November 26th, 2008
07:31 AM ET
6 months ago

Volcker to head Obama economic advisory group

Volcker will head a new Obama economic team.
Volcker will head a new Obama economic team.

(CNN) - Former Federal Reserve Chairman Paul Volcker will head a new Obama administration economic advisory team, two sources close to the transition confirm.

Obama senior advisor Austan Goolsbee will be the chief economist on board. The group is expected to exist for two years, but could be extended beyond that point. The 8-16 people involved will meet roughly once a month.

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Filed under: Obama transition
soundoff (50 Responses)
  1. Unshrub

    Wow, it's about time we have a President who picks people based on expertise instead of ideology. That is refreshing.

    November 26, 2008 10:54 am at 10:54 am |
  2. Neil

    Same old Same old, sad

    November 26, 2008 10:54 am at 10:54 am |
  3. RobK

    Obama's picks for his cabinet are looking good now, but wait until they've been working for a while. Bush's picks of Cheney, Ashcroft and Rumsfield looked good initially too. Very experienced men to buttress Bush's deficiencies in foreign policy. The same is holding true for Obama. He's picking mostly Washington insiders. We'll see how they do when stressed by crisis, as Bush's picks were with 9/11, the wars in Iraq and Afghanistan, Hurricane Katrina, the financial meltdown. Bush has had more things to deal with than most presidents.

    November 26, 2008 10:57 am at 10:57 am |
  4. ProgressiveDemocrat

    How about getting someone Obama that is on the outside instead of Wshington Insiders like Paul Volcker.

    I know you can do better then that

    November 26, 2008 11:03 am at 11:03 am |
  5. Peggy - TX

    Obama continues to exceed all expectations. He is pulling together the best and brightest for his teams and establishing in the leadership post highly experinced, known, individuals with proven track records.

    November 26, 2008 11:04 am at 11:04 am |
  6. Mohammed

    what is it that people want exactly...he picks people with experince, then they say "look these people are not new"..he picks people that have no experince, then they would say "look he doesnt know what he is doing, he should have picked people with experince!" Can I just remind people that the man is not the one that caused the problem but he is actually trying to fix the biggest mess sense the 30's so can people shut up and actually let him work and implament something before you start saying how bad of a president he is my god

    November 26, 2008 11:11 am at 11:11 am |
  7. Logic

    RobK, Obama is coming to a disaster zone ... caused by Bush ....

    November 26, 2008 11:18 am at 11:18 am |
  8. g ontario

    bush and company had only one thing on there mines when they took office how to sell awar in iraq to the american public then came 911

    November 26, 2008 11:18 am at 11:18 am |
  9. Stephen, Missouri

    Ed Henry and all skeptical journalist should not shut up. Obama plainingly explained it to you. He is the agent of change and the people he is hiring are expected to carry out that change. TPE is moe intelligent that you journalists give him credit for. You nagged the man when he didn't go negative to win against HRC and McCain and yet he won the election, you urged him to keep the Clintons from the convention yet his actions unified the party....

    How much more evidence do you need to realize that this President is more intelligent that you all think? You have never given this guy a chance to succeed in anything yet despite all your negative bashing, he still continues to have the last laugh. How silly of you all.

    November 26, 2008 11:20 am at 11:20 am |
  10. Credit Card Republicans

    The Fed is the problem.Get rid of the Fed,a private bank with no competition and owned by the filthy rich who run the world.

    November 26, 2008 11:21 am at 11:21 am |
  11. Farrell, Houston, Tx

    Thank God for President-elect Obama. The thought of McCain/Palin possibly being in Obama's position is just chilling; neither McCain/Palin have the education needed to attack our economic problems.

    November 26, 2008 11:25 am at 11:25 am |
  12. FreeNLovIt

    Look people, it is good that Obama selects people with experience to help him out. You can use their experiences and branch out according to the times. It's like this: W digged the same old hole for eight years. Obama is tossing out the shovel and using heavy weight MACHINES to really dig out new holes to mine diamonds.

