Volker to Chair President's "Economic Recovery Advisory Board"

>>>>>>>>>>>>>After 30+ years of inten-sive economic research, I have found a tax that has actually encouraged eco-nomic development and lowers the taxes of most people (because it doesn't tax what people produce).
Why isn't it better known? Few have known how to exactly implement it. I know (no one else living does) and I have 256 EMPIRICAL studies showing it has already worked in practice (i.e., most taxpayers pay less and economic development has always ensued. I'm willing to share the information - free.

>>>>>Steven Cord (Professor-Emeritus, I.U.P.)

I think the correct phrasing is wold Mc Cain have accomplished what President-elect Obama has accomplished? The answer is, I have no clue nor does anyone else. It's impossible to know because he obviously lost. As for having a bad taste in our mouths, I can't honestly say that is it. Whether I voted for someone or not I have every right to criticize or disagree with their policies just as one else does. Personally, I disagree that he is handling this transition all that well. He could be standing up on podiums reassuring Americans of how great their country still is. Instead he is taking every opportunity to remind us of how bad things are. We know that already. We don't need our President-elect reminding us of it. That's my two cents

Volcker did end hyperinflation, by (consciously or not) taking a cue from Milton Friedman.

Virginia Postrel summarizes Friedman's explanation of the inflation problem:

'Against the conventional wisdom, Mr. Friedman argued that "inflation is always and everywhere a monetary phenomenon." Inflation had nothing to do with aggressive unions, greedy businesses or even oil cartels -- the bad guys who took the blame in the confusing 1970's. Prices shot up everywhere because the federal government made the supply of money grow faster than the real economy created value. Based on the historical record, he argued, the effects of monetary policy were fairly predictable.'

Friedman's prescription should be easy to guess: put the brakes on the money supply. He offered this plan in his 1979 book "Free to Choose," and also stated that it would be accompanied by the unavoidable side-effect of a sharp short-term recession. Volcker implemented this policy, and Friedman's predictions came true. The Kemp/Roth 25% across-the-board tax cuts certainly helped to ease the brunt of the recession.

PEBO? What's that? (Googling) ??? (Googling again) Ugh. That's got to be the lamest excuse for an acronym.

After reading your article,I could not stop laughing. Not only did you misspell his name, you went on to say that he was credited for ending stagflation. In thirty years since the worst economy in my lifetime,I have never heard that. And, I minored in Economics during 1980 - 1984. I believe you should do some research and learn who is considered the Father of stagflation. A predicament created by Mr. Volcker that destroyed the economic theories of money, banking, and interest that had been used as economic indicators up to that point in history.
Entire chapters were written on Mr Vocker's bad policies. I understand that you are a supporter of Obama, but you still should do your own research.

His last name is spelled 'Volcker'. I only point it out because I expect his name will be appearing in many future postings.

Who are the members of this Economic Recovery Advisory Board? Volker is already good, but who are the individuals under his command? Such individuals may be unreliable, which might leave Volker doing all the work. What are they capable of doing in order to give the team credibility???

Personally, I think this is a brilliant move by Obama because he is leveraging much need non-government expertise. Elected officials are not really experienced economists and as the past year has shown, they are quite ill-equipped to handle the scale and speed of the financial crisis that has unfolded. It will also give President-Elect Obama a head start on his first day in office, where he will have workable ideas to base his economic recovery policies and solutions on, thanks to the input of experts across a number of business areas. My only hope is that the ERAB does not become a political machine where the members are hired for their backing of Obama and his campaign policies, rather than for their expertise, independence and thinking.

Would McCain had of accomplished what Obama has accomplished already? How far would McCain be in naming his cabinet compared to Obama? Would McCain put the best and most experienced people in their proper positions compared to Obama?

Even real republicans are impressed by Obama's handling of the transition. The rest of you all still have that sour taste in your mouth.