The former chairman of the Federal Reserve admits he has no answers. If he's heading the PERAB and isn't sure how to fix it, why they are they spending trillions of dollars that we don’t have? Maybe he just doesn't know how to fix it President Obama's way. Paul Adolph Volker doesn’t mince words. He is the same man who in the late 1970s said, “The standard [of living] of the average American has to decline.”
Talking about the US Department of the Treasury at a Joint Economic Committee hearing Feb. 26, Volcker said, "There is an area that I think is, I don't know, shameful is the word,... The Secretary of the Treasury is sitting there without a deputy, without any undersecretaries, without any, as far as I know, assistant secretaries responsible in substantive areas at a time of very severe crisis. He shouldn't be sitting there alone." ABC
It's very obvious why he's sitting there alone. What economist or banker wants to be involved in a multi trillion dollar spending debacle that is destined to fail? After the money's gone and America is critically debt-ridden, who's going to hire you with that on your resume? With the money going to questionable people, places and businesses, there is also the consequence of finding a fall guy...seldom is it the number one guy.
'Paul Krugman, a Nobel laureate in economics and a noted progressive columnist, has argued that, given the centrist makeup of Obama's economic inner circle, the new board could be used to "give progressive economists a voice."' Wikipedia
President Obama’s chief economic adviser, Lawrence Summers, asserted ‘that the United States had gone “from an excess of greed to an excess of fear,” Mr. Summers said the transition was the same kind that President Franklin D. Roosevelt…” ’ This bothers me even more since progressive/liberal UCLA economists determined FDR's “New Deal” aka “Economic Stimulus” prolonged the Great Depression by 7 years. UCLA Newsroom
emphasis added by Denney Crane
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