Thursday, January 6, 2011

Volcker to Step Down From White House Panel

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.

It is a nutty restriction which moves the banking sector even further away from operating in a free market manner. But for the banksters, its all about control and power, not free markets. They booted the 83 year old Volcker because he was getting too difficult to control. They won't make that mistake with his replacement. Gumby comes to mind as the type of candidate the banksters are looking for.


  1. I have to wonder if Ron Paul is a factor in Volcker leaving. If you have a choice between being interrogated by a disciple of Rothbard who has the political power to hold your feet to the fire, or walking away (at 83), which would you choose?

  2. The way Paul Volcker has been treated by the Obama people is shameful and sadly telling...

  3. geoih, it is highly unlikely Ron Paul had anything to do with Volcker. To the anti-free market banker crowd, Paul is a messy sideshow that needs to be contained somehow. From his subcommittee chair, all Paul can do is ask embarrassing questions. The actual head of the committee can shoot down any real change Paul tries to emplement. More likely is that Obama and his people, who got many campaign contributions from people that worked at large banking institutions, ejected Volcker because of a policy dispute that would not benefit the anti-market Wall Streeters/campaign contributors.