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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (283459)	12/9/2008 4:54:13 PM
From: Snowshoe	1 Recommendation Respond to of 793896

Paul Volcker is back, and he warns of tough times ahead By Ralph Vartabedian December 8, 2008 Now Volcker is back, tapped by Barack Obama as a special economic advisor. And if the president-elect follows his advice on the current economic crisis, there could be pain again and no doubt many protests -- but also the possibility of long-term benefits. In speeches, interviews, public policy reports and congressional testimony, Volcker, 81, has laid out a fairly clear outline of what he thinks is wrong with the present-day financial system and the government's management of the economy. His concerns go to the very core of how America lives and how Wall Street operates. A child of the Great Depression and a man of legendary personal thrift, Volcker thinks Americans have been living above their means for too long. "It is the United States as a whole that became addicted to spending and consuming beyond its capacity to produce," Volcker lectured the Economic Club of New York in April. "It all seemed so comfortable." Bringing consumption back in line with income would not only crimp individuals and families, but also require major readjustments in the global economy, which has relied on the U.S. as consumer of last resort. see: latimes.com