<p>From Wall Street Journal:
Mr. Volcker 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.”</p>
<p>He concluded: “It is only Barack Obama, in his person, in his ideas, in his ability to understand and to articulate both our needs and our hopes that provide the potential for strong and fresh leadership. That leadership must begin here in America but it can also restore needed confidence in our vision, our strength, and our purposes right around the world.”</p>
<p>Mr. Volcker, a Democrat, was appointed to the Fed chairmanship by Jimmy Carter in 1979 and replaced – with Alan Greenspan – by Ronald Reagan just a couple of months before the 1987 stock market crash. He is widely respected among central bankers, Wall Street and economists for breaking the back of inflation in the 1980s – at the cost of the deepest recession the country has seen since the Great Depression. An economist, he was earlier president of the Federal Reserve Bank of New York from 1975 to 1979 and an under secretary of the Treasury from 1969 to 1974.</p>
<p>ThisOldMan,
Are the Republicans going to get us out of this fiscal mess, the same way they intend to get us out of Iraq???</p>
<p>The elephants have to more CHANGE to win and to solve national problems. This Beast has more to gain and more to loose if a Republican candidate wins in November. We can feel, see, and hear the Republican candidates say that they are Reagan R’s. No one is saying they are loyal W or last year’s GOP. </p>
<p>I am no fan of Reagan who lied to us on the same topics as W. But I have hope.</p>