CHICAGO — Paul Volcker, who helped tame runaway inflation in the 1980s during two terms as chairman of the Federal Reserve, has agreed to lead a new White House economic advisory committee, President-elect Barack Obama said on Wednesday. He praised Mr. Volcker as one of the worlds foremost economic policy experts.
Paul has served under both Republicans and Democrats and is held in the highest esteem for his sound and independent judgment, Mr. Obama said, as the 6-foot 7-inch Mr. Volcker towered nearby. He has a long and distinguished record of service to our nation, and I am pleased that he has answered the call to serve once again.
Mr. Obama made the announcement at his third news conference in three days. The public appearances by the president-elect are intended to show Americans that his team is focusing on resolving the financial crisis, which Mr. Obama said Wednesday demands fresh thinking and bold new ideas from the leading minds across America.
Mr. Volcker, 81, has been providing Mr. Obama with advice on the economy for months. After briefly considering him for Treasury secretary, Mr. Obama instead asked Mr. Volcker to lead the Presidents Economic Recovery Advisory Board, a new panel to be comprised of leading figures from a variety of business sectors. The group is supposed to advise Mr. Obama on how to jump-start the economy and stabilize the financial markets.
Austan Goolsbee, a University of Chicago economist who was a leading economic adviser to the Obama presidential campaign, will lead the staff of the advisory board, the president-elect said, calling him one of Americas most promising economic minds, known for his path-breaking work on tax policy and industrial organization.
Mr. Volcker became chairman of the Federal Reserve in August 1979 as President Jimmy Carter was fighting to rein in the inflation caused by the oil shocks of 1973 and 1978. Mr. Volcker, who led the Fed until 1987, often used tactics that were unpopular, like rapid increases in interest rates. Criticized at the time for causing a recession, Mr. Volcker was later praised for the effectiveness of his efforts.
The president-elects decision to name Mr. Volcker to a new economic panel was first reported by The Wall Street Journal.
This board will provide that fresh perspective to me and my administration, with an infusion of ideas from across the country and from all sectors of our economy, input that will be informed by members firsthand observations of how our efforts are impacting the daily lives of our families, the president-elect said. He said he would announce other members of the board in the coming weeks, and that he wanted the panel to be candid and unsparing in its assessments.
In a brief question-answer session, Mr. Obama said his call for new ways of thinking should not be interpreted as a reflection of frustration and disappointment with the Bush administrations recent economic-recovery efforts.
Rather, Mr. Obama said, his proposals reflect frustration over eight years in which middle-class wages have gone down or, in real terms, their family incomes have been reduced.
It speaks to my frustration about all the families that Ive met over the last two years who have lost their health insurance, or their pensions are in danger, young people who cant afford to go to college, the president-elect said.
It expresses frustration about our inability to tackle some of the long-term problems that weve been facing, and have been talking about for decades, whether its health care, energy, an education system thats been slipping behind in critical areas like math or science, he said, and, most of all, I think, frustration with the incapacity of Washington to take bold, clear, decisive steps to deal with our economic problems.
Responding to a question about the holiday shopping season, which many retailers predict will be a dismal one, the president-elect said, What we dont want to do is get caught up in a spiral, where people pull back from the economy, businesses then pull back, jobs are reduced, and we get into a downward spiral.
What we want to do is to be sober, to be clear, to recognize that weve got some real adjustments that have to be made, Mr. Obama said. Thats true with — in individual businesses. Its true in terms of individual family budgets. Its also true for the economy as a whole.
But we continue to have the best workers in the world. We continue to have the most innovation in the world. We continue to be in possession of extraordinary resources that, if we harness properly, will get this economy moving over the next couple of years but also over the next two decades or three decades.
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Obama - Economic Recovery Board Pt 2/2by tegl1n676 views
so simple -- if the whitehouse browse around youtube
I am andrew from hong kong
say local govt given out 100USD task and only for student to completed those tasks and apply for it
besides, move local / state govt , different dept MOVING to the outskirt of the town
this way , resolve the mortgage crisis --- over the course of 5 to 8 years
I am so smart, just need the local AGE -- academy for gifted education to recognise, I do exist, and still looking for WORK
xx3xxx 5 months ago
Americda is number one, proclaimed Presdietn Nixon, while millions of his unemployedcompatriots were feeling less that that. America is standing tall and Ameria is the greatest exulted President Reagon. Presidents usually down play cries relating to the economy and emphasize the ones needed to justify U.S. interventionism abroad, huge military budgetsand curbs on political dissent. Freedom and the profit motive is the real drive.
KamikazeKoscki 3 years ago
Bush puppet = criminal of the highest degree
admiralcrash1 3 years ago
Quote of the week;
Q-...What do you say to your supporters who were looking for Change ?
A- "...understand were the vision for Change comes from, first and foremost, It comes from me..." Obama
ubuibiok 3 years ago