Obama Economic Adviser Volcker "Increasingly Frustrated" By Delays, Blames Summers

Paul Volcker has grown increasingly frustrated over delays in setting up the economic advisory group President Barack Obama picked the former Federal Reserve chairman to lead, people familiar with the matter said.

Volcker, 81, blames Obama's National Economic Council Director Lawrence Summers for slowing down the effort to organize the panel of outside advisers, the people said. Summers isn't regularly inviting Volcker to White House meetings and hasn't shown interest in collaborating on policy or sharing potential solutions to the economic crisis, they said.

Read the whole story here.

Comments

[jacqmac]

Volcker LIKES Infrastructure spending. SUMMERS does NOT. They seem to 'balance' each other out. However, it would seem that Summers is 'winning' this round. Stay tuned!

[dadw5boys]

Volker DOES NOT GIVE INTERVIEWS !!!!!!!!!!

HOW DID YOU DECIDE HE WAS FRUSTRATED OVER ANYTHING ????

ARE YOU GUESSING ??????

[Maxbyte]

Settle down, dude-with-5-boys. Nothing in the excerpt above or in the entire Bloomberg article claims that Mr. Volcker gave an interview. His frustration is attributed to feedback from "the people" close to Summers and Volcker. It isn't a big deal yet, but will be if Volcker gets bored enough to go back home.

[Gotcha54]

I lay all the blame at Reids and Pelosi's feet! They are suppose to be leaders of their government bodies yet all we seem to see with a microphone in front of them is the Republicans and Obama! Obama's first order of business should be in replacing these two "leaders" if he can! They're useless!

[Pharos]

It's Volker's job to focus on the long term, it's Summers' job to focus on the immediate crisis. Why would anyone not expect some friction. I see it all as perfectly predictable and not necessarily bad.

Could the Media please start doing some reporting and analysis instead of just gossiping; and you wonder why no one buys your newspapers any more!

[jnutlfam2]

Well it's becoming clear as mud to me that in exchange for Hillary's endorsement during the elections, Obama had to find positions for Bill's old administration. They turned the economy around once, they'll do it again. Only this time, they have nothing to prove.

[whatawebb]

Jesus F'in Christ - Obama has been in office less then 21 days and is drawing MORE criticism than any other President has in 100 days. Give the Man a BREAK.

[Jamchinadian]

I share your disgust. To be exact, he has been in office all of sixteen days - 16 days! And he has already worked harder, and produced more, than Shrub in his first 16 Months!!! All these armchair critics, including McCain who sold his very soul to try and steal the election, are such shameless hypocrites.

[Pharos]

It's got to be an organized right wing campaign. Does anyone have access to the Republican daily talking points memos? If so, post them. I'd be curious.

[Swedishgal]

What irritates the hell out of me is when I hear 'he'll be a one term President" after less than two weeks in office. What the heck? The man's already accomplished so much. He needs to get out front and center about the guns issue. People are still buying guns and ammo like its going out of style for fear Obama is going to take their gun rights away. You gotta give the NRA credit for being able to scare the hell out of their base to make gun and ammo makers wealthy in a lousy economy but Obama needs to put their fears to rest, once and for all. Cut down the NRA like he does Rush and put them in their place.

[jnutlfam2]

Uhhh...I'm not criticizing Obama. I think you misread me.

[BeyondGoodAndEvil]

Summers is crooked. How much money has he personally made since he helped push the banking deregulation that caused the worldwide collapse of the shadow banking system?

[Swedishgal]

I so agree with you! Summers is the problem. I don't why Obama is listening to him and not so much to Volcker because is a lot more honest than Summers. I'm wondering if Summers is waiting for Volcker to kick the bucket because he poses a threat to Summers agenda and you can bet Summers has an agenda that will benefit him and his cronies.

[123dee]

Let them duke it out, debate whatever it takes, and if they still can't get along
one has to go. Let them present their case to Obama and then get to work.

[Kartoffel]

What the hell did Barack expect? It was his decision to bring in Washington vets who are heavy hitters in their fields. They means they also bring big egos, retinues of loyalists, and careers and reputations to protect. Apparently Barack thought he could get the heavy hitters, but not their baggage. Life doesn't work that way.

[Pharos]

Did any say Obama was upset or unhappy? Maybe he's getting what he wanted.

[SPQR1775]

I agree, it seems that all the pro Clinto people that Obama choose have issues and brings tons of drama. OBAMA should have keep his team from the campaign. I believe he realized that and is in the process of ensuring that he will get those people moving again tohelp his plans. Well, OBAMA for AMERICA!

[Graywolf48]

Summers was just one of several poor picks Obama has made so far, IMHO. I was hoping we would be searching out the best and the brightest and not calling on lobbyists and failed political hacks to bring "change" to Washington. If Obama continues to try to be everything to everybody, he's going to fail miserably. Our nation cannot afford another failed Presidency at this juncture. We need to produce decent paying, sustainable jobs and do what can be done to keep people in their homes. We need to revise and improve on FDR's "New Deal" not fall back on the same old DC "Same Old Deal". The key is to start rebuilding America and the emphasis should be on infrastructure.

[htd2009]

C'mon...Barack! Start getting these clowns in line...play nice people!

[kshawNCvoter]

lol that picture is win.

[Michael Garrison]

It is time that ALL members of the administration realize that narcissism must give way to creative solutions. The problems confronting this country, its people and the world, let alone President Obama, require nothing less. The sign of a truly great mind is one that is comfortable with its own thoughts as well as those in support and opposition. Too long this country has labored under the weight of insecure and needy leaders who can not or will not grasp the gravity of the problems that need to be addressed. True leadership by the President is being clouded by the petty shortcomings of some otherwise very brilliant minds.

Volker needs to accept his role and work through the process; Summers must set aside his narcissistic tendencies, applying his talents to the ever changing landscape of a national and wold economy that is experiencing events which have no historical precedent. If neither can do this, then it is up to the President to replace them. There is simply no time for wasted energy or ego driven distractions.

[mcantwell]

Good Post.

[Savanna]

Very good Post

[Kiku]

Or, maybe there's a lot to do with the transition, and the proper processes just haven't been set up yet.

[SmolderingRuin]

Got that right. This is beginning to look like a train wreck.

[Pharos]

It is not a train wreck. He's done more good in two weeks than Bush in 8 years.

[pleasethinkwomen]

Dump Summers immediately and bring in someone who will actually represent change for this economic debacle we're in.

Seems like a battle of the waning testerone at play here with Volker and Summers - bring in some young, fresh, smart kick butt do-ers!!

[Docbcs]

They should've listened to Harvard!