Posted on 04/11/2009 9:42:52 PM PDT by TigerLikesRooster
Volcker Assumes Smaller-Than-Expected Role With Obama
By MONICA LANGLEY
WASHINGTON -- As an early supporter of Barack Obama, Paul Volcker gave the young presidential candidate gravitas and advice. He frequently sat by Mr. Obama's side at key economic events, and started carrying a cellphone for the first time, just to be able to brainstorm with the candidate from the campaign trail.
In the Obama White House, the role of the 81-year-old former chairman of the Federal Reserve has been more limited.
The one-time central banker has been put in charge of a presidential advisory board that hasn't yet had a formal meeting. It has been nearly a month since he has seen Mr. Obama. Mr. Volcker hasn't been a main player in key decisions handling the global financial crisis.
Treasury Secretary Timothy Geithner unveiled the administration's plans for handling troubled financial institutions and the housing crisis without seeking input from Mr. Volcker, associates say. "Paul was surprised" at the failure to consult him, particularly on issues of financial rescue after his dominant role in resolving financial crises in the 1980s, says one person who has spoken to Mr. Volcker recently.
On the eve of one announcement, a Wall Street executive ran into Mr. Volcker at a cocktail party and asked what he expected from the Treasury secretary's imminent announcement. "I have no idea what Tim's going to say," he responded, according to somebody there.
(Excerpt) Read more at online.wsj.com ...
Not a good sign. Volcker is one of the few adults the Obama dimwits have to call on.
Widow Dressing.
Just like the salesman/mouthpiece in chief.
Well, juveniles like Zeros usually hate adults.:-)
Volcker is in favor of fiscal and monetary restraint.
Obama is in favor of exactly the opposite.
Obama is done using Volcker. He served his purpose in fooling the voters, and now has no more use.
I have to say it is an apt description.
Another one fooled by the hope n’ change crap.
He should feel a fool for providing cover for a socialist.
Too much ‘market-oriented’ thinking on Volcker’s part?
Man the life boats the S### in getting deep.
I’ve read they gave Volcker a beautiful office but that he gets literally no face time with the President. I wish someone would interview him. I’ll bet he’d have an interesting take on things — kind of an insider/outsider perspective.
true
Was there ever any doubt? Whatever he has to say is going to be ignored by the administration. A rather ignominious end to a sterling career...
Failed Carter era Volcker is jumping the sinking Obama economic Titanic.
Summers doesn’t like Volker, and Gaithner is Summers’ puppet.
Volcker had nothing to do with Carter's failures -- he was the one bright spot in Washington back then. If you'll recall, it was Volcker who ended the great inflation of the 70's.
It was tough medicine; the economy spiraled down into a serious recession. But that's how all inflationary periods must end -- look for one coming your way soon.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.