My Volcker Suspicions Confirmed

I had mentioned in my year end letter and in private conversations that I was afraid Paul Volcker was being marginalized and that you had not heard his name mentioned lately. Sure enough that was a correct assessment. He is the best hope in Washington for some well thought out policy. It is unfortunate though predictable that people in Washington wouldn't want to listen to him. Thanks goes to Pete.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaLzJZKNcc6Y&refer=home

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.