November 26, 2008
Posted: November 26th, 2008 11:05 AM ET
Obama held his third press conference in three days Wednesday.
Obama held his third press conference in three days Wednesday.

CHICAGO, Illinois (CNN) – President-elect Barack Obama Wednesday named former Federal Reserve chairman Paul Volcker, 81, to lead a new economic recovery board.

"Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis," Obama told reporters, calling Volcker "one of the one of the world's foremost economic policy experts."

Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington "echo chamber," which he said "can sometimes keep out fresh voices and new ways of thinking."

The announcement came during the president-elect's third news conference in three days on the economic situation.

Austan Goolsbee, a University of Chicago economist who has been one of Obama's top economic advisors, will serve as Staff Director and Chief Economist of the board.

Obama said he would name other members of the board "in the coming weeks." He is due to take office on January 20, 2009.

The board will brief Obama, offering independent, nonpartisan information, analysis and advice to the president as he formulates and implements his plans for economic recovery, Obama's transition office said.

It will be established initially for a two-year term, after which Obama will determine whether to continue its existence based on its continued necessity.

Full story

Filed under: Obama transition


Wait...What?   November 26th, 2008 4:05 pm ET

I love how people are criticizing Obama before he's in office but the best part is you never hear "McCain would have done this blah blah blah, which would have been much better." Face it you Republicans don't have leg to stand on and if we were to listen to you we'd be in a mess w/o a leader.

Is it US?   November 26th, 2008 4:00 pm ET

Reading this blog, the day before thanksgiving, is a bit disheartening.

On one side you have the Democrats blaming Bush, and on the other the Republicans spouting off about how bad Obama is going to be. Based on these blogs, I can't find it in myself to blame either one of them. It goes back to the old saying, you can lead a horse to water, but you can't make it drink. If our society is similar to the bloggers here, then we are the horses, and no matter who our President is, we will refuse to drink. And the saddest part of all, our children will suffer from our inability to move forward with purpose. The time is now, and regardless of who our president is...there are more of us then there are of Him/Her. This is an exception to the rule, quantity CAN equal quality. We must move on and fix this, so our children do not have to. Quit your whining and pitch in people, we take the cards that are dealt us, and we make it a winning hand!

On this thanksgiving, I give thanks to those generations that have gone before me. That have allowed me to enjoy, and be proud of the history of my country. Let us pray that our children can give the same thanks when they are our age!

Ken   November 26th, 2008 3:58 pm ET

Hey NY Republican...what were the results from your test?

Ken   November 26th, 2008 3:56 pm ET

Wow. The utter delusion eminating from the neo-tard sore-losers on this site is amazing.

OK, EW and all the rest of you rightwing intellects, show me the numbers on EW's claim that "the economy grew more under President Bush than it did under Clinton." Show me that this incredulous claim has some backing behind it other than that you heard it on the FoxNews channel.

I also like the post with the claim that since the poor fellow, under the Clinton admin., made only 10% of what he's earning now, the current economy must be better!!!!

It is scary that these peole are allowed to vote, even scarier that they're allowed to procreate.

Rick   November 26th, 2008 3:39 pm ET

lolol...change you can believe in!

You democrats must feel like the sad sack who wants his money back from the back-pedaler-in-chief.

al in memphis   November 26th, 2008 3:39 pm ET

whether you are for giving Obama''s administration a chance or not, you really should start thinking about how you are going to secure your own future when the value of the dollar sinks. Remember this is a world market.
Also, can we start using the bigger part of brain that is constructive as opposed to the critical smaller part.

David   November 26th, 2008 3:32 pm ET

David November 26th, 2008 11:39 am ET

UNREAL!! Look at this team that Obama has put together for the economy. Talk about the foxes guarding the henhouse. I really, really thought this guy would be about change and believed it and voted for it. But he is not following through and bringing in these recycled politicians and known crooks. I thing I made a mistake and should have went with Hillary (hey, his cabinet is two-thirds Clintonites anyway).
—————————————
With all due respect, wouldn't you rather have the people who made the mess to clean it up?
------------–

if you think they will clean it up then you are delusional.

Mike   November 26th, 2008 3:30 pm ET

Tedious....you are absolutely 100% incorrect.

Decisions by the Fed board are not supposed to be "reactive". The fed board is suppose to take actions to lessen future problems it sees coming down the road.

Wow....let me guess you will now claim to have a phd in economics from harvard

Stop the nonsense   November 26th, 2008 3:15 pm ET

PE Obama chooses someone intelligent from Reagan's administration, and some Republicans will still complain. Sad.

Ted & Larry,
Note: deregulation. Our economic situation has to be a shared responsibility from all parties to fix.

JuanM (and others),
As Christians, we believe Christ is the Messiah, not a politician. Please stop using sacrilegious mockery over rational thought. It's truly disappointing what's happened to my former party's "family values."

LOCUTUS OF BORG   November 26th, 2008 3:10 pm ET

John November 26th, 2008 2:15 pm ET

For all you "meatheads" defending the PE – Obama…did you ever stop to think that this "mess" was created for the purpose of electing this impostor. Do the math dummies…fast vetting….mostly jewish appointees…more of the same. This is the beginning of the end.. and oh by the way, Al Franken will win. He has to.

***************************************************************************
JOHN, YOU RACIST VIEWS WILL SOON BE ERADICATED. YOU WILL LEARN TO LIVE IN HARMONY, OR YOUR NEOCON PERSONA WILL BE TERMINATED.

RESISTANCE IS FUTILE

Steve   November 26th, 2008 3:09 pm ET

Since Obama insists that CEO's should take a pay cut, then so should He and the rest of the congressional idiots whose fault this economic situation is in the first place.

Ooops. I forgot. Socialism 101. The Obama and his human debri will get MORE of our tax money for themselves.

No Hillary = No Obama   November 26th, 2008 3:05 pm ET

All these "former" this and "former" that. Obama is telling the nation he needs a foundation. Before long it will be the Clinton's running the country.

Gaylon Barrow   November 26th, 2008 3:00 pm ET

PLEASE OBAMA WHEN YOU TAKE THE OATH OF OFFICE PARDON THE TWO TEXAS BORDER GUARDS THAT SHOT AT THE DRUG TRAFFICKER. DUYHA ISN'T GOING TO AND THE IDIOT TX GOV. ISN'T GOING TO ASK HIM TO.

Armando   November 26th, 2008 2:56 pm ET

Wow what a shocker, president bailout picked another fed reserve guy. What happened to the change and the hope? Why doesn't he pick someone who actually understands economics. If borrowing and spending got us into this problem, it's not going to get us out. You people need to get real if you think the government will get us out of this mess. They are the ones that created the problem. It's like calling the arson that set your house on fire to come help you put it out.

"The definition of insanity is doing the same thing and expecting a different result"- Albert Einstein

Charles I Am   November 26th, 2008 2:53 pm ET

I love all these Republican talking points being slung around as fact. I love it because I don't have to listen to Hannity, Limbaugh, Coulter and the rest to know their latest mantra. I just listen to all those that are brainwashed by them and keep up to date. I look forward to the next set of lies and misleading comments coming from the lunatic Right and guess what? As long as their minions keep posting, I will not have to listen to their obnoxious dribble.

Free Americans voted for !!!!!!!THAT ONE!!!!!!!!!

BJ   November 26th, 2008 2:51 pm ET

Paul Volcker = double digit mortgage interest rates.

REVOLUTION   November 26th, 2008 2:46 pm ET

Maybe Obama is keeping all of the crooked people close so they can't get anything done without him. If this isn't the case, then we know how he won the presidency and why . Not to take anything from Obama, because I am extremely proud of him from the historical standpoint, but if he is just a yes man we are all going to homeless, without jobs, that were shipped oversees, and we will become a third world country.

joey from san diego   November 26th, 2008 2:44 pm ET

I love obama, since he has been nominated, gas has gone from 4 dollars a gallon, to 2 dollars a gallon.

VP   November 26th, 2008 2:44 pm ET

Ed Henry
Please stop acting like a fool. What we now have is an intelligent, articulate President-Elect. Sharpen your wits before you step in with your stupid questions next time.

Ghost   November 26th, 2008 2:42 pm ET

Seriously, you folk are delusional. It was de-regulation that allowed the banking industry to offer loans to unqualified folk. And if you looked at those housing policies, it also asked that banks invest in the communities. The industry decided to put out those loans. Not t mention that it sounds alot like these banks also over extended themselves as well.

