Friday, February 01, 2008
Ronald Reagan's Federal Reserve Chairman Paul Volker endorsed Senator Barack Obama for president, and economist Larry Kudlow, a disciplined, free market conservative of the first order, is floored by the news:
This is an unbelievable story. Former Fed Chairman Paul Volcker—Mr. Hard Money, anti-deficit, sound financial himself—has endorsed Senator Obama for President.
This is a big deal.
Once upon a time, many years ago, I was a Volcker speechwriter at the New York Fed. He’s a great American. He’s a classic conservative. He’s a man of fiscal and monetary rectitude. While he was originally appointed Fed Chair by Jimmy Carter, Volcker ultimately teamed up with Ronald Reagan to put the kibosh on runaway inflation. He would not have made this endorsement on a whim. Believe me. He never gets involved in these kinds of political decisions.
Is Paul Volcker the new Robert Rubin? Is it possible that Mr. Volcker is somehow tutoring Obama? Is it possible that Obama is more financially conservative than originally believed?
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