Tuesday, October 21, 2008

Paul Volker

In today's Wall Sreet Journal there was a very interesting article about the effect Paul Volker is having on Barack Obama's fiscal policies. Paul Volker the man credited with crushing inflation in the 1980's has been out of the spot light for many years but his reemergence in this election has many Republicans rethinking their vote.

The Obama-Volcker relationship continues to evolve, campaign advisers say. At the start, Sen. Obama sought advice from Mr. Volcker and other outside voices through his economic adviser, Austan Goolsbee, a 39-year-old University of Chicago professor. But starting with the demise of Bear Stearns Cos. in March and continuing today, Sen. Obama speaks directly and often with Mr. Volcker about the intricacies of the financial crisis and possible solutions. They've become "collaborators," as one aide puts it.

His discussions with Mr Volker are credited with his vision that the housing downturn would escalate into a financial crisis.

In a September 2007 speech at Nasdaq, Sen. Obama predicted that because of oversight lapses and abusive practices that cause the public to doubt financial results, "the markets will be ravaged by a crisis in confidence."

This was a direct result of conversations with Mr Volker.

I think it is very important to know who the candidates are listening to. One man does not run the country, rather it is a man who is capable of making informed decisions.

All in all a very interesting read.

CLICK HERE to read the article.



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