Obama picks Paul Volcher in charge of economic recover--do YOU remember Volker?--I do

Discussion in 'Politics' started by oreo, Feb 6, 2009.

  1. oreo
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    oreo Gold Member Supporting Member

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    Since I am old enough to remember Paul Volker--I will let you all know that Paul Volker was the federal reserve chairman during the Carter Adminstration. This when we had double-digit inflation, 18% fixed 30 year mortgage rates-& 10% unemployment, & short term interest rates over 20%.

    Ronald Reagan gave Paul Volker the boot & installed Allan Greenspan as Fed Chairman-- who existed all the way into the Bush adminstration & through the fantastic economic growth we saw during the Bill Clinton years.

    Is Obama giving Paul Volker a chance to redeem himself? He's not brilliant, in fact my experience with Paul Volker is extremely negative.

    Also a member on this "new" so-called "brilliant" economic advisors is the CEO of G.E. GE's stock fell 45% this year, & also as you may be aware--GE ownes NBC--MSNBC--etc. A conflict of interest here? I would think so.

    President Obama ironically admits that most of the employment lost in this country, a whopping 600,000 just this month, & 500,000 last month, has been in just the past two months. NOW PAY ATTENTION HERE: Note that these huge employment losses are "after" the already 700 billion banking bail-outs that were designed to save the banks & stimulate the economy along with several other billion in bail-outs given to certain industries. So what started as a "drip" in our economy in unemployment has escalated into faucet-open-full throdel, regardless of all these prior bail-outs that (started a few months ago.)

    Ask yourselves:--What does that mean with this so-called now up to 937 BILLION--that is currently trying to be shoved down our throats, in this so-called stimulus for economic recovery? Hmm. "The definition of insanity is doing the same thing over & over again, while expecting a different result."
     
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    Last edited: Feb 6, 2009
  2. dilloduck
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    dilloduck Diamond Member

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    It means that the same people who always ran the show are still running the show. Elections are a farce.
     
  3. WillowTree
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    WillowTree Diamond Member

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    omg! jeez obamalama,, what next??
     
  4. Sinatra
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    Sinatra Senior Member

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    Obama's first month in office is shaping up to be disastrous.

    Little organization, complete loss of momentum, declining poll numbers, and the first major legislation is the porkulus bill.

    It is far easier to mouth Hope and Change than to actually accomplish it.
     
  5. Shogun
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    :lol:

    yea, i'd bring up Greenspan too!

    [ame=http://www.youtube.com/watch?v=oSWFuOGenGw]YouTube - Greenspan Denies Blame for Crisis, Admits 'flaw'[/ame]
     
  6. Sinatra
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    Sinatra Senior Member

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  7. Shogun
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    yea... blame a dem.. go for it. The populace knows better.
     
  8. auditor0007
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    auditor0007 Gold Member

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    When Volcker chaired the fed, things were bad. I was young then, so I really can't say much. I know he is given credit for bringing inflation under control. The question is whether or not the drastically high interest rates were necessary to do this. I don't know the answer and won't pretend to.
     
  9. Sinatra
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    Sinatra Senior Member

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    That is the great debate of the Volker legacy. While he did help stabalize the insane inflationary rates that were decimating the US economy back then (people today either forget or have no clue as to just how bad it was) there arose disagreement between he and the Reagan administration over whether or not interest rates needed to be so high to do so.

    When Reagan initiated the sweeping tax cuts of the early 80's, and forced revisions within FED policy with the removal of Volcker, the American economy awoke and really hit its stride.

    This is not rocket science folks - cut taxes and unleash the great economic machine of this mighty nation.

    It amazes me how so many Dims are opposed to lower taxes for all Americans. They fall back on the tired class-warfare cries of "tax cuts for the rich" etc.
     
  10. editec
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    editec Mr. Forgot-it-All

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