November 26, 2008
Posted: November 26th, 2008 07:31 AM ET

From
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.

Full story

Filed under: Obama transition


Jeff in Illinois   November 26th, 2008 12:28 pm ET

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.

Peter (CA)   November 26th, 2008 12:28 pm ET

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.

Terry in NY   November 26th, 2008 12:26 pm ET

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.

TrueIndependent   November 26th, 2008 12:15 pm ET

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.

TrueIndependent   November 26th, 2008 12:12 pm ET

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

Joyce in Indiana   November 26th, 2008 12:03 pm ET

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.

insanity   November 26th, 2008 11:59 am ET

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.

Texas Trail Kitty   November 26th, 2008 11:57 am ET

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!!

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? 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.

curt   November 26th, 2008 11:50 am ET

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

fire   November 26th, 2008 11:40 am ET

wow good leader.

Phoenix   November 26th, 2008 11:37 am ET

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.

Tulsa   November 26th, 2008 11:29 am ET

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

FreeNLovIt   November 26th, 2008 11:29 am ET

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.

Farrell, Houston, Tx   November 26th, 2008 11:25 am ET

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.

Credit Card Republicans   November 26th, 2008 11:21 am ET

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.

Stephen, Missouri   November 26th, 2008 11:20 am ET

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.

g ontario   November 26th, 2008 11:18 am ET

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

Logic   November 26th, 2008 11:18 am ET

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

Mohammed   November 26th, 2008 11:11 am ET

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

Peggy - TX   November 26th, 2008 11:04 am ET

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.

ProgressiveDemocrat   November 26th, 2008 11:03 am ET

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

RobK   November 26th, 2008 10:57 am ET

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.

Neil   November 26th, 2008 10:54 am ET

Same old Same old, sad

Unshrub   November 26th, 2008 10:54 am ET

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

THE AMERICAN PEOPLE   November 26th, 2008 10:53 am ET

Obama is truly on top of his game...a stellar campaign can now be seen in a stellar transition. Intelligence....priceless!

Tim in VA   November 26th, 2008 10:42 am ET

Has Obama named any cabinet members or advisors that were not part of the Clinton or Bush administration? Looks like "Change" went out the window, and it's politics as usual in Washington.

Walt, Belton,TX   November 26th, 2008 10:37 am ET

That should do the trick. Take one of the key problem makers and put him into the picture as a problem solver. He should fit right in with the rest of the financial wolf pack from the Clinton era and the present one.

Works for me, but then I got out of the market a long time ago when Congress decided everything was fine and no action was needed.

MikeH   November 26th, 2008 10:17 am ET

The bottom line is a nation needs to have an economy based on production, that is manufacturing durable goods and commodities such food.

America's economy is currently 70% based upon spending and borrowing. America's biggest product is debt. Wealth, real or imagined, has been sequestered by less than 10% of the population. America has been hollowed out by greed.

Until in-country manufacturing is re-established as the major source of capital production, and the nation's wealth, what there is left of it, has been more equitably distributed, we stay in economic crisis. Period

It will be a rough ride for the next couple of years. AND, greenhouse gas production must start to be lowered NOW, or the climate crisis that follows will make this economic crisis look like a walk in the park.

FreeNLovIt   November 26th, 2008 10:16 am ET

It's great to be an American. Every four year, you get to pick a leader and there's always new fresh blood. Thank you W for keeping us safe.

Stacy from Loudoun County VA   November 26th, 2008 10:05 am ET

I am interested to see how all these groups work together. I am happy to see so many intelligent people well versed in economic knowledge, but there has to be a plan to weave these groups together into a "brigade" that can attack the problem. Just having a group over here and a group over there not working together is chaos.

Breck   November 26th, 2008 9:58 am ET

Nice to see President-elect Obama is putting together a good team.

FreeNLovIt   November 26th, 2008 9:55 am ET

Great! One Treasurey Secretary is not enough. This is an economic crisis beyond America, we need all the BEST of the BEST to be on board.

Hari   November 26th, 2008 9:49 am ET

YESS!!!!

LyonsPhilly   November 26th, 2008 9:48 am ET

Bold choice.

Praetorian, Fort Myers   November 26th, 2008 9:44 am ET

Clearly President Obama–is intent on bringing the best minds and experience for the Administration's team battling the current economic woes.

He's also creating an incredibly inclusive and diverse administration which is very transparent–a real breath of fresh air from the previous administration.

anonymous in Big D   November 26th, 2008 9:36 am ET

Oh wow! My 401(k) will regain its losses!

vic   November 26th, 2008 9:36 am ET

I highly commend Obama on ALL his choices so far.
He's surrounding himself with brilliant minds and people that will get the job done.
All the whiney naysayers need to just shut up.

Ray Fisher   November 26th, 2008 9:27 am ET

Great choice Mr. President!!! Paul Volcker is the rock America needs to settle our economy and stop the turmoil of the daily bailout announcements.

Rita of Dallas   November 26th, 2008 9:27 am ET

It would be really nice of there was some help for the Companies who do Title Searches and issue Title Insurance. I work for such a company and I must say that I am disapointed in the way the Bailout has been conducted thus far. Only banks are getting help, while the people who had a hand in their plight are still on the payroll and they even get to take retreats at taxpayer expense. I may be losing my job, because the main reason the econmy is in such bad state, is the collaspe of the housing market, which no one has addresed to this point. Fat Cats are still getting theirs while the Little Folks get screwed. What has changed?

Sean, MD   November 26th, 2008 8:57 am ET

Brains at work.

Larry   November 26th, 2008 8:57 am ET

President Bush will be pardoning turkeys today !! It would be good if he could come back in a few months and pardon some more.

Chris (SC)   November 26th, 2008 8:43 am ET

Obama keeps surrounding himself with very smart people. Wish Bush would have done this instead of bring his not so bright friends to the White House with him.

Mickie   November 26th, 2008 8:40 am ET

Unlike Bush, at least Obama is trying to gather "intelligent" people around him to help solve this crisis.

Noah   November 26th, 2008 8:33 am ET

Change, change , change...Where's the change?

Jeff   November 26th, 2008 8:28 am ET

I declined to vote for President during the last election cycle as I could not bring myself to support a man as untested as Obama and I sure wasnt going to support a Republican. I am very impressed with Obama's selections thus far. Obama is not chosing yes-men to sit on his cabinet but people that know what they are doing. Again, I am very impressed.,

indy 08   November 26th, 2008 8:20 am ET

Is this an all star dream team or what, I have full confidence this team will turn the economy around.
Excellence and competence are back to the govt, WOW.

Mikey   November 26th, 2008 8:15 am ET

Gee, what a concept! Instead of appointing a bunch of Texas and neo-con cronies, go out and get the best people available.

Next step: Instead of running the country based on some pre-conceived idology and totally ignore reality, carefully analyze situations and apply well-conceived pragmatic solutions. Wisdom over idology.

Just imagine if the country had been run that way for the last eight years. How much pain could we have avoided?

DC   November 26th, 2008 8:10 am ET

We're saved!

Goodson   November 26th, 2008 8:01 am ET

Beware, CNN is for progressives
Any Republican hovering around here should just take their antidepressants and tune in to Sean Hannity and Rush Limbaugh, it's another day to spew hate, that's the best they've got, or go hunting with your Palin and take it out on those helpless deers Moose, if that helps with your anger.
Progressive Americans have spoken
OBAMA is President for eight years

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