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Volcker: The Economic Equivalent of Obama's Blackberry

April 12, 2009 (EIRNS)—Paul Volcker, the former U.S. Federal Reserve chairman who has been critical of the Bush/Obama bailout policy, has seen his role as an economic advisor to President Obama sharply curtailed in favor of Larry Summers and the gaggle of behaviorist kooks now dominating the economics team. It has been nearly a month since Volcker last met with the President, and the presidential advisory board he heads has yet to hold a formal meeting, the Wall Street Journal reported yesterday, quoting Volcker as saying "the whole organizational side of this has been a nightmare." The Urinal noted that the bailout plan announced recently by Treasury Secretary Tim Geithner was developed without Volcker's input, and that "Paul was surprised" that he was not consulted. "I have no idea what Tim's going to say," Volcker reportedly told a Wall Street executive on the eve of the plan's announcement.

Volcker's liaison with the White House is Austan Goolsbee, the fascist University of Chicago economist who serves as both a member of Obama's Council of Economic Advisors and the staff director and chief economist of the President's Economic Recovery Advisory Board, the task force chaired by Volcker. "The task force, and particularly Mr. Volcker's input, 'is meant to serve a role akin to an economic version of the President's BlackBerry,' Mr. Goolsbee says," the Urinal reported.