volcker

I'm not a big fan of either US presidential candidate when it comes to their understanding of the economy. But the Wall Street Journal has a piece today that says Paul Volcker is basically in bed with Obama. This is about the best news imaginable.

Volcker was the Fed Chairman during the Carter and Reagan administrations. He's the one who tamed inflation and in doing so trashed the US economy in the 1980s. This was the right move and an incredibly ballsy move that created a lot of uproar. I like anyone who believes it's okay for the economy to go down sometimes (like now).

And importantly he's largely all for light regulation except when it comes to insurance/derivative financial instruments where they are needed. Read more about Volcker here and watch him on Charlie Rose in the embedded video