Reagan-era money man joins Obama team
Today Obama named Paul Volcker to lead a special group called the Economic Advisory Recovery board. The man who killed inflation during the Reagan years is an inspired choice. The 6’7″, cigar-smoking former chair of the Federal Reserve was instrumental in pulling America out of Carter-era inflation, being appointed by Carter in 1979. His policies lowered inflation by 10 points in two years.
Volcker has already given much thought to the current financial crisis. Let’s hope he can find a quick, cost-effective solution to this latest financial mess.