Word: volckerism
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...critics who believed the Administration was reluctant to crack down on Wall Street, Volcker became the proof that wasn't in the pudding - the monetary version of the "most trusted name in news" who suddenly sounded like a Daily Kos blogger. If Obama really wanted to stop banks from getting too big to fail, why didn't he take Volcker's advice about how to stop them from getting too big? If Obama really wanted to stop Wall Street's excessive risk-taking, why didn't he take Volcker's advice to stop federally insured banks from gambling on their...
...Back in Vogue Volcker was living in New York City, getting engaged to his longtime assistant, giving speeches around the world, making wry comments about the uselessness of financial innovation and the remorselessness of Wall Street. He was also making cagey references to his lack of influence with Obama, for whom he was chairing an obscure economic-recovery board. Congressman Paul Kanjorski says that last March, when he pitched Volcker on a plan to let regulators break up big banks that threatened the financial system, the former Fed chair said, "I'm out of vogue right now in the White...
...fact, while Volcker did have some policy disagreements with Geithner and National Economic Council chairman Larry Summers - who were not eager to dismantle large banks and did not see how proprietary trading contributed to the crisis - those ideas had support from White House economists like Christina Romer and Austan Goolsbee of the Council of Economic Advisers and Jared Bernstein in Vice President Joe Biden's office. Volcker was never really persona non grata; he's friendly with Biden, and Goolsbee says Volcker spoke "extensively and repeatedly" with all the key players - including Obama. Still, White House officials were increasingly frustrated...
...political aides were eager to adopt a more populist tone, urging Treasury to give them something they could use. The bank tax was already in the works, but after Volcker made his case at a White House meeting in October, the rest of the Administration started shifting his way. Giant firms like Goldman Sachs were raking in record profits, and financiers ranging from British central banker Mervyn King to former Citigroup chairman John Reed were endorsing the Volcker rule. (See the worst business deals...
...banks that go beyond the amendment Kanjorski drew up. Geithner would have preferred to limit risk-taking through tougher rules on leverage and capital - and he's still planning a push on that front - but in an election year, it was easy to see the value of having Volcker inside the tent. "The narrative is changing," Warren says. "In 2010, Congress will have a basic choice between taking the side of banks and taking the side of families...