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.
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??
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!
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.
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.
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.
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.
I remember Volcker from Carter's administration. Inflation upwards to 20%.
This is our "change".
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
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.
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?
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.
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.
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.
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.
Your type, the type that only cry and gripe. Shut the xxxx up!
Do something with yourself. Your type is part of the problem.
Want to know about KOOL AID. Look up Jim Jones and James town.
Um, the dot com bust happened while Clinton was in office.
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.
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.
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,...".
"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.
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.
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.
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.