Real Time Economics
Economic insight and analysis from The Wall Street Journal.
March 24, 2009, 3:35 PM ET
Here is what I found to be the most telling information from this story....
He [Volker] also critiqued the Fed. “I get a little nervous when I see the Federal Reserve announcements that they want have the amount of inflation that’s conducive to recovery,” Volcker said. “I don’t know what ‘the amount of inflation that’s conducive to recovery’ would be appropriate. I’d much rather they say that they want to maintain stability in the currency, which is conducive to confidence and recovery.....”
The 81-year-old elder statesman commented on the current state of the U.S. economy: “We’re in a government-dependent financial system; I never thought I would live to see the day… We’ve got to fight to get away from that.”
He is officially on the White House’s Economic Recovery Advisory Board and is a key adviser to President Obama. But, I have to wonder, is anyone listening to him?