Chris - Denver   November 26th, 2008 2:40 pm ET

I know Paul Volcker is very smart and capable, but he looks a little too much like Dick Cheney for my comfort. Could we at least get him to wear a wig or something?

Ex-Republican for Obama   November 26th, 2008 2:30 pm ET

EW November 26th, 2008 1:10 pm ET

Facts are facts. The economy gerw more under President Bush than it did under Clinton.
--------------------
You can complete your thoughs with: Other things that grew while Bush was president: our debt, number of wars we are fighting, casualties of war, attacks in our homeland. And the economy has also reached it's worse place since the great depression under your incompetent Bush.

False growth leads to dire times. Economic growth derived from foreign credit is never a good idea. You can thank 'the worse president ever", GWB for getting us here!

Change - Yeah Left   November 26th, 2008 2:22 pm ET

The Repubs may have pushed for deregulation, but the Dems sure came a long and capitalized on every crooked criminal scheme they could make happen.

I fully and totally blame the economic problems on the push FROM THE DEMS to prevent banks form being allowed to put reasonable standards in place – standards that required people be able to afford their homes. However, with those DEMOCRATIC STANDARDS, causing someone to provide proof of being able to own a huse was discrimination.

Look at the joy of the DEMOCRATIC policies in action – crook and criminals and cheats and liars running the show. Oh boy oh boy!

CNN, dare you?

NY Republican   November 26th, 2008 2:20 pm ET

Thanks Ken "Those who voted for him twice need to get their DNA tested to see what species they really belong to." I'm so glad you are not one of those Republican "haters" that you folks are all up against in these debates.

Marc   November 26th, 2008 2:20 pm ET

Jeff from Atlanta. Please realize that I am not discussing the validity of your statement: the Carter Years were really bad and dot.com bubble was created during Clinton Years (the Fannie Mae thing is argueable though since both sides claims the other for the whole disaster).
The point is that Sweetie claimed that Volker was the responsible for the mess ('Hell' in her words) during Carter Years. Any quick Google or Wikipedia search would prove her wrong and if more accurate and deeper based data was necessary, all that was needed was a quick check in any 'more serious' website about the History of the American Economy.
It's not about throwing stones at someone or having 'arrogant college naive rant', just liking a lot to have the fact as they are or were at the time, and not as a unbased hate-monger like Sweetie (check her previous post to confirm my affirmation) would want just to make her point more valid.

FreeNLovIt   November 26th, 2008 2:16 pm ET

Paul Volkner looks like a disciplined NO NONSENSE individual, willing to make unpopular decisions. We need people that are willing to wear PANTS. We need REAL men/women to lead us.

John   November 26th, 2008 2:15 pm ET

For all you "meatheads" defending the PE – Obama...did you ever stop to think that this "mess" was created for the purpose of electing this impostor. Do the math dummies...fast vetting....mostly jewish appointees...more of the same. This is the beginning of the end.. and oh by the way, Al Franken will win. He has to.

Walt, Belton,TX   November 26th, 2008 2:10 pm ET

There won't be any big "change" in an Obama regime. Color it a half-black, half-white Carter remake After all, Carter was the one that started this entire financial fiasco. And, what's worse is that the same SOB's that caused it and abetted it are the ones Obama has put back into power to "fix" it. The only thing they're going to fix is our wallets–they're going to be much thinner.

"CHANGE" is what is going to be left in each of our bank accounts!

NY Republican   November 26th, 2008 2:02 pm ET

Ken in Dallas – PE Obama's balanced budget promise was only yesterday. Have you forgotten already?

You've got to be kidding me   November 26th, 2008 1:58 pm ET

Jeff from Atlanta, yeaaa right blame everything on Clinton. Republicans deregulate all they can, let the selfish rich scumbags steel all they can and leave with a golden parachute, and then they blame it on the guy that came before, after being in charge for 8 years???

That's just pathetic...

Mike   November 26th, 2008 1:56 pm ET

I was, and am, an Obama supporter. For all of you cynics who say we're not getting the change we asked for, I disagree. Sure Obama is picking experienced people. But his approach to doing things is novel. He started work the day after the election without a break, he reaached out to McCain, Clinton's appointment as SOS is immiment, he asked the Dems to let the Lieberman issue go, he's created an economic advisory board...all those things are not business as usual. And that, my friends, is change, not cynical politics.

Lisa fromAZ   November 26th, 2008 1:54 pm ET

I love Paul Volcker and the whole economic transition is shaping up to serious people that realize the CHANGE we need is simply "ACTION" and "SMART GOVT" with a leader that accepts responsibility....Barack Obama. I love Dr. Susan Rice and I cannot wait to see what role she plays in the president-elect's vision. People, January 20th is just around the bend!

tedious898   November 26th, 2008 1:51 pm ET

Max....I know this is hard to understand; but here goes....

If Volker was Treasury Sec. at a time in inflation was unusually high then that means previously there was a problem with government spending. In other words, he was only fixing the problem and didn't necessarily cause it. Fed policy is always reactivate there Einstein.

EW   November 26th, 2008 1:50 pm ET

Levar Patterson,

Being smart is far different than being wise. Native Americans used to seek the advice and blessing of the elders, because they are wise. You can become smart relatively quickly, wisdom comes with age.

Jeff from Atlanta   November 26th, 2008 1:48 pm ET

Ken in Dallas,
Talk about ignorance in economics, you should look in the mirror.
Carter was an absolute disaster. Clinton catipulted Carters Fannie Mae debacle into an outright banking disaster. Sure it helped him look good but only because he could put off the bubble burst until he was out of office.

Before you throw stones at Sweetie, take a hard look in the mirror. You arrogant "college" naive rant is about as ignorant as it gets.

FreeNLovIt   November 26th, 2008 1:47 pm ET

Every four year, we vote for change. We asked for change and that change is Obama. Obama is change. A different leader does bring in different perspective on how they want to run the country. Obama is about to perform a open-heart surgery on the economy. I trust his STEADY judgement and well-thought out process on how to perform the surgery. Next to him, are experienced candidates, he'll be absorbing ideas from, but it will be his STEADY hands, that will cut open the mess and clean up that heart-attack. I trust his hands over McCain. Patience, judgement and vision is his crown.

williefloyd   November 26th, 2008 1:46 pm ET

Alan–"ran as a black man, governing as a white man"-

I'd very much like to hear some reasonable explanation for such a racist, ignorant remark. I am a southern, white grandma and I'm afraid that makes no sense to me. In fact, a lot of what I'm reading here makes no sense. Age-as in older-no good. Ever heard of wisdom?? it normally comes with a certain amount of the "aging" process. I think a great many of the unbelievable comments here are made by HRC supporters who simply refuse to let go or by just plain out and out racists!! God help all of you-you desperately need it.

REVOLUTION   November 26th, 2008 1:46 pm ET

The game is over, putting someone from the central banks in charge of the economy, isn't the brightest thing in the world. We are going down fast now. That was the final move, towards our doom. The federal reserve will continue to print money with interest attached, so we will probably be bailing out everyone now, to deepen the hole for American taxpayers. Inflation is about to be like 20%, and everyone is about to be homeless. Jobs will go oversees. Third world country. Thanks JPMorgans, Rockefellers, Rothchilds and other who run the Central Banks.

EW   November 26th, 2008 1:46 pm ET

Mr. Lugo,

"Drinking the kool-aid" is a reference to Jonestown and how they all died by drinking a kool-aid type drink with poison in it.

Personally, I think that anyone that believes a word any politician says without cold, hard facts to back it up are drinking the kool-aid. We have yet to see if Mr. Obama can back his tough talk up or if he is just another empty suit like most politicians.

Charles from Atlanta   November 26th, 2008 1:43 pm ET

So many folks in this blog still are trying everything to discredit what Obama has done so far. Guys, face it.. Republican has lost the election because "Republican party becomes a party of stupid", as 2008 Nobel price winner in Economics professor Krugman said. Look you 401k saving, and I'm gald we didn't choose a guy only can say "my friends, I have been there, I can do it,...".

