Friday, Jan 22, 2010
"Volcker being there was huge"
Reuters: Bank plan highlights Volcker's new clout
When President Barack Obama launched a fight with Wall Street by announcing a new plan to limit banks' size, the man standing at his side was former Federal Reserve Chairman Paul Volcker.
The 82-year-old Volcker was one of Obama's most influential advisers during his 2008 presidential campaign and now chairs a panel of outside economic advisers to the White House.
He had rarely been seen in Washington since the start of the Obama administration and made no secret of a difference in opinion with the White House over how to deal with the problem of "too big to fail" financial firms.
Posted by devo @ 11:16 PM (695 views) Add Comment
5 Comments
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1. icarus said...
Some in the US think that Obama just wants Volcker inside the tent pi$$ing out so he's not outside pi$$ing in. V wants Glass-Steagall back, O doesn't. Larry Summers is still senior advisor and he was a major advocate of repealing G-S.
2. devo said...
@icarus
Volcker wants Glass-Steagall back
Obama doesn't.
Are you sure?
http://i.telegraph.co.uk/telegraph/multimedia/archive/01564/volcker_1564710c.jpg
3. icarus said...
devo - Can't get link to work. I think Volcker has made noises in both directions - has called for a division between risky financial activities and commercial banking (and mentioned G-S approvingly in that context) but has also said that underwriting securities was 'analogous to lending' (and therefore a function suited to commercial banks).
4. devo said...
the big players in the global economy are being forced out of the shadows
fear not hpcers, i'll keep you informed
unless i'm silenced
like the others
5. happy mondays said...
The truth is out there devo, keep looking over your shoulder & trust no one..http://www.youtube.com/watch?v=JDZBgHBHQT8