Lonesome Tree in Sandhills

Friday, September 26, 2008

Old Fed Reserve Chair Supports Obama

Does anyone remember 10% rates on 20 yr. mortgages (no ARMS then) & comparable inflation rates, then economic stagnation? Okay... can anyone remember Paul Volcker, who led the Federal Reserve from 1979 to 1987 (Carter & Reagan)? No? He’s that old guy who preceded Alan Greenspan & handled the 1980's debacle. Well, the nation may need him again... and thankfully, he's supporting Obama. Paul Volcker about Obama in Jan. 2008: “After 30 years in government, serving under five Presidents of both parties and chairing two non-partisan commissions on the Public Service, I have been reluctant to engage in political campaigns. The time has come to overcome that reluctance,” Volcker, a Democrat, said in a statement today. “However, it is not the current turmoil in markets or the economic uncertainties that have impelled my decision. Rather, it is the breadth and depth of challenges that face our nation at home and abroad. Those challenges demand a new leadership and a fresh approach.” He concluded: “It is only Barack Obama, in his person, in his ideas, in his ability to understand and to articulate both our needs and our hopes that provide the potential for strong and fresh leadership. That leadership must begin here in America but it can also restore needed confidence in our vision, our strength, and our purposes right around the world.” Volcker Joins List of Obama Backers The Wall Street Journal | January 31, 2008

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