    November 26, 2008 11:29 am at 11:29 am |
  13. Tulsa

    Noah! Still an idiot with a chip on your shoulder I see!

    November 26, 2008 11:29 am at 11:29 am |
  14. Phoenix

    I am so sick of people commenting on "same old, same old." Look, we cannot afford to have all new people at the wheel of the car. I didn't realize how clueless we were as Americans. This is sad. Perhaps I shouldn't have a day off, perhaps I should be teaching my students so they will not be so uninformed.

    November 26, 2008 11:37 am at 11:37 am |
  15. fire

    wow good leader.

    November 26, 2008 11:40 am at 11:40 am |
  16. curt

    The change is in the policies and direction President-elect Obama will set for the experience mind's to follow, they are there as advisor's to the President, the President set's the course for change

    November 26, 2008 11:50 am at 11:50 am |
  17. David

    Yep, no change here folks. Now we're bringing back Volcker. Another corrupt leader of the illegal Federal Reserve. How long is it going to take for the eyes to open on the sheep? How long can we actually last with the Fed in charge of economic policy? Don't we all understand that they are not a part of the federal government and they have nothing in reserve? that they print "money" out of thin air backed by nothing. They are a privately owned bank started by international bankers to fleece America. They have never, ever been audited (as should be required by congress who has the authority in economic policy) and never will be.

    November 26, 2008 11:50 am at 11:50 am |
  18. Texas Trail Kitty

    Once again, President Obama goes with experience. For all of you who insisted he was 'inexperience' how do you like him now! He has the common sense to know he doesn't know everything, so he's surrounding himself with top flight people to help him govern. It's too bad W wasn't as smart. Go Obama!!

    November 26, 2008 11:57 am at 11:57 am |
  19. insanity

    David November 26th, 2008 11:50 am ET

    Yep, no change here folks. Now we're bringing back Volcker. Another corrupt leader of the illegal Federal Reserve. How long is it going to take for the eyes to open on the sheep? ...
    --------------------–
    David, you're a moron!
    Chang doesn't mean changing the people.. it' changing the goals set for the people. If you want to fight a new war, you don't replace the soldiers who fought the first failed war. You just do it in a more efficient way. In fact you want the old experienced people do be there.

    That's what Obama is doing. He's taking old, talented, experienced people, and giving them a new mission, a new strategy, a new goal.
    A goal that can and will take us out of this mess.

    Take your stupid partisan ways and go watch Fox News.

    November 26, 2008 11:59 am at 11:59 am |
  20. Joyce in Indiana

    Again PE Obama is bringing in a number of advisors with divergent views. The best, no, the ONLY, way to make a good decision is to listen to lots of different opinions.

    It's hard to believe that some people have a problems with this.

    November 26, 2008 12:03 pm at 12:03 pm |
  21. TrueIndependent

    Amazing how Republicans here are pretending to be Democrats; you can tell before they are the ones saying "this is not change we voted for"

    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

    November 26, 2008 12:12 pm at 12:12 pm |
  22. TrueIndependent

    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. 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.

    November 26, 2008 12:15 pm at 12:15 pm |
  23. Terry in NY

    I wish him the best but I just hope that an 81 years old man is in touch with 2008 issues. It typically wouldn't be the case. When you're away from things for even a few years things change so much you wouldn't recognize them.

    November 26, 2008 12:26 pm at 12:26 pm |
  24. Peter (CA)

    Hey right wingers...instead of foaming at the mouth and just repeating talking right wing radio talking points, how about giving us some ideas on what should be done?

    Obama is brining in the most experienced people to fix this mess your guys made. What more do you want? If he brings in all outsiders, how long before you start complaining about "newbies" who don't know what they are doing??

    MikeH....you are exactly right. Too bad no one stood up to big business instead of letting them gut manufacturing in this country.

    November 26, 2008 12:28 pm at 12:28 pm |
  25. Jeff in Illinois

    ugh, now I'm going to complain how my valid posts don't get through, and they'll end up posting this nonsense complaint post instead. Thanks for not posting my rather valid points CNN.

    November 26, 2008 12:28 pm at 12:28 pm |
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