Obama mulls naming Jewish economist secretary of treasury

ynetnews.com ^ | 11/09/08 | Roni Sofer

[Tailgunner Joe]

Former Federal Reserve Chairman Paul Volcker is on the shortlist for the US secretary of the treasury position in the Obama administration, Ynet has learned.

Should Volcker, 82, be passed for the position, he is likely to be named head of the US Financial Council.

Volcker, who chaired the Federal Reserve for eight years, was appointed head of the committee which probed the liability of Swiss banks to holocaust victims, in 1995. The committee's effort yielded $1.5 billion in restitutions to Holocaust survivors.

While spearheaded by Volcker, the committee met once a moth, usually in Zurich. The committee was made up of five Swiss members, representing the banks, and five Jewish members - Avraham Burg, Ron Lauder, Israel Singer, Dr. Reuven Bracha and Attorney Zvi Barak.

"There is no doubt that a big part of the restitution was achieved due to Volcker's involvement," said Attorney Barak. "To this day, there is a restitution fund that's based in New York and is distributing these funds to the survivors and their heirs.

"The five years Volcker spent working with an Israeli team have made him well versed in Israeli matters. Should he be named secretary of the treasury or head of the Financial Council, Israel will have a friend there," he added.

Volcker headed the Federal Reserve between 1979 and 1987, under presidents Jimmy Carter and Ronald Reagan. After leaving the Fed, he went into private practice, becoming chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co.; but he was occasionally asked to head public committees – the most famous of all probed possible corruption in the Iraqi Oil for Food program, in 2004.

Born to a Jewish family in New Jersey in 1927, Volcker attended Princeton University, Harvard and the London School of Economics. In January of 2008, he endorsed Barack Obama's presidency bid and was his closest financial adviser.

Volcker was one of the advisers responsible for wording Obama's speech calling for a comprehensive reform in the US financial regulatory system.

Famed economist and Nobel Laureate Joseph Stiglitz endorsed Volcker's nomination for secretary of the treasury, saying that he possessed the knowledge necessary to restore confidence in the financial and credit markets.

[SolidWood]

The KOS kids, Jesse and Al are all going to be dissapointed...

[volslover]

He is trying to appease Isarel and the American Jews who care for when he returns Golan Heights and divides up Jeruseleum Tom Clancy style

[Kickass Conservative]

Just another Jewish Accountant.

I'll bet Obama picks a Jewish Doctor for himself too.

[beagleone]

I think so too. I believe his every cabinet pick is a head fake. He will fake to center and head far left.

[EDINVA]

I’m finding this hilarious! No big CHANGE in having a Jewish Secretary of the Treasury. I would have HOPEd for Franklin Raines.

[Just mythoughts]

.....the most famous of all probed possible corruption in the Iraqi Oil for Food program, in 2004.

L O L this is just plain funny. Did such a good job the American people knew Iraq was a just war! NOT!!! This is more Clintons change, picking up where they 'left' off.

[SolidWood]

In the 18th century, European, especially German Princes, Nobles and Monarchs used to entertain "Hoffaktoren"or"Hofjuden"(Court Jews) for finances, accounting etc. at their courts. Once the Monarch screwed up something, the Court Jew was made the scape goat.

[Just mythoughts]

In the 18th century, European, especially German Princes, Nobles and Monarchs used to entertain "Hoffaktoren"or"Hofjuden"(Court Jews) for finances, accounting etc. at their courts. Once the Monarch screwed up something, the Court Jew was made the scape goat.

This is NOT the 18th century yet, and we are not Germany or any other European monarchy, Bama is not a German Prince, Noble or Monarch... IF Volker accepts he knows what he is accepting. Volker has been around the block a time or two unlike Bama.

[Lucius Cornelius Sulla]

This guy was Greenspan’s predecessor as head of the Federal Reserve, appointed by Carter. Change we can believe in!

[DiogenesLaertius]

Volker is too big of a man for Obama to contain. He was the main reason we got out of Jimmy Carter’s mess and he did it with tough love. Obama has no idea what he’s getting himself into.

[SolidWood]

That’s not my point. I was merely pointing out that having Jews in the Cabinet doesn’t necessairly mean that one’s friendly disposed towards Jews, as Obama apparently tries to do. I can’t help but thinking that having two Jews mulled for his first two cabinet posts is an attempt at pandering, to cover his well documented associations to antisemites like Khalidi, Wright, Jackson, Sharpton, Farrakhan and ilk.

[yoe]

82 years old? This economy needs a more agile brain...but under Obama, the position will only be a figurehead.

[Just mythoughts]

Obama has no idea what he’s getting himself into.

I do not think Bama is really calling the shots, those that paid his way are in charge and he is their front man. IF he ever wakes up to this fact, it will not be a pretty picture.... Now I see why they dumped Hillary... she was uncontrollable.

[Kickass Conservative]

Well, at least Obama believes in Recycling his Jews.

Soylent Green, it's people!!!

[Just mythoughts]

That’s not my point. I was merely pointing out that having Jews in the Cabinet doesn’t necessairly mean that one’s friendly disposed towards Jews, as Obama apparently tries to do. I can’t help but thinking that having two Jews mulled for his first two cabinet posts is an attempt at pandering, to cover his well documented associations to antisemites like Khalidi, Wright, Jackson, Sharpton, Farrakhan and ilk.

Don't forget his Jewish Rabbi neighbor (there was a post recently about this guy and filled with praise regarding Bama) and that Father whats his name. These people are all leftist and Bama and company are sending a signal to Jesse Jackson to sit down and shut up.

[bitterohiogunclinger]

Volker is too big of a man for Obama to contain. He was the main reason we got out of Jimmy Carter’s mess and he did it with tough love. Obama has no idea what he’s getting himself into.
Agreed. Obama doesn't have a clue, or a plan. Our only “hope” is if there are a few adults around that restrain the “boy king” from enacting 90 percent of things he's promised to do.
His proposed taxed policy, if enacted, would spiral the US into depression, while his socialist agenda would double the size of the federal government. In short order, the Carter years will look like the good old days. The worst hint of what I see coming is in Obamas handling of the military. When he met with Petrais, he made it clear he was going to interfere with the the way the general conducted operations, “because he didn't trust him”. Obama is a fool. The one lesson history should have taught everyone is that when politicians micro manage the military, the result is disaster and defeat.

[Gaffer]

The liberals haven’t figured out that all diversity gets you is a very diverse set of abilities (or inabilities - more appropriately)

[cgbg]

82 years old? This economy needs a more agile brain...

Anybody older than me is too old--trust me on this.

:-)

[wideminded]

Volker is too big of a man for Obama to contain.

When Volcker appeared the other day with Obama, he was looking pretty old. 82 is old. Maybe picking him as Treasury Secretary is not the way to send a signal that the best brains are at work on the economic crisis (even if Volcker actually still has all his marbles.)