Thursday, January 6, 2011

Another Reason Joe Weisenthal Needs to Read EPJ More Often

At 5:32 AM, today, I wrote:
Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of the President's Economic Recovery Advisory Board, which advises President Barack Obama on the economy, reports Reuters.

It's supposed to be voluntary, but to me it looks like he was booted.
This looks like another win for the banksters. They did not like the "Volcker Rule", which imposed restrictions on the types of investments they could buy for their own account.

Weisenthal links to a 2:57 PM, Bloomberg story and writes:

Yesterday when we heard that Paul Volcker was leaving the White House we figured it was normal midterm rotation. Or perhaps, we thought, he was quitting out of frustration.

But nope. The man who created the Volcker Rule, the part of Financial Reform with the sharpest teeth, is being forced out, as The White House takes on a more business-friendly stance.

According to Bloomberg, Volcker was kept out of discussions to reconstitute the Economic Advisory Recovery Board.
And Joe, it is going to be pitched as a "business friendly stance", but it will turn into an even more friendly bankster stance.

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