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Old 11-26-2008, 01:03 PM   #14
razorsharp
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Join Date: Jun 2005
Location: West
Posts: 515
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I think republicans even like him
Republicans loved him because he raised interest rates so high it destroyed Carter's economy and resulted in the election of Reagan.

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I'd like to read negative comments about Volcker.
There aren't many. That's the problem. The media has fond memories of him now but fail to remember the pain he caused when he engaged in overkill.


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Razorsharp, do you have any links?
Here is one from the Daily kook. Daily Kos: State of the Nation

Please tell me how raising interest rates so high and causing a double dip recession somehow makes you a great fed chairman. Volcker engaged in overkill and he hurt many people who never recovered even though others benefited later. Even liberal economist lester thurow will tell you that it is not inflation that is the problem, but changes in increase in inflation that is the problem.

Our current economic crisis is not caused by inflation. It does not need volcker's extreme measures.

After Obama implements his nutty stimulus plan, however, he will cause inflation like no one has ever seen and then volcker will be needed. But that won't be for a few years.
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