Former Fed Chairman Paul Volcker Endorses Obama

Wall Street Journal:

Former Federal Reserve Chairman Paul Volcker, the latest big name to endorse Sen. Barack Obama, could give the Illinois Democrat a boost by lending his gravitas in the financial world to a presidential candidate whose biggest hurdle is to convince voters he is experienced enough.

"After 30 years in government, serving under five Presidents of both parties and chairing two non-partisan commissions on the Public Service, I have been reluctant to engage in political campaigns. The time has come to overcome that reluctance," Volcker, a Democrat, said in a statement today. "However, it is not the current turmoil in markets or the economic uncertainties that have impelled my decision. Rather, it is the breadth and depth of challenges that face our nation at home and abroad. Those challenges demand a new leadership and a fresh approach."

Read the whole story: Wall Street Journal

Comments

[Tankan]

Another wise old man who recognises what's best for the nation!

[Ladyrantsalot]

I was a young student when Volcker was head of the Federal Reserve and, at the time, I resented him because Fed policy led to a pretty brutal recession and tough times for working people. As the years passed, however, I came to understand that those policies also ended the stagflation of the 1970s. They were tough medicine, but they worked. So I came to respect him (and to study up more on economics). Funny, I never knew he was a Democrat; I always thought he was one of those Republicans Democratic presidents are often obliged to appoint to keep the Republican ranters off their backs. This is a significant endorsement from a highly accomplished man who is respected by people in both parties.

[ayc]

For those who understand the financial world, it is kind of hard to downplay this endorsement. If the economy is moving into the top concern in this election, this endorsement carries weight.

[Zhonni]

I don't know this guy, but I take it an endorsement is an endorsement except it were given by the devil(not refering to Bush for those who might think so).

Well, the more the better.

[Svenson]

When Obama talks about new, change, hope and future and then all these old dead wood from history that i have never heard off come out of the woodworks for 5 second of fame ... i feel like I am going through a hallucination and surreal dream when I am high on marijuana.
It is eeeerrriiess.

[BUSHsurvivor]

What? No headline for Washington Senator Patty Murray endorsing Clinton?

What? No story on Dr. Maya Angelou's radio spot FOR Clinton?

And where's the story on Obama's pandering to 4 mostly Black Georgia Ministries telling them to imagine what a picture of him with his hand on the bible being sworn in would do for their kids?

How can this be?

ObamaPo is getting to really be like Faux Noise's fair and balanced...said, but really not!

[NCYvonne]

They wrote and recorded a song called "Fired Up & Ready To Go" based on the Obama theme. Check it out here. It's wonderful and includes the Pearl Jam drummer!!!

http://www.youtube.com/watch?v=LyJ72iZ3tW4

[mrJJ]

OT:

Sen Obama might a problem... All of the Chinese Govt censored web sites are heaping on the praises of renewed a Clinton White House..

[godlessclif]

Does this finally convince you Obama is a sellout to rich multinational corporate interests.

Paul Volcker endorsed Reagan over Jimmy Carter.
wages.

Volcker father of "The Volcker Squeeze" that squeezed out
inflation in 1978 by lowering wages.

[lynnn]

I think what this guy is saying is that "Obama is nut a nut case. Obama is half-way sane, and is calm, we are in for a Depression MF'ers we don't need a nut @ the helm. Europeans like the Obama, so they won't try to stick it to us." That's what I think this guy is saying.

[realitytrumpsbull]

While someone still accepts dollars, Congress should be considering pre-printed impeachment forms. To save money, they could build a Word document, and convert it into PDF. Spend 4 hours sharpening the double-bitted budget axe, and 1 hour cutting down the corruption, instead of vice versa.

[Ides]

Now THAT is an endorsement. It undermines the armchair policy wonks, it undermines the Manchurian Reaganite bullcrap, and it ties him to Carter (which will piss off the Far-Right and, in turn, infuse the Democrats).

[RusStyles]

I can no longer keep up with the heavy-player endorsements...His commentary was spot-on, and a further indication of Obama's wide appeal.

Go Obama '08!

[thetaoofterri]

Does it bother anyone else but me that many "Ray-gunites" are stepping forward to endorse Obama?

[VOTER]

This is a VERY IMPRESSIVE ENDORSEMENT.

Nice, very nice!