Paul Volcker: Obama Socialist Comments Have 'No Connection With Reality'

Paul Volcker sounded off on critics of President Obama in an interview with CBS's Anthony Mason.

Asked whether he agrees with accusations that the president is waging class warfare by pushing for Wall Street reforms and higher taxes for the rich, Volcker said, "I don't understand the depth of that feeling. I really don't. This business that he's a great socialist and out to undermine the free enterprise system and so forth, I just think it has no connection with reality."

He balked at the notion that Obama could have taken office without going after the banks.

"How could you have a President of the United States taking office in the midst of a financial crisis and a deep recession and not be critical of the financial system? He would have been deaf, dumb and blind," he said.

Volcker, former Chairman of the Federal Reserve and Obama adviser, is the namesake for "the Volcker Rule," a major provision in the Wall Street reforms that could take effect as early as this July.

Though Obama has been critical of Wall Street, a survey from the end of last year found that he had approved fewer regulations than President Bush had at the same point in his presidency.

As HuffPost's Jen Bendery reports, Wall Street executives actually thrive under President Obama. Still, most major Wall Street donations are heading to Mitt Romney, who is perceived as much friendlier to banks.

Comments

[frsi]

02:48 PM on 09/05/2012

"This business that he's a great socialist and out to undermine the free enterprise system and so forth, I just think it has no connection with reality." - Volcker is exactly on point.

Obama 2012.

[tsimpson2333]

03:51 PM on 04/04/2012

You know what is always amazing "people who don't work are always the first to want to tell you how to spend your money." Generation Y the perfect "scenario" with all the answers, but don't do anything.
.

[Enderby Land]

01:22 PM on 03/27/2012

The entire GOP base has no connection to reality.

We're seeing the cultlikeproduct of a movement that has simmered and slow-cooked in its artificial propaganda reality for 20 years straight.

[stevec2nd]

02:32 AM on 03/27/2012

What's wrong with you people? I read that headline thinking that Paul Volcker was criticizing socialist comments made by President Obama. The people out to defeat Obama, especially the ditto-heads and other tea-party types, will have a field day with that statement, taking it totally out of context. If you think that they'll get the picture by reading the article as I did, guess again. I don't think so. The only thing that makes sense to me is that you were trying to trick them into reading the article and being enlightened. Fat chance.
Paul Volcker almost single-handedly pulled the country out of the stagflation created mostly by Reagan Voo-doo economic policies, and as such I have the utmost respect for him. So your headline really gave me a jolt. Sheesh!

[J4Obama08]

10:11 AM on 04/13/2012

I totally agree with you stevec2nd - I love Paul Volcker and one of the best events I went to during the 08 campaign was at a Florida high school - then candidate Obama had a round table discussion with Volcker, a group of Governors and executives like Google (can't remember his name right now!) about various problems facing the country - it gave a glimpse into the style that Obama would employ as President - listening to leaders before weighing in with his own opinion - as much as I had up to that point supported him it reinforced for me what a great leader he would be!

[Miranda Wrietz]

01:29 AM on 03/27/2012

Well, I have to say, the looney right never ceases to amaze me. But I really didn't believe it when I got this as a reply. I have going back and forth, the radical right still cannot define socialist. But I thought this was TELLING. We are ALL socialists America? You, me, the pres, EVERY Congressman, priest, EVERYONE hehehehe.

REALLY, can you believe this?

-----------------------------------------------------------------------
Rus Viking on Mar 27, 2012 at 00:02:18

“What are you talking about?

The whole system is Socialist. Just being President of the United States makes one a Socialist. Me being an American, makes me a Socialist!

[Michael GE]

02:30 AM on 03/27/2012

Uhm ... there is a small but significant difference between being a forced object under the US Empire and the Socialist International. Actually, experts are still divided on the issue if the difference should be measured in Pacifics, Atlantics, or Aircraft Carriers. :)

[FatFeline]

11:18 PM on 03/26/2012

Check this out for a dose of reality.

http://www.socialist.com/

[Philclock]

07:01 AM on 03/28/2012

Couldn't link to the site about Obama's background, can you help??

[Don Glenn]

10:16 PM on 03/26/2012

Paul Volcker is a smart man who knows a lot about our economy. Unfortunately the ones who need to be listening have their fingers in their ears yelling LaLaLaLla! Go Figure.

[dutt]

09:14 PM on 03/26/2012

No connection to reality pretty much sums up the right.

[Beenaroundforawhile]

07:41 PM on 03/26/2012

The word "socialist" fires up the TeaRepublican base. They sieze on the term without really knowing what it means...kind of like dogs watching tv, they know something is going on, just not sure what it is.

[charon]

06:53 PM on 03/26/2012

The right wing. Delusional as usual.

[ibsteve2u]

06:27 PM on 03/26/2012

Huh...if the Republicans were bounded by reality, they would have disappeared as a political party after Watergate.

[theRealAmerica]

05:42 PM on 03/26/2012

Socialist claims are based in pure racism. It's Santorum's take "people's" money away and give it to Blau...

The whole idea the President Obama is anymore a socialist than any other President since FDR is just batty.

It's just based in psychosis of the WASP male that Black men are here to take what's "theirs"...

[Marxsuxd]

04:52 PM on 03/26/2012

NDAA, his Executive Order to take over infrastructure, food and water in peacetime and laying the groundwork for nationalism, the power to tar get and ki ll Americans, on American soil, five year nonterror related data storage on private citizens... what's not to love?

[manface]

07:56 PM on 03/26/2012

lol at conspiracy theory

[Don Glenn]

10:07 PM on 03/26/2012

It is always laughable that small right wing groups come up with these outrageous conspiracy theory's and Fox news is left out on the exclusive. But then again if they want to support terrorist like Awalaki then that makes sense why it took a Dem to kill Bin Laden.

[SportyJim]

06:08 AM on 03/28/2012

I wasn't aware the SEALS were Democrats. I thought they kept their political views secret, along with their identity

[StopMakingSense2]

03:55 PM on 03/26/2012

What conservative claims do have a connection with reality? None! They have faith in their failed dogmatic mythology so no reality needed!

[Tsakonas]

02:27 PM on 03/26/2012

These are the geniuses that think a mandate to BUY insurance from a PRIVATELY owned company is Socialist. I'm amazed how the average Republican doesn't understand what they believe in.

[tsimpson2333]

03:39 PM on 03/26/2012

It is better to be thought a fool and remain silent than to write a comment and erase all doubt. The first 10 admen. to the Consitutitution indicate what the Government cannopt do. FDR and Obama want to byppass those admen. It is time to move away from "socialism." Our Founding Fathers did a great job, and we are where we are because of our Constitution Stop thinking small and open your brain.

[Dosadi]

05:22 PM on 03/26/2012

So why not go all the way and appreciate the fact that our founders created a document that not only protects our right to worship any religion it also protects us from being forced to respect the desires of those who worship.?


In other words, why are we giving lip service to organizations that say they should be exempt from our way of life because 0.01% of their members want it so?

[stevec2nd]

02:41 AM on 03/27/2012

Take your own advice.

[Brian1111]

03:55 PM on 03/26/2012

I think the part those geniuses believe to be leaning towards Socialism is the fact that if you don't buy insurance, regardless of who it is from, the Government will charge you a penalty anhd if you can't understand that, well, I see why you don't consider yourself a genius.