Marc   November 26th, 2008 1:41 pm ET

Sweetie... GET YOUR FACTS STRAIGHT!
Jimmy Carter was president between 1977 and 1981, Paul Volcker was chairman of the Federal Reserve between 1979 and 1987, which implies that he was so 'bad', but so 'bad' that Ronald Reagan KEPT him on the job almost until the last year of his two terms! It's true that Volcker had a very indigestous 'medicine' for the stagflation of the late 70's, but it worked didn't it? From over 13% of inflation in 1981 to 3,5% in 1983 is the proof that he has some credit. True, his age is a great factor and the fact that his 'medicine' for the crisis of back then caused so much trouble for so many Americans is a valid issue. But he has credit.

vicky   November 26th, 2008 1:41 pm ET

I would like to see Colin Powell as sec of defense. He has the military background. He knows defense. I strongly believe that Powell would know how to end the war in IRAQ and defeate the Taliban and with their leaders, including bin ladin. I don't understand why Powell has not been asked. He was an excellent Chairman. Gates needs to go. He was too supportive of terriorizing (waterboarding, etc.) the enemy. I also don't like the fact that he is very supportive of the missle system that Bush wants in Europe.

Obama– told the American public that he would be different. He said that he was remove the defense system. Is this just another lie. I would like to see Obama keep some of his campagin promises. Obama needs to realize that defense spending needs to be cut. If he does not cut defense spending then he will be just another Bush president.

EW   November 26th, 2008 1:40 pm ET

Um, the dot com bust happened while Clinton was in office.

RinFL   November 26th, 2008 1:38 pm ET

Want to know about KOOL AID. Look up Jim Jones and James town.

alana   November 26th, 2008 1:37 pm ET

TO :JuanM

Your type, the type that only cry and gripe. Shut the xxxx up!
Do something with yourself. Your type is part of the problem.

RinFL   November 26th, 2008 1:36 pm ET

I have a question: Are you all of you change winers really on board with the new administration any way?
I have a feeling that you are not who you say you are, you did not vote for Obama and you are not Democrats.
As for Volker, the reason that the Carter years were hell Sweetie is because to conunter the rampant inflation as a result of Nixons actions and Fords inaction interest rates were raised. Was it painful?yes. Did it work? Yes.

JJ in Chula Vista, CA   November 26th, 2008 1:34 pm ET

You anti-Obama pundits out there sound like broken records..."this isn't change, this isn't change." Mr. Obama has just started, he's already done a lot, and he isn't even president yet. You Repubs went from being spoon-fed anti-Obama rhetoric during the campaign by the likes of Fox News, right-wing radio, Sarah Palin, etc., and you're being spoon-fed more anti-Obama rhetoric after the election by those same people.

Why don't each of you do the patriotic thing and acutally support our country and our incoming president; he's here to be your president, too.

Dan, TX   November 26th, 2008 1:33 pm ET

Comments here are depressing, so many angry people spouting off without any intelligence behind what they say. A few good comments but mostly a bunch of BS. You people should be ashamed of yourselves. Write to you congressional representatives if you have great ideas you think we should follow. Otherwise, criticizing people who have devoted their lives to making America better doesn't do much good if you can't articulate a single position based on facts.

It doesn't matter if Voclker, or Clinton, or McCain, or Pelosi, and Buffet are giving Obama advice. What is important is what advice is followed. The advice to be followed is the one decided on by one person. Barack Obama. That IS change.

Kenny   November 26th, 2008 1:32 pm ET

What difference does it make if you're a democrat or republican. All Americans should want Obama to succeed because he will be president and America's future is at stake. If he fails then we all suffer. The left and right are complaining about his appointments but he has chosen extremely qualified people. These people have a centrist way of thinking which means they aren't guided by a specific ideology.

Brian from Fort Mill, SC   November 26th, 2008 1:31 pm ET

David November 26th, 2008 11:39 am ET

UNREAL!! Look at this team that Obama has put together for the economy. Talk about the foxes guarding the henhouse. I really, really thought this guy would be about change and believed it and voted for it. But he is not following through and bringing in these recycled politicians and known crooks. I thing I made a mistake and should have went with Hillary (hey, his cabinet is two-thirds Clintonites anyway).
-------------
With all due respect, wouldn't you rather have the people who made the mess to clean it up?

tedious898   November 26th, 2008 1:30 pm ET

Which one of you idiots were around when FDR took office? If the answer is " I wasn't "; just shut up the partisan rhetoric and give the new President a chance to clean up this monumental mess.

I wish you bone heads that call yourselves americans would look at the very bad situation we're in and become part of the solution instead of "sniveling whinners" complaining that Palin isn't headed to the white house. Get used to brains in the highest office.

Just another CNN poster   November 26th, 2008 1:29 pm ET

Sweetie -

The economic problems of the Carter administration started long before Paul Volcker got there. And I was around also, or should I say I was around, "OMG" you pretend you were.

Now thats a phrase this grandmother doesn't use. Grow up

Max   November 26th, 2008 1:26 pm ET

I remember Volcker from Carter's administration. Inflation upwards to 20%.

This is our "change".

REVOLUTION   November 26th, 2008 1:26 pm ET

Everyday Obama is looking more and more like a yes man. I am very disappointed with the selection of a person who has such close ties with the Federal Reserve, which is the private entity that we need to be regulating or overseeing because it doesn't have anyone regulating it. We are definitely going deeper in debt when you have the system run by bankers who encourage printing more money, to forever indebt Americans.

tedious898   November 26th, 2008 1:24 pm ET

I can't get over these "butt head turds" constantly blasting the PE – Barack. The guy is inheriting the worst mess since the depression and these idiots are constantly berating him for choosing people that have experience in previous administrations.

Listen here idiots.....there are genius kids that will provide you with a heart transplant for absolutely no charge. Is that the "fresh face / Change you're looking for ? No wonder we're #18 in the world for educational standards.

Texans for Obama   November 26th, 2008 1:24 pm ET

Word up!!!

Mr. Lugo   November 26th, 2008 1:23 pm ET

What's wrong with drinking Kool-Aid? Someone explain to me who made this up and what exactly it means. Or is it that people are using the term without knowing where it came from? Yea, I feel like the latter will be it.

Phantom of the Oprah   November 26th, 2008 1:21 pm ET

No matter what Obama does it is considered great and brilliant.

He is, after all, the infallible and perfect messiah.

Obama is a hypocrite who attacked and destroyed his competition and now has to admit that they ARE the best, after all.

Fools continue to follow this manipulative thug.

Ex-Republican for Obama   November 26th, 2008 1:20 pm ET

The whiners and haters are the absolute down fall of this country. All these losers can do is sit there and cry. It's about time we voted out these good for nothing pessimists. How unamerican the whole lot of them is!

Republicans used to have integrity, but the party has been taken over by cult followers clinging to out dated policies backed by hypocritical logic. The new generation of GOP is a cesspool of vile humans who's only goal in life is to see the world ruled by zeolots and infidels!

GOOD RIDDANCE to the GOP...let there be a new party where the GOP of old can once again be proud of itself!

Levar Patterson   November 26th, 2008 1:20 pm ET

Hey... BRING ON THE NERDS!!!!

I dont mind this country being run by a bunch of nerds. It beats being run by a bunch of cowboys and religious nut-jobs like Sarah Palin.

All these guys including Obama look like they had pocket protectors and wore suspenders. They are all smart... they must be with a name like "Paul Volcker". And they all look like Star Wars fans.

Hey.. this should be the standard... we elect the NERDS.. the smart guys who got straight A's and high GPA's!!! Why not??? Just because they aren't cool enough??

Mike Dallas   November 26th, 2008 1:19 pm ET

All you goofs complaining this is not change. Did you not see the interview today? As he stated, Obama will determine the change after listening to his cabinet as well as this part time economic group. Then HE will decide and indicate how he wants the change done.

His appointments will be the tools to implement the change, so of course you need people from D.C. and the Clinton era to with the experience to accomplish this.

So, since there is no parallel universe of Democrats where exactly do you folks think he will get the experience needed?

Hitler Youth for Obama   November 26th, 2008 1:19 pm ET

Isn't change wonderful?

Obama changing his mind- about age, about experience, about old white washington insiders. Those he railed against for 2 years are now the very best the country has to offer.

What shameful hypocrisy. Obama is the consumate politician.... and everyone, including the media is giving him total freedom and praise no mtter what he does or says.

Peter (CA)   November 26th, 2008 1:18 pm ET

mary-

Thew "warnings" came up when the Republicans were in power. Why did they not do something about it?

The thought that everything has fallen apart in the last 2 years is a delusion. The economy has been running on smoke and mirrors since Bush took office. The dot-com bust and 9/11 made things tough but he made extremely poor decisions on how to address the problem. He ran up his credit card and now the bill has come due.

