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Sunday, January 9, 2011

Volcker Steps down from White House Panel

Paul Volcker is the last Federal Reserve Board Chairman I believe acted responsibly in his position. He has been a voice of reason in an insane financial world.

Mr. Volcker leaving the white house is a knock against hope of the right thing being done.

I hope he chooses to continue to voice his opinion publicly, and speaking out when appropriate. However I suspect we will hear less from Mr. Volcker now that he is leaving the white house, out of respect for the government.

The US is the world reserve currency, and therefore Mr. Volcker's departure is a loss not only for America, but for the world. Speculation of his replacement are Yale University's Richard Levin and Jim Owens, who retired in October as chairman of Caterpillar Inc..
With all due respect to both men, Volcker's proven banking leadership, breadth and depth of experience are a far cry from Mr. Volcker. I hope they can prove they are up to the task of filling his shoes.

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