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Tuesday, October 21, 2008

Volcker Makes a Comeback as Part of Obama Brain Trust - WSJ.com

I refer back to my earlier comments regarding the status quo position of Obama. First Colin Powell, who lobbied hard in favor of the Iraq war, now Volcker. If you don't remember Volcker, he was Fed chairman under both Carter and Reagan.

First, Carter (and Volcker) fouled up the economy so bad mortgages were well into double-digits. Second, if you hate Reagan, what does Volcker offer you? So what the hell is Obama doing with this; how does it fit his "Change" message?

What's the difference, where's the change Obama promises, I ask you? All a fraud. It seems to me that all the same players are involved, but what's different is that there is a very inexperienced person at the helm. Obama's inexperience will offer him no wisdom nor knowledge about how these guys can and will take advantage of him.

The phrase, "Fox in the henhouse," comes to mind.

Volcker Makes a Comeback as Part of Obama Brain Trust - WSJ.com:
"NEW YORK -- At 81 years old, former Federal Reserve chairman Paul Volcker is getting a second chance to shape his legacy with a presidential hopeful more than 30 years his junior.

Mr. Volcker has emerged as a top economic adviser to Sen. Barack Obama during a presidential campaign dominated by a global financial crisis. Their growing bond is paying dividends for each man."

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