Democrats have lost their way   November 26th, 2008 1:16 pm ET

I thought McCain was too old- Biden is almost as old and this guy is even older.

What is wrong with the ways democrats think?

Tim   November 26th, 2008 1:15 pm ET

Tough question from Ed? Not really, his questions were silly. Why would you pick someone with no experience when we face the greatest economic disaster since the depression? This is a time to make sure you have the smartest people advising the president. Second, why did Ed ask for specifics of Obama's economic plans when the President-Elect had just rolled out a new advisory group to study these very issues? Ed looked unprepared today. I hope in the future he can identify tough questions, not silly ones. That is the role of the press.

Fair play would be nice   November 26th, 2008 1:15 pm ET

CNN- Always moderating those who don't fawn over the messiah- I agree that Obama is surrounding himself with the best people possible. But these were the very ones he campaigned against- those he criticized for being old Washington insiders.

Now they are the best to be had.

That is the irony. Obama won by dirty campaigning. He lied to steal the election. Now all is forgiven and he praises those he bashed for 2 full years.

Peter (CA)   November 26th, 2008 1:14 pm ET

Ah Sweetie, you're back...and still ranting away I see.

By the time Volcker arrived the problems were already here. He was able to being some stability, although I did not agree with some of his policies.

We lost our wealth because it is concentrated in fewer and fewer hands. The current policies continued that. New policies have to change that.

Fair play would be nice   November 26th, 2008 1:14 pm ET

I agree that Obama is now surrounding himself with the best people possible. But these politicians were the very ones he attacked in his negative campaign – those he criticized for being old Washington insiders. The media played the game with him and bashed anyone who was not the great Obama. Now they praise his hypocrisy in selecting the very people with experience that he railed against.

Now those people are the best to be had and Obama is brilliant for picking the same old insiders. Way to go. What a change that is.

That is the irony. Obama won by dirty campaigning. He lied to steal the election. Now all is forgiven and he praises those he bashed for 2 full years.

Change - Yeah Left   November 26th, 2008 1:12 pm ET

I did NOT realize that Volcker was the nightmare of the Carter years. I realize it, and now that I do, I'm ill.

I remember inflation so high that we had nothing. I remember my father being threatened by the unions in Detroit because he was a salaried company man. I remember waiting in lines for hours only to discover that there was no gas. I remember my mother crying because of how high the taxes were in comparison to my father's income.

I think I'll go throw up now.

C'mon CNN – post this for me – people need to know.

EW   November 26th, 2008 1:10 pm ET

I remember the Clinton administration. That was a time where I made 10% of what I make now for a salary. Such great times.....

Facts are facts. The economy gerw more under President Bush than it did under Clinton.

Fair play would be nice   November 26th, 2008 1:10 pm ET

I agree that Obama is surrounding himself with the best people possible. But these were the very ones he campaigned against- those he criticized for being old Washington insiders.

Now they are the best to be had.

That is the irony. Obama won by dirty campaigning. He lied to steal the election. Now all is forgiven and he praises those he bashed for 2 full years.

Ken in Dallas   November 26th, 2008 1:06 pm ET

Hey JuanM, Obama has never promised to balance the budget. It was McCain who said that.

Sweetie, your fundamental ignorance of economics is showing. Volcker did what was necessary to get inflation under control, and provided the foundation for the economic recovery Reagan claimed credit for.

And you people don't really expect Obama to staff his Cabinet with beginners, do you? I'm sure you'd like him to use the Republican people and policies that put us in this hole in the first place, but that doesn't sound like change or a good idea to me.

As for Ed Henry, keep doing the job. When you step up to the president's podium. it's time to be ready for some hard questions. It goes with the territory, and Ed was fulfilling his role as a mamber of the Fourth Estate.

EW   November 26th, 2008 1:05 pm ET

Talk is cheap, Mr. President-elect. No government can stop a recession. No government can control an economy. Where exactly does this economic stimulus and bailout money come from? The answer is simple. Taxpayers, for generations to come, if we can survive that long.

If you want a government that has a stranglehold on everything, move to China, Iran, or North Korea. I prefer a free market even if it means that sometimes bad things happen to good people.

Walter   November 26th, 2008 1:03 pm ET

Hopefully Volcker has learned from his mistakes and all the suffering he caused in the 70's and 80's. Give him a chance. Just stock up on beans and rice as an insurance policy.

Larry   November 26th, 2008 1:01 pm ET

I WISH the Democrats would take the time to LEARN that the economic disaster we are in ,is in fact , brought on by their party,even though Bush was the president,they cann't seem to grasp that fact.It would require reading,and to not be in total denial.

Cammi317   November 26th, 2008 1:00 pm ET

I trust Obama's judement, but I have to admit that I am a little weary of Volker's age.

LyonsPhilly   November 26th, 2008 12:59 pm ET

Obama, keep up the good work.

GA for Obama   November 26th, 2008 12:59 pm ET

JuanM, Alan- Either you're stupid or just plain ignorant. Volcker, Gates, Jones, Jarrett, Baines, Axelrod, Gibbs, etc are Clinton ppl?

AT LAST COUNT, less than 8 out of 50 ppl are Clintonites. Yes, Gates and Volcker change, JuanM. They're experienced in they're fields and both ARE REPUBLICANS. That's part of change.

FACE IT. No matter what he does, you'll criticise him. That's called hatred, btw.

RobK   November 26th, 2008 12:59 pm ET

I can't believe all you Dems fell for Obama's line about change. He is a Chicago politician after all. A successful one too. Now he's going to fill his posts with the same people that Hillary or John Edwards or Ted Kennedy or Richardson would have used: Washington insiders with a smattering of outside folk, skewed a bit to the left. Any wild haired liberal wouldn't make it past the vetting process and/or would be too inexperienced.

Rick   November 26th, 2008 12:56 pm ET

What is Change? I think the general American population has the wrong idea of it. One can implement change by also using someone that is known. Real change is not about changing the person but the direction or policy. A new person may represent a physical change and may cater to narrow minds that holds a perspective of "change we can believe in"

Educate yourself America and stop suffocating ideas by placing them in your own box.

truthsayer   November 26th, 2008 12:54 pm ET

Ronald Reagan was a great actor.

Ann   November 26th, 2008 12:53 pm ET

Look, Obama won the primaries crying that Hillary represents the old Washington. The point is not whether Volcker is the right choice or not, the point is that Obama told his stories about 'change' and so many stupids believed it, without having any plan how to implement it. Now, he relies on the same old guard to use their heads and do the job. Of course the government needs experienced people.. but why did you need an inexperienced president?

truthsayer   November 26th, 2008 12:51 pm ET

That CNN guy got a smack down from Obama. How is it that all these tough questions went awry when the Bushies were in office.
The Change is me!!! I am the change!!!. Love it.

boered1   November 26th, 2008 12:50 pm ET

all you babies crying about "no change" are fools you see Obama is bringing real change, smart change, directed change not random changes. All through the campaing you idiots argued that change for change sake without direction is stupid.. wellnow you see that Obama HAS a direction he is not making random changes he is making real smart in depth changes.. guess the subtility is lost on you fools

Diing   November 26th, 2008 12:49 pm ET

Alan, can you please tell us what change means to you? and what's wrong with thousands of Americans who worked for the Clinton's Administration? Please, stop your bogus claims.

Sweetie   November 26th, 2008 12:48 pm ET

OMG-This is the Very person who caused the absolute HELL of the Carter Years!

I was praying we wouldn't have to enter this HELL again!

All you Kids who are too young to remember the Hell will!

Paul Volcker will be a name you get a tight feeling in your gut when you hear.

We have already lost most of our wealth-now we will never see it again!

FreeNLovIt   November 26th, 2008 12:48 pm ET

If I'm dying from a heart-attack or I have cancer, I definitely want broad discussions of the best minds. I wouldnt want to go to Joe the Plumber for a final analysis.

Randy - Denver   November 26th, 2008 12:48 pm ET

Intelligent change is coming

the change is in the way the people are being used, it is not radical blind change but a thoughtful directed change.

You take experianced people put them in a new group and give them different direction that way you get the change needed AND you are able to use the experiance gained. See intelligent change is not just putting inexperianced people in places but putting experianced people in new places where there experiance still is worth while.

Danielle, TX   November 26th, 2008 12:48 pm ET

CNN, you need to tame Ed Henry. He was quite disrespectful today.

