Word: volckerism
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...convert the government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying before the House Committee...
...Forbes Magazine. Pritzker served on the Board of Overseers, the University’s second highest governing body, for a six-year term that began in 2002. The Economic Recovery Advisory Board, which Obama first announced in Nov. 2008, will be headed by former Federal Reserve Chairman Paul A. Volcker. Volcker’s supporting cast is a collection of premier economists from academia and Washington, as well as wealthy Wall Street representatives. “We’re tapping a broad and diverse range of opinion from across the country, because an historic crisis demands an historic response...
...voters. When he needed to look strong on Israel, for example, he brought in Dennis Ross, a former top negotiator who has sided with Israel in policy disputes over recent years. When he wanted to look conservative on money matters he tapped the guru of anti-inflation policy, Paul Volcker. (See pictures of Barack Obama's college years...
Here's the best part. Apparently, we can pay for it all by printing money. This has been a no-no ever since Fed Chairman Paul Volcker slew the inflation dragon almost three decades ago. But now it seems the risk is deflation, not inflation, so running up a tab and printing money to pay for it is a good thing. After all, Volcker is back, heading Obama's emergency economic council. If Volcker says it's O.K., that's good enough for me. So is there a downside at all, or is this medicine so delicious that you look...
...Another part of the job is choosing advisers, and in preparing for this moment, Obama consulted a glittering cast, including former Federal Reserve Chairman Paul Volcker - the man who whipped inflation - and former Treasury Secretary Robert Rubin, who briefly erased the deficit. Yet another role of the President is to set priorities. That's where Obama stumbled...