“Is he senile?!
“Don’t know, but he is 114.”
Paul Volcker is 80 years old, 6’ 7”, and to all appearances still has all his marbles.
This from Larry Kudlow:
“This is a big deal. Once upon a time, many years ago, I was a Volcker speechwriter at the New York Fed. He’s a great American. He’s a classic conservative. He’s a man of fiscal and monetary rectitude. While he was originally appointed Fed Chair by Jimmy Carter, Volcker ultimately teamed up with Ronald Reagan to put the kibosh on runaway inflation. He would not have made this endorsement on a whim. Believe me. He never gets involved in these kinds of political decisions. Is Paul Volcker the new Robert Rubin? Is it possible that Mr. Volcker is somehow tutoring Obama? Is it possible that Obama is more financially conservative than originally believed?” http://www.kudlowsmoneypolitics.blogspot.com/
Time will tell.
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