Amazed   November 26th, 2008 12:47 pm ET

Wow, when did change not include experience? For all of you whinning about Obama putting ex-Clinton administration people into positions, get a grip. The one thing you need is a mix of experience and new ideas. You guys just need to understand that we are in an unprecedented time and we need all hands on deck to get us out of the mess we are currently in. If you don't have anything good to say, try not saying anything....or just hold your breath and hope for the best.

FreeNLovIt   November 26th, 2008 12:47 pm ET

If ya ALL are so smart, who can step up to the plate of Vokler? He looks disciplined and ready to do the RIGHT THING even if it means it will HURT. We need STRONG disciplined people who can make tough choices RIGHT ABOUT NOW, not people that pleases only Wall Street or Main Street but All STREETS. If you said Vokler is not good enough, stick your neck out there and prove that you are better. I'm sure Obama will take you in. First and foremost, he's setup a new external post with Vokler so I'm sure you are more than welcome to VOICE your frustration in there. We need quality politicians. I'm glad Obama is RUNNING the show the way he wants it. The END RESULT IS ALL THAT MATTERS. 'The end justifies the means'

Ted van Tol   November 26th, 2008 12:45 pm ET

To Alan:

I seccond this message, special for you.

November 26th, 2008 12:34 pm ET

To all those who keep mocking the change slogan,

Get it in your heads, change is about new policies, a new direction for the country, not about bringing in inexpericed people to deal with these unprecedented problem the country is facing.

Looks like Obama is what this country has badly needed for decades, a pragmatic president. He's bringing in experts, people who know the issues.

Seriously, what are you all whining about? Do you want Obama to briging people like Michael Brown to deal with all these issues just to satisfy ignorant morons like you??? Do you remember how great of a job he need running FEMA? Yes, let Obama appoint incompetent people to the these posts

I'm Not Missing The Old Mule & Winky Half-baked Alaska   November 26th, 2008 12:45 pm ET

Ed Henry:
Other than being a claptrap reporter just where does all your expertise come from? Maybe you ought to talk to David Gergen who actually has WORKED for three presidents and probably knows a little more than you about these things.

DWB   November 26th, 2008 12:44 pm ET

Alien–Please take your anti-semitic diatribe somewhere else–no appropriate for this conversation

earle,florida   November 26th, 2008 12:43 pm ET

Ed Henry got it right, same-o-same-o, wheres the "Change"...

Hilary   November 26th, 2008 12:43 pm ET

Seriously...can you haters make up your mind as to what it is you want? I see a lot of posts from people saying how Obama's picks are just more of the same, blah, blah, blah. I'd bet anything that if he had brought in all those "fresh faces" you say are out there, you'd be ranting about how he's picked a bunch of inexperienced people and saying "God help us." We need smart, competent people to fix the problems we're facing, not a bunch of village idiots.

young and informed independant   November 26th, 2008 12:42 pm ET

to alan:

DO YOU REMEMBER WHAT IS WAS LIKE DURING THE CLINTON ADMINISTRATION?
GOOD ECONOMY, LOW GAS PRICES...

ANYBODY WHO IS GOOD AT THEIR JOB OF COURSE WAS IN THIS ADMINISTRATION AND
WHY WOULDN'T WE WANT SOME PEOPLE WHO CLEANED UP AFTER GEORGE SR. TO CLEAN UP AFTER BUSH JR??

CHANGE MEANS NEW POLICIES AND NEW DIRECTION. NOT INEXPERIENCE.

HE'S ALREADY PROVEN HE IS WILLING TO DO WHATEVER IT TAKES TO GET US ON THE RIGHT TRACK
IF THAT MEANS BRINGING IN THE BEST WHO HAVE HELPED US BEFORE?? THEN SO BE IT.

Reagan/Nixon '08   November 26th, 2008 12:41 pm ET

How does change equate to using previous administrations cronies?

Helene   November 26th, 2008 12:40 pm ET

President-elect Obama is making decisions that are sound and helpful. He is the real President right now, while that turkey Bush does nothing. What I appreciate with Obama is his ability to gather around him the best experts. That in my opinion is true leadership.

Competent people is what we need   November 26th, 2008 12:34 pm ET

To all those who keep mocking the change slogan,

Get it in your heads, change is about new policies, a new direction for the country, not about bringing in inexpericed people to deal with these unprecedented problem the country is facing.

Looks like Obama is what this country has badly needed for decades, a pragmatic president. He's bringing in experts, people who know the issues.

Seriously, what are you all whining about? Do you want Obama to briging people like Michael Brown to deal with all these issues just to satisfy ignorant morons like you??? Do you remember how great of a job he need running FEMA? Yes, let Obama appoint incompetent people to the these posts

Parrots All   November 26th, 2008 12:34 pm ET

Short fact here, in 2004 the Republicans were pushing for regulation and oversight for Fannie and Freddie. Throw the blame around all you want, but please stop stating the opposite as fact. The Dems are as much a culprit for the "housing bubble" as the Repubs. Barney Frank comes to mind.

Both political parties are to blame and there is plenty to go around, but making incorrect allegations shows your own ignorance and renders the remainder of your comments invalid.

I'm sick and tired of logging on this board and reading nothing but vitriol to try and support an urban legend. Perhaps a more civil tone for discussion would be productive. If you want to vent, go to Daily KOS.

Alan   November 26th, 2008 12:33 pm ET

Well, I guess so much for change, it was nice while it lasted. What amazes me is how he continues to lie to us and everyone laps it up. About 80% of his selections have been ex-Clinton officials. How is that change?? It's too bad, he ran as a black man, but he is governing as a white man. By the end of his 1st term, Bush is going to look pretty darn good. At least be man (or woman) enough to admit that you all fell for his slick talk and lies. Ha Ha.

Arthur James   November 26th, 2008 12:32 pm ET

81-year-old Volcker can hardly be considered a fresh voice. Are we stepping back in time now instead of looking to the future, Mr. President-Elect?

Not that experience doesn't count, but he makes John McCain look like a spring chicken.

cosmogirl34   November 26th, 2008 12:32 pm ET

To Ann:

That was really mature. How about our President elect surrounding himself with the most respected and informed individuals as opposed to loyalist who aren't qualified for the positions they're put in. Your future is only at stake and that's the best that YOU can say.

JuanM   November 26th, 2008 12:29 pm ET

Hahahahaha....look how quick Obama is already moving away from his campaign promise to balance the budget. These two parties are idiots and we keep voting them in. Now, since Obama is being run by Clinton, the new talking point is "Change is the Policy." Hahahahaaaaaa...oh man you Kool-aide drinkers are funny. God forbid you question Obama.

During the election Obama cried and cried about Bushes judgement . Now what does Obama do- he leaves Gates in. Hahahaha."Change is the Policy" huh.

FreeNLovIt   November 26th, 2008 12:28 pm ET

I'm fine with a two-party system. If we have too many parties, we'll all be fragmented and nothing will get done too. The important point is that we need tomake sure both parties are disciplined. It doesnt matter how many parties we have,, it's the quality not th equantity.

FreeNLovIt   November 26th, 2008 12:27 pm ET

Obama has at his command, the rights to SUMMON republicans and democrats to help him. Those that love America, will bite the bullets like Hillary did during the campaign and come to his aid to lieft America up. There's no true American than Hillary when she stood up for Bill and when she stood up for Obama. It's the ability to BITE anger that makes America a great country. Thank God we dont strap ourselves with bombs and we understand LOVE and FORGIVENESS.

afra   November 26th, 2008 12:27 pm ET

BLESSED THANKSGIVING TO EVERYONE, ESPECIALLY THE NEW FIRST FAMILY IN WAITING. CAN'T WAIT FOR JAN. 20. GOD BLESS.

SJC   November 26th, 2008 12:26 pm ET

To Ann,

You said:

"Obama needs more baby sitters ."

As opposed to that intellectual giant, George Bush, who made all those brilliant decisions all by himself. It seems Rush and Fox news have laid out all those taliking points for knee jerk listeners to parrot. If Obama had picked unknowns you, no doubt, would have ranted that these were nobodies who don't have any experience. Do yourself a favor, turn off that right wing claptrap you listen to and try some logical, rational thought. It'll make you feel a lot better.

Robert in raleigh   November 26th, 2008 12:26 pm ET

Ed Henry , I didn't know that you were that stupid , I'm shocked , but you are a talking head........ You Be President , since you have all the answers...

