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To: Mac Con Ulaidh who wrote (69822)	1/10/2009 12:27:20 AM
From: JF Quinnelly	1 Recommendation Read Replies (2) of 71178

I think Volker really understands his field, which is a big reason that he was a success as Fed Chairman during a difficult time. He managed to coordinate his policy with Reagan's to break the back of the stagflation that had plagued the economy for most of the 70s. But he is 81 so you have to expect that his energy level isn't what it was. If Volker is still sharp we can only hope that Obama listens to him. By comparison Greenspan managed to be a serial bubble-enabler, and his legacy is global recession we now have. But the problems confronting us might not be something any economic advisor can cure. Conservative historian Andrew Bacevich makes some disquieting points in his The Limits of Power. He marks the origin of our troubles as being 1970 when we ceased being self-sufficient with domestic oil. His thesis is that every President since then, save Jimmy Carter, has tried to avoid dealing with harsh realities that result from our dependence on foreign oil. It's a thought provoking argument that makes you look at some long term trends that we ignore as we focus on the latest political controversy. And it's unusual to see a conservative historian praising Carter and harshly criticizing Reagan.

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