PAUL VOLCKER IN THE NEWS

PAUL VOLCKER

IN THE NEWS

PAUL VOLCKER AS CHAIR OF

THE FEDERAL RESERVE BOARD

Paul Volcker is back in the news, almost a generation

after he left as head of the Fed, after Alan Greenspan

took it on, and after Greenspan gave way to Ben

Bernanke. Having passed him over a more substantive

position, President Obama gave Volcker a title and a "rule,"

the "Volcker rule."

The New Yorker profile is generating a lot of buzz,

even as it seems evident that Volcker was as much

used as useful in trying to bring about financial reforms.

As John Cassidy writes in that profile: "On January 21, 2010, President Obama, with Volcker towering over his right shoulder in the White House’s Diplomatic Reception Room, urged Congress to enact 'a simple and common-sense reform, which we’re calling the Volcker rule—after this tall guy behind me.' Volcker smiled and looked sheepish. The term hadn’t been in the speech draft that the White House had forwarded to Volcker’s office the previous night. David Axelrod, the President’s political adviser, had inserted it at the last minute, framing it with some populist language about the 'army of industry lobbyists' that was fighting reform. 'The Volcker rule' immediately entered the political lexicon, thus associating the White House with a figure known for his independence and integrity. 'The other advantage of it,' Volcker joked to an associate, 'is that if it doesn’t fly they can throw me under the bus.'" (More here.)