FreeNLovIt   November 26th, 2008 12:24 pm ET

to Alien

Run by Zionist? What has the MIddle East done to help the peace process? All they ever done is blow themselves up. Thank God we are a Christian nation and we understand and value LOVE and FORGIVENESS. We're not perfect, but we know when we have to back down.

JuanM   November 26th, 2008 12:22 pm ET

SJC

If you've read any of my previous posts you will see that I laugh at both Dems and Repubs. You people have all been fooled by this two party system. There is really nothing different between these two parties. They both trample on our constitution. I'm sorry you are a Kool-aide drinker.

TrueIndependent   November 26th, 2008 12:21 pm ET

One of traits of successful leaders is that they are long-term strategists. The difference between all the other Presidential candidates and P-E Obama is that he is a disciplined strategic thinker- the others were undisciplined tacticians.

Amazing how Republicans here are pretending to be Democrats. You can tell who they are because they are the ones saying "this is not change we voted for." We know you did not vote for Obama.

Who would you have him surround himself with, Joe the Plumber who is not even a qualified plumber?

Get real – Change is in the policy – it does not matter who he uses to achieve it, as long as the goal is ultimately achieved. Surely, that is more important than all this small minded bickering!

Chris   November 26th, 2008 12:20 pm ET

This is for all of you who are criticizing Obama for taking action before is even sworn in.

Here is is what our current President bush (little b) is doing:

Nothing!

JuanM   November 26th, 2008 12:20 pm ET

Paul Volcker is a career civil servant and central banker who, among his various positions, served as Under Secretary of the Treasury under Richard Nixon and then president of the New York Federal Reserve Bank. Just another Washington insider-business as usual.
Volker was appointed by Carter in 1979 and is responsible for the devastating interest rates. Some of you that get their information from sources besides John Stewart, might know that interest rates for a new homes was about 17%. Volker tried to fight inflation but instead caused more pain.

More of the same.

Alien   November 26th, 2008 12:17 pm ET

Obama's entire cabinet consists of zionist sympothizers. Your country was and is run by zionist. They have cost us $700B by initiating the war in Iraq. Who do you think will benefit most from the $700B bailout? Take a look at who sits on the boards of the banks getting the bailout money. I can't believe citizens are unconcerned.

SJC   November 26th, 2008 12:16 pm ET

To Juan M,

You said:

"OMG…a reporter was rude to the messiah?"

You have to laugh at knee jerk conservatives who mock Obama and call him the Messiah. There isn't one right conservative who doesn't worship Lord Reagan and genuflect at the mention of his name. The cult like mentality of conservatives has made it blasphemous to denegrate the name of Ronald Reagan who may have been the laziest and shallowest president we had until we were "blessed" with George W. Bush.

nate   November 26th, 2008 12:16 pm ET

Give thanks for President Obama! This is as good as it gets folks.

FreeNLovIt   November 26th, 2008 12:15 pm ET

To Ann

At least he's not brain dead and this is VERY important. One thing for sure, he doesnt have any major senior moments like McCain. He's not missing in action like W :)

Seriously?   November 26th, 2008 12:14 pm ET

Fred in Sc,
____________________________________________

Why do you say he is shady? What has he done thus far that would put him in that category?

FreeNLovIt   November 26th, 2008 12:13 pm ET

He needs to speak softly like Clinton and carry a BIG NO-NONSENSE stick like Bush and then use his judgment, vision and patience to determine his actions, once he analyzed everything. Go Obama!!!

Peter (CA)   November 26th, 2008 12:13 pm ET

Ted @ 11:29

You know it really is a good idea to get your news from someone other than Rush, Hannity, or Glenn Beck.
The problems are bipartisan but remember who was in charge of everything from 2001-2006. We had an economy built on smoke and mirrors, Bush cut taxes, got us into two wars, and put it all on his credit card. Payment is due. Big surprise that the economy is falling apart. Bush only hoped this happened in 2009 or 2010.

FreeNLovIt   November 26th, 2008 12:11 pm ET

Look in order for Obama to be successful, he needs to be half-a Clinton and half-a Bush. Then he needs to throw in a spice of his own and use his judgement, vision and patience to see America through 8 years of eating NOTHING BUT PEANUTS....

Donklephant » Blog Archive » Paul Volcker To Head Economic Recovery Board   November 26th, 2008 12:10 pm ET

[...] From CNN: "Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis," Obama told reporters, calling Volcker "one of the one of the world's foremost economic policy experts." [...]

Laverne   November 26th, 2008 12:10 pm ET

To BJ: the difference between Volgar and McCain is McCain did not and does not have any ideas on how to get us out of this mess. At least Volgar has the knowledge and is contributing to a plan. All McCain offered was a bunch of NOTHING!

Texas Teacher   November 26th, 2008 12:10 pm ET

Oh, ye of little faith and sore losers..... SERIOUSLY... get over it!

YOU LOST! :)

Barack Obama with Joe Biden at his side as well as a wonderfully diverse cabinet will heal the nation's woes! And you will have to EAT your words!!!

Michael M. Noonan   November 26th, 2008 12:10 pm ET

Is it possible to gag on mindless fulsome praise for a nobody?

Ted   November 26th, 2008 12:10 pm ET

I wonder when obama will go back to his racist church.

Ann   November 26th, 2008 12:07 pm ET

hahaha.. Volcker 81? The change is coming.. Obama needs more baby sitters ..

Yes Obama   November 26th, 2008 12:05 pm ET

Yes and if McCain won we would be looking at Phil Grahm as Treasury Secretary who gave us the Saving & Loan debacle and the financial mess we are in which had no oversight. Wife on Enron board of directors. The stock market would be down to 5000! Republicans speak the truth not your vitriolic lies and hate and deal with reality!!!!!!!!!!!!!!!!!!! Take the advice of Phil Grahm-"Stop your whining!'. Sore losers what a bunch of pathological liars you Republicans are!

Jon   November 26th, 2008 12:05 pm ET

andrew cerillo, The country is in this state, and all you can talk about are speaking styles??? Give me a break . . . and some substance.

james   November 26th, 2008 12:03 pm ET

I thought the public was eager to see Pres. Carter leave, but it pales in comparison to what I`m witnessing now. There are sacks of feathers and hot tar pots waiting along the road to Crawford, Tx. ---I wish I could help give him a "warm" welcome.

Texas Teacher   November 26th, 2008 12:02 pm ET

.... those were not Goons... RH or RJ.... they were the appointees! Just to let you know.... I suspect they would not be pleased to have been called goons! *LOL*

An American   November 26th, 2008 12:01 pm ET

You people critized McCain for his age and made nasty comments about him and his age and now we are getting an 81 year old to head a recovery board? Democrates caused this economic mess in the first place, and now the same people are going to put in charge to "fix" things. Obama will not be the best "President" ever in history and I think the next four years will prove that.

Ex-Republican for Obama   November 26th, 2008 12:00 pm ET

What is so ironic, is the republicans caused all of these problems via their deregulation and corruption. Spending on a war that we can't afford and then wondering why we are so far in debt.

Thank god we have an intelligent president for a change!

60 year old white female and proud supporter of PE Obama   November 26th, 2008 12:00 pm ET

Why would PE Obama give "pieces" of his economic plan which may further spook the market. You don't roll out parts of a whole picture..a budget, even a family budget, is based on as many expenditures and savings as possible.

Why appoint a team and say what they are going to suggest/implement the day they are announced.

I liked his answer about implementing experience with new voices. Maybe CNN should balance the people who have worked in Washington with those who have not.

Alisha, MN   November 26th, 2008 11:59 am ET

I love the way our President-Elect Obama thinks, what a brilliant mind. He is already hitting "the ground running" by surrounding himself with the best and the brightest people around! I hope that we all continue to pray for our nation, the world and the new administration, and that prosperity on every level returns to the states. God bless you and I pray that everyone has a wonderful Thanksgiving with their respective families and friends.
'Tis the season

~Alisha

Walt, Belton,TX   November 26th, 2008 11:59 am ET

Ivan and Boris Again
Thomas Sowell
Wednesday, November 26, 2008

There is an old Russian fable, with different versions in other countries, about two poor peasants, Ivan and Boris. The only difference between them was that Boris had a goat and Ivan didn't. One day, Ivan came upon a strange-looking lamp and, when he rubbed it, a genie appeared. She told him that she could grant him just one wish, but it could be anything in the world.

