November 26th, 2008
07:31 AM ET
5 years 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. Goodson

    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

    November 26, 2008 08:01 am at 8:01 am |
  2. DC

    We're saved!

    November 26, 2008 08:10 am at 8:10 am |
  3. Mikey

    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?

    November 26, 2008 08:15 am at 8:15 am |
  4. indy 08

    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.

    November 26, 2008 08:20 am at 8:20 am |
  5. Jeff

    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.,

    November 26, 2008 08:28 am at 8:28 am |
  6. Noah

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

    November 26, 2008 08:33 am at 8:33 am |
  7. Mickie

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

    November 26, 2008 08:40 am at 8:40 am |
  8. Chris (SC)

    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.

    November 26, 2008 08:43 am at 8:43 am |
  9. Larry

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

    November 26, 2008 08:57 am at 8:57 am |
  10. Sean, MD

    Brains at work.

    November 26, 2008 08:57 am at 8:57 am |
  11. Rita of Dallas

    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?

    November 26, 2008 09:27 am at 9:27 am |
  12. Ray Fisher

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

    November 26, 2008 09:27 am at 9:27 am |
  13. vic

    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.

    November 26, 2008 09:36 am at 9:36 am |
  14. anonymous in Big D

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

    November 26, 2008 09:36 am at 9:36 am |
  15. Praetorian, Fort Myers

    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.

    November 26, 2008 09:44 am at 9:44 am |
  16. LyonsPhilly

    Bold choice.

    November 26, 2008 09:48 am at 9:48 am |
  17. Hari

    YESS!!!!

    November 26, 2008 09:49 am at 9:49 am |
  18. FreeNLovIt

    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.

    November 26, 2008 09:55 am at 9:55 am |
  19. Breck

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

    November 26, 2008 09:58 am at 9:58 am |
  20. Stacy from Loudoun County VA

    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.

    November 26, 2008 10:05 am at 10:05 am |
  21. FreeNLovIt

    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.

    November 26, 2008 10:16 am at 10:16 am |
  22. MikeH

    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.

    November 26, 2008 10:17 am at 10:17 am |
  23. Walt, Belton,TX

    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.

    November 26, 2008 10:37 am at 10:37 am |
  24. Tim in VA

    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.

    November 26, 2008 10:42 am at 10:42 am |
  25. THE AMERICAN PEOPLE

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

    November 26, 2008 10:53 am at 10:53 am |
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