Paul Volcker To Head Economic Recovery Board
By Justin Gardner | Related entries in Barack, Business
In his third press conference on the economy in as many days, Obama had kind words for the former Fed heavyweight.
“Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis,” Obama told reporters, calling Volcker “one of the one of the world’s foremost economic policy experts.”Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington “echo chamber,” which he said “can sometimes keep out fresh voices and new ways of thinking.”
I think it’s important to look at what consistent leadership and messaging can do to the markets. On the 20th, the Dow closed below 8000 for the first time in 5 years. And then the Geitner pick was floated and the markets rallied. After that, Obama has conducted consecutive press conferences focused on the economy and the market continues to make gains.
This steadiness is part of what the American people voted for early this month and so far so good. Obama’s transition seems focused, smart and humble…three things we’ve been missing the past 8 years.
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