Volcker speaks, is anyone listening?

I know this isn’t breaking news and the recessions aren’t exactly the same – but still it is quite surprising to me that Paul Volcker continues to offer his help to the Obama administration who is largely ignoring it.

Paul Volcker, a Democrat,[5] was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.[6]

Volcker’s Fed is widely credited with ending the United States’ stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983.

Volcker on the role of the Fed:

Mr. Volcker, a former Federal Reserve chairman, told a lunch meeting at the Economic Club of New York that he had been “particularly disturbed” by proposals to strip the Fed of its supervisory and regulatory responsibilities.

“What seems to me beyond dispute, given recent events, is that monetary policy and the structure and condition of the banking and financial system are irretrievably intertwined,” said Mr. Volcker, who chairs the President’s Economic Recovery Advisory Board, a panel of outside advisers set up at the start of the Obama administration.

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