Thursday, November 27, 2008

Volker's Return and the New Economic Recovery Advisory Board

By Ben Trott

Obama yesterday announced the establishment of the President's Economic Recovery Advisory Board, to be headed by Paul Volcker a former Chairman of the US Federal Reserve under presidents Carter and Reagan. In a 2006 interview with the Monthly Review zine here, Marxist geographer David Harvey discusses, amongst other things, Volcker's part in processes of neoliberal restructuring whilst he held the job.

For more on Paul Volker, see Patrick Bond's article, 'Obama's Economic Advisors: Will Well-Tested Enemies of Africa Prevail?' posted to this blog a few days ago.

In the same press conference, it was revealed that Austan Goolsbee has been appointed Staff Director and Chief Economist of the Board. Obama also announced that he would be nominating Goolsbee as one of three members of the Council of Economic Advisors.

The Daily Kos have posted to their blog the text of a press release announcing the appointments and the transcript of Obama's statement on the new Advisory Board. The press conference at which Obama announces Volker and Goolsbee's appointment can be watched at Politico. Towards the end of the video, Obama is asked to answer the criticism that his appointment of Volker and others appears to run against his promise of change in Washington.

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