President-elect Barack Obama today named a new group of economists to advise him and told the country that “help is on the way.” From the Washington Post:
President-elect Barack Obama named a board of economic experts from outside the government to advise him, in his latest bid to reassure nervous consumers and financial markets that he will bring swift economic relief as president.
Obama made the announcement Wednesday in Chicago at a morning news conference in which he tried to reassure Americans that “help is on the way” for the economy.
Obama named former Fed Chairman Paul Volcker to head the panel.
The panel — called the President’s Economic Recovery Advisory Board — is intended to help Obama bring stability to the financial markets and create jobs.
Former Federal Reserve chairman Paul Volcker, 81, will head the President’s Economic Recovery Advisory Board, while the board’s top staff official will be Austan Goolsbee, a University of Chicago economist.
“He pulls no punches,” Obama said of Volcker. “He seems to be fairly opinionated.”
Volcker is credited with stomping out inflation during his tenure at the Fed, but he did so by pushing interest rates to record highs and tripping a short term recession. He is known as a man with strong opinions, and an impeccable reputation. Another good choice by President elect Obama.