Exclusive: Volcker to step down from White House panel

[True_Blue]

Source: Reuters

(Reuters) - Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of a panel of experts advising President Barack Obama on the economy, sources familiar with the decision said on Wednesday.

The departure of Volcker, 83, as head of the President's Economic Recovery Advisory Board is among a series of changes under review at the White House.

The decision to leave the board was Volcker's. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.

Volcker, who became a legendary figure on Wall Street when as Fed chief he broke the back of double-digit U.S. inflation in the early 1980s by sharply raising interest rates, began advising Obama during his 2008 presidential campaign and has wielded clout on issues ranging from financial regulation to fiscal policy.

Read more: http://www.reuters.com/article/idUSTRE70458G20110105

[Supply Side Jesus]

1. He was reportedly heard mumbling...

"fuck this, pissing into the wind"

[jtuck004]

5. One of the few people pushing ideas of helping out on the demand side,

helping the people who are hurting, instead of making the banks richer and richer.

Pissing into the wind is correct.

What a different world we might have had if Reagan hadn't fired Volcker
to replace him with Greenspan and the misery he brought.

[dixiegrrrrl]

8. This needs to be read as a warning, folks.

Pretty soon it will be just Turbo Timmy and The BenBernak.

[naaman fletcher]

6. Exactly

[No Elephants]

18. Very likely nailed it on Reply #1. kudos.

[EV_Ares]

2. Do you think he has enough money to quit his job after this run and all his

time on Wall Street?

[frazzled]

3. He's 83; one can understand it

It's a lot of pressure and work to sit on such a panel. He will continue to advise on request, but I suspect he'd like to kick back for a while.

[No Elephants]

16. Yeah, that is the reason he left.

[ej510]

4. He wanted to bring back Glass Steagle, but the fascist said no.

Obama was against it.

[still_one]

10. The President has made it very clear which advisors he listens to and which one's he ignores. /nt

[MadBadger]

11. Who is this fascist you speak of?

[shireen]

7. probably because no one's listening to him. nt

[Donnachaidh]

9. Ding ding ding -- we have a winner! n/t

[notesdev]

12. Exclusive: Volcker to step down from White House panel

Source: Reuters

(Reuters) - Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of a panel of experts advising President Barack Obama on the economy, sources familiar with the decision said on Wednesday.

The departure of Volcker, 83, as head of the President's Economic Recovery Advisory Board is among a series of changes under review at the White House.

The decision to leave the board was Volcker's. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.

Volcker, who became a legendary figure on Wall Street when as Fed chief he broke the back of double-digit U.S. inflation in the early 1980s by sharply raising interest rates, began advising Obama during his 2008 presidential campaign and has wielded clout on issues ranging from financial regulation to fiscal policy.

(continues: http://www.reuters.com/article/idUSTRE70458G20110105 )

Read more: http://www.reuters.com/article/idUSTRE70458G20110105

[Roland99]

13. not like he's really been wielding clout. More like being ignored by the Obama admin.

[Po_d Mainiac]

14. I recall the image

a year or so ago of the Pres at the podium with long Paul at his side.....Timmeh was off in the distance wetting his shorts....There was a brief moment it looked as if the good guy finally won the debate.

But the 'vampire squid' pulled off the stick save.

[Davis_X_Machina]

15. I'm sure the fact that the guy is 83 years old...

...played no role in his decision.

Sometimes a cigar is just a cigar....

[No Elephants]

17. Remind me: How old was he when he accepted the position?

Buffet is in his 80s and going strong. Not every person in his or her 80s is ready for pasture. Unless you are ill, 80 is the new 60, especially if no physical heavy lifting is involved.

[Davis_X_Machina]

19. But anyone that old...

..doesn't need to be in on The Conspiracy to say "No, thanks..."