Ivan said, "I want Boris' goat to die."

Variations on this story in other countries suggest that this tells us something about human beings, not just Russians.

It may tell us something painful about many Americans today, when so many people are preoccupied with the pay of corporate CEOs. It is not that the corporate CEOs' pay affects them so much. If every oil company executive in America agreed to work for nothing, that would not be enough to lower the price of a gallon of gasoline by a dime. If every General Motors executive agreed to work for nothing, that would not lower the price of a Cadillac or a Chevrolet by one percent.

Too many people are like Ivan, who wanted Boris' goat to die.

It is not even that the average corporate CEO makes as much money as any number of professional athletes and entertainers. The average pay of a CEO of a corporation big enough to be included in the Standard & Poor's index is less than one-third of what Alex Rodriguez makes, about one-tenth of what Tiger Woods makes and less than one-thirtieth of what Oprah Winfrey makes.

But when has anyone ever accused athletes or entertainers of "greed"?

It is not the general public that singles out corporate CEOs for so much attention. Politicians and the media have focused on business leaders, and the public has been led along, like sheep.

The logic is simple: Demonize those whose place or power you plan to usurp.

Politicians who want the power to micro-manage business and the economy know that demonizing those who currently run businesses is the opening salvo in the battle to take over their roles.

There is no way that politicians can take over the roles of Alex Rodriguez, Tiger Woods or Oprah Winfrey. So they can make any amount of money they want and it doesn't matter politically.

Those who want more power have known for centuries that giving the people somebody to hate and fear is the key.

In 18th century France, promoting hatred of the aristocracy was the key to Robespierre's acquiring more dictatorial power than the aristocracy had ever had, and using that power to create a bigger bloodbath than anything under the old regime.

In the 20th century, it was both the czars and the capitalists in Russia who were made the targets of public hatred by the Communists on their road to power. That power created more havoc in the lives of more people than czars and capitalists ever had combined.

As in other countries and other times, today it is not just a question of which elites win out in a tug of war in America. It is the people at large who have the most at stake.

We have just seen one of the biggest free home demonstrations of what happens in an economy when politicians tell businesses what decisions to make.

For years, using the powers of the Community Reinvestment Act and other regulatory powers, along with threats of legal action if the loan approval rates varied from the population profile, politicians have pressured banks and other lending institutions into lending to people they would not lend to otherwise.

Yet, when all this blows up in our faces and the economy turns down, what is the answer? To have more economic decisions made by politicians, because they choose to say that "deregulation" is the cause of our problems.

Regardless of how much suffocating regulation may have been responsible for an economic debacle, politicians have learned that they can get away with it if they call it "deregulation."

No matter what happens, for politicians it is "heads I win and tails you lose." If we keep listening to the politicians and their media allies, we are all going to keep losing, big time. Keeping our attention focused on CEO pay– Boris' goat– is all part of this game. We are all goats if we fall for it.

Texas Teacher   November 26th, 2008 11:58 am ET

Oh.... sorry, commentators..... I see my first comment did post.... my computer froze up, and I had to unplug it.... I thought I had surely simply lost the comment... and, of course, I don't read first.... I just make my comment and then I read the rest. My apologies.... :)

Watermann   November 26th, 2008 11:57 am ET

Just 22 days after election night and everybody deals with President-elect Obama as if he is already sworn into office and can make decisions for the US. He is not David Copperfield and he will never be even if many people think he is.
On the other hand everybody seems to accept that the incumbent President and his administration (except Paulson and Gates) are lame ducks and making holidays until January 20. 2009 resp. taking care for their new jobs or hobbies.
Just leave PE Obama some air to breath. Did you listen Ed Henry from CNN?

MissP   November 26th, 2008 11:57 am ET

Ed Henry....I believe today that you got your journalism skills from the dollar tree! What in the WORLD do you and some of your friends at CNN not understand about ONE PRESIDENT AT A TIME

Obama Victim   November 26th, 2008 11:56 am ET

another re-tread...............yes..change we can believe in

Moroni   November 26th, 2008 11:56 am ET

It's good to see he's working proactively now to prepare his team for the coming term.

Senator Cleghorn   November 26th, 2008 11:55 am ET

Bruce, the reason CNN and the rest of the media is reporting on Obama's policies and plans is that he, at least, has some. Bush "punted" and is reduced to pardoning "Turkeys". 'Nuff said!

Terry from GA   November 26th, 2008 11:54 am ET

The media can be rude and ask all the questions they want. They won't get any definite answers or see any plans until Barack is sworn in because we only have one president at a time.

andrew cerillo   November 26th, 2008 11:53 am ET

what a contrast....first Mr. Obama with his eloquent speaking style followed by Bush fumbling for words about a stupid turkey. Sorry Ted, you have it wrong..Phil Gramm (R)and his buddies started the economic town turn

Texas Teacher   November 26th, 2008 11:52 am ET

.... oh, my, there she did it again, commentators..... not "before down".... before DAWN! *heavy sigh* try to make an important point and the old fingers get in the way.... *LOL*

Texas Teacher   November 26th, 2008 11:49 am ET

I'm proud of the choices Barack Obama is making! He is not even in office yet! I think Obama will make the final decisions just as Bush/Cheney did. I would love to have seen the media ask some tough questions of Bush in his press conferences! But as I recall, he only allowed certain people in... and only certain people were able to ask questions! Let's keep that in mind, CNN..... Obama is a new kind of politician.... much more like Clinton that Bush! Praise God! It's the difference between C students and A+ students... try not to attack him the way you attacked Clinton at every hand during the Witch Hunt of the GOP! It's hard enough to be the President without having to fight off sensationalism!

I don't think that Obama is obliged to bring in people that please the media or anyone else, least of all the Republican Party! His job is to choose people who are highly qualified and that he knows he can work with. He needs to be able to listen to different sides of every issue, so that when he makes a decision it is an INFORMED one!. That is the mark of a good President. HE will make the final decisions of a President, because in actuality he will carry the praise OR blame for those decisions.

:) Happy Thanksgiving: a day to give thanks for all the Creator has provided.

Oh, btw, a little side note: I'm not a big history Thanksgiving person. The facts are that those same Pilgrims who were saved from starvation and surely death before that famed first Thanksgiving Day Feast shared with the local Indigenous People; the next morning before down creeped into the village of those same People and slaughtered them in their sleep.

This is historical fact that you rarely hear, sadly.

Just an old Indian woman remembering what really happened so long ago.

RH   November 26th, 2008 11:45 am ET

Is it common for Presidents-elect to constantly be flanked by henchmen at press conferences? It reminds me of the way NOI leaders conduct themselves – always surrounded by goons.

Texas Trail Kitty   November 26th, 2008 11:45 am ET

And the Obama Juggernaut rolls on. Good job Mr. President. I have never seen a President so on top of it, and that includes my now second favorite, Bill Clinton. Have a blessed Thanksgiving with your amazing family.

Ken   November 26th, 2008 11:45 am ET

Where is Pres. G. Bush in all of this? He is nowhere to be seen. No surprise. That duck was lame back in 2000. Those who voted for him once should ponder their thought processes. Those who voted for him twice need to get their DNA tested to see what species they really belong to.

Sandra   November 26th, 2008 11:42 am ET

Finally! We have the beginnings of a coordinated team to lead us through, and out of, this mess.

Joseph   November 26th, 2008 11:41 am ET

I think some of you ought to think twice before making comments.

I am not worried about who asked what kind of questions or who might say it was too easy of a question or too hard.. HE IS PRESIDENT ELECT.

My concern is , WHEN CAN WE IMPEACH PRESIDENT BUSH? We only have little over 50 days left. CAN WE IMPEACH BUSH ASAP.

BUSH/CHENY/RUMSFELD BELONG IN GUANTANAMO-

David   November 26th, 2008 11:39 am ET

UNREAL!! Look at this team that Obama has put together for the economy. Talk about the foxes guarding the henhouse. I really, really thought this guy would be about change and believed it and voted for it. But he is not following through and bringing in these recycled politicians and known crooks. I thing I made a mistake and should have went with Hillary (hey, his cabinet is two-thirds Clintonites anyway).

Opy from Canada   November 26th, 2008 11:38 am ET

Kudos to PE Barak Obama. During his campaign, he promised transparency and as shown by these press conf's that is what the American People are getting at long last. He is giving an outline of his administration and also an outline of the oversight people who will keep the administration honest. Now that is governing for the people.

Neocons accused him of not having enough experience (even some of his own party) but there is no way that they can say he doesnt have the know-how to get your great country back on its feet and back to its former glory.

When he is through with getting your country together after 8 years, please send him to Canada – we sure as hell can use him up here to get rid of our Conservative Party who are ruining our country. Steven Harper is a clone of G. W. and it is scary. Some idiots in this country just put him in for a 2nd term and we are now going down the preverbial toilet. Sigh.

FAYE, NV   November 26th, 2008 11:37 am ET

CHANGE is the chief making major decision for this country, the people being hired are those who will implement the President elect Obama agenda. No more of how things are done in Washington.

So why are some of you and the media think CHANGE is about who he is hiring. For "goodin an goodin sake" it is that Obama is in charge.

CNN please post this

Jack Walden   November 26th, 2008 11:37 am ET

So while Obama is busy trying to solve economic issue, the turkey in the white house is trying to tackle the issues of his ilk today -who else but a pair of turkeys.

Ohio for Obama- Suburbs   November 26th, 2008 11:37 am ET

I'm glad that President-Elect slammed that reporter who asked that silly question about changed and why the former Clinton's serving in his administration. With all what's going on in this world, I'm glad he is picking an experience team.

President-Elect Obama to the reporter "Vision Starts With Me". Wow!!!!

Kim J   November 26th, 2008 11:37 am ET

Wally, are you kidding about Ed Henry from CNN. They guy is a reporter asking questions that people want answers to. Obama better get used to being asked things he doesn't want to answer, and some day people will get fed up with him skating around the questions.

Independent   November 26th, 2008 11:36 am ET

Wally well he got what he deserved...absolute ownage form the President elect.

TKW- New Mexico   November 26th, 2008 11:35 am ET

It is so refreshing to have an intelligent president. Who cares about the needs of Americans and can surround himself with intelligent people. If Obama doesn't know something, he finds someone who does.

Phoenix   November 26th, 2008 11:34 am ET

Kevin thank you. I am so sick of people (right and left) blaming the media when they do their jobs by watch out....asking questions. President elect Obama is doing a great job without disrespecting the current president. Also, lets be for real, he's use to media scrutiny.

Dave in NYC   November 26th, 2008 11:33 am ET

These press conferences are very smart – Obama doesn't take office until January, but he's wasting no time and is already restoring some confidence in the markets!

Obama so far is showing the kind of fresh and bold leadership the American people need!

Fred in SC   November 26th, 2008 11:31 am ET

I hope he's not as shady as Obama and the rest of them. However, that might be why he selected him. Time will tell!

Ted   November 26th, 2008 11:29 am ET

What is so ironic is that the Democrats caused most of the economic woes. The Democrats have fought reforms and now they are in charge of fixing everything.

Silvia, Maine   November 26th, 2008 11:29 am ET

I wonder why PE Obama wastes his time even giving press conferences.

BJ   November 26th, 2008 11:28 am ET

Come on...the guy is 81 years old...all you demoncrats gave McCain grief about his age.

Let him retire already.

carmela   November 26th, 2008 11:27 am ET

I hope that Americans should trust the president-elect with his cabinet appointments. What he's doing right now is not easy, the US' economy and so many other countries' economies are at stake and those skeptics and complaining too early about "where's the change?" are not helping.

Thomas   November 26th, 2008 11:25 am ET

Phew! Finally, after 8 years of lunacy, some leadership and direction from Washington. I feel like buying something again. Thank you, Barack.

LJ   November 26th, 2008 11:25 am ET

When will he really answer a question, maybe the reporters will give him the questions before a briefing that way he can rehearse the answer. This is going to get old real quick

Texas Teacher   November 26th, 2008 11:25 am ET

Yes, I have to say that CNN reporter did come off a bit like a smart as... I mean behind..... sorry, Commentators.... he got a bit of a snippy retort because he deserved it. Obama is still the President ELECT, not the President! We voted for him because we trust his judgement! Give him a chance to get in office.

And as Obama said, if he chose people with no political profile; people would be even more critical of his actions. Clearly there will be criticism no matter what he does! That is a given.... it's called sensationalism!

How NICE it would have been if the media had questioned the BUSH/CHENEY administrational choices as well as their policies!

Oh, hold on, after listening to Obama articulate his plan, we get to see a Turkey pardon a Turkey! Pardon me..... I have to go, I've just spit up in mouth! :)

Happy Thanksgiving, America!

Change - Yeah Left   November 26th, 2008 11:24 am ET

Someone from the Fed?

Yep, things are getting worse. For those of you who don't know – the Federal Reserve – is a PRIVATE bank – it's not the Federal Government's. And all that gold at Fort Knox that supposedly supports the government? It doesn't belong to the "people" it all belongs to the private entity known as the Federal Reserve.
I call this letting the fox guard the hen house.

I'm more disgusted daily.

I doubt CNN will dare to post this one.

Matt   November 26th, 2008 11:23 am ET

I am sure, He will be the best President in US History!

Credit Card Republicans   November 26th, 2008 11:23 am ET

The Fed is the problem,a private bank,with no competition,owned by a bunch of unknown snakes.

Goodson   November 26th, 2008 11:22 am ET

All Liberal Progressives should be eternally grateful to Sarah Palin for all she's done for us. She was generous.

Mary   November 26th, 2008 11:21 am ET

Wonderful, now we the taxpayers get to pay how many peoples salaries and benefits for a board to clean up the mess the democrats in congress were warned about over 2 years ago and did nothing about. I am really excited to throw away more of my hard earned dollars for this (un) worthy cause.

California Gold   November 26th, 2008 11:21 am ET

It would be nice if our current President showed any interest in the demise of the economy. I just see him as an empty vessel.

kim   November 26th, 2008 11:19 am ET

He is very much on top of things.... it's a great feeling.

JuanM   November 26th, 2008 11:15 am ET

Wally,
OMG...a reporter was rude to the messiah? How horrible. I hope the poor little Obama can take the heat. I know...call the reporter a racist. That seems to work when someone challenges Mr Obama. We can't have that.

Bruce   November 26th, 2008 11:14 am ET

Why do CNN continuously push Obama for his policies/Budget before he takes office?

Shouldn't these questions be asked of the current President?

As Mr. Obama has stated he is not the President and we only have 1 President at a time.

Back off CNN

FreeNLovIt   November 26th, 2008 11:13 am ET

The yellow brick road for Obama is to think long-term and create jobs, otherwise, 300 million voices will drown out his vision.

gp   November 26th, 2008 11:12 am ET

I would like to see anyone who could with the streight face claim that McInsane or his mistress could provide this level of countability . They were arguing that we do not have time for " on job training "however Obama is walking his talk eveen sooner than anybody before him ever did. Just notice for all who were sceptical and ever therefore even thought of other choice.

JuanM   November 26th, 2008 11:11 am ET

Same old same old. These Washington insiders are going to give BILLIONS and Billions to Wall Street and Detroit. We are screwed regardless of who Obama picks. Of course he's already backing off of his "no lobbyist" statement. He's surrounding himself with them. Typical politician.

Kevin Leo (Jonesboro, GA)   November 26th, 2008 11:10 am ET

Some tough questions from Ed Henry today! Of course the far-right will say that he wasn't tough enough and the far-left will say that he was too hard!

Personally, I think that Bartack is doing a good job of walking a very fine line in explaining how he is going to handle things and whom e has chosen to help in that regards while still defering to the the current office holder.

Wally   November 26th, 2008 11:10 am ET

I think the CNN person who asked question of Pres Elect Obama wasvery rude.

OBAMA GIRL   November 26th, 2008 11:07 am ET

I love my president elect but if I come home and find that he interrupted my dvr recording the Tyra show with Beyonce as the special guest, I'm going to be highly upset! LOL!

Happy Thanksgiving To All!

Comments have been closed for this article

subscribe RSS Icon
About The Ticker

The latest political news from CNN's Best Political Team, with campaign coverage, 24-7. Sign up for our twice daily Ticker emails. Got a news tip or feedback? For complete political coverage, bookmark CNNPolitics.com.

CNN=Politics Screensaver

CNN=Politics ScreensaverTap into the power of The Situation Room. Download this powerful new tool that keeps you posted on the latest political news from the campaign trail.
Download (4.1 MB, PC only)

twitter
Categories
Powered by WordPress.com VIP