Paul Volcker as Obama's main man - bearish on gold?

[blazespinnaker]

For those gold enthusiasts out there, you might want to think about who whispers in Obama's ear: Paul Volcker.

This is the man who ran up interest rates and re-strengthened the dollar. This type of philosophy can not be good for gold prices.

http://www.mlive.com/us-politics/ind...ff_cabine.html

On the other hand, we have Larry Summers who might be the next treasury sec.:

http://www.ft.com/cms/s/0/290ca9f6-8...0779fd18c.html

The idea seems to have taken hold in recent days that because of the unfortunate need to bail out the financial sector, the nation will have to scale back its aspirations in other areas such as healthcare, energy, education and tax relief. This is more wrong than right. We have here the unusual case where economic analysis actually suggests that dismal conclusions are unwarranted and the events of the last weeks suggest that for the near term, government should do more, not less.

[touchring]

Re: Paul Volcker as Obama's main man - bearish on gold?

Bane of the Poomers?

[D-Mack]

Re: Paul Volcker as Obama's main man - bearish on gold?

"I've forgotten more about foreign policy than most of my colleagues know, so I'm not being falsely humble with you. I think I can be value added, but this guy has it. This guy has it. But he's gonna need your help. Because I promise you, you all are gonna be sitting here a year from now going 'oh my God, why are they there in the polls, why is the polling so down, why is this thing so tough? We're gonna have to make some incredibly tough decisions in the first two years. So I'm asking you now, I'm asking you now, be prepared to stick with us. Remember the faith you had at this point because you're going to have to reinforce us."

Noting that he's a practicing Irish-Catholic, the Delaware lawmaker said, "Let's not be, for those of a different faith remember St. Peter denied Christ thrice, you know? We don't need anybody denying us, this is gonna be tough. There are gonna be a lot of you who want to go 'whoa, wait a minute, yo, whoa, whoa, I don't know about that decision.' Because if you think the decision is sound when they're made, which I believe you will when they're made, they're not likely to be as popular as they are sound. Because if they're popular, they're probably not sound."

http://blogs.suntimes.com/sweet/2008...nd_raiser.html

Biden is preparing his crowd for the Jimmy Carter effect...


I think both is wrong, raising interst rates sky high and going to zero.

German Chancellor Helmut Schmidt called the "highest
interest rates since Jesus Christ,"

http://www.econ.berkeley.edu/~eichen...amesnber11.pdf

[blazespinnaker]

Re: Paul Volcker as Obama's main man - bearish on gold?

I think a lot of it is going to become clear on Obama's acceptance speech.

[xtronics]

Re: Paul Volcker as Obama's main man - bearish on gold?

Paul Volcker as Obama's main man? Are you kidding? I think that is posturing just for the election. If you look at his political positions - they are socialist AFAIK. Tell me what Obama actually voted for that was fiscally conservative? (Note - I don't think MCain would be much different - both have promissed socialisim medicine (7% of the ecconomy)).

I hope I'm wrong, but I think we are going to see an acceleration of the move to socialism that was started under Bush. This move will be inflationary in itself - besides the inflation push from malinvestment caused by the FED-reserve policies.

[D-Mack]

Re: Paul Volcker as Obama's main man - bearish on gold?

Paul Volcker as Obama's main man? Are you kidding? I think that is posturing just for the election. If you look at his political positions - they are socialist AFAIK. Tell me what Obama actually voted for that was fiscally conservative? (Note - I don't think MCain would be much different - both have promissed socialisim medicine (7% of the ecconomy)).

I hope I'm wrong, but I think we are going to see an acceleration of the move to socialism that was started under Bush. This move will be inflationary in itself - besides the inflation push from malinvestment caused by the FED-reserve policies.

Obama is a Wall St. man

Within the last month, a top staff member for Obama's campaign telephoned Michael Wilson, Canada's ambassador to the United States, and warned him that Obama would speak out against NAFTA, according to Canadian sources.

The staff member reassured Wilson that the criticisms would only be campaign rhetoric, and should not be taken at face value.

But Tuesday night in Ohio, where NAFTA is blamed for massive job losses, Obama said he would tell Canada and Mexico "that we will opt out unless we renegotiate the core labour and environmental standards."

http://www.ctv.ca/servlet/ArticleNew...hub=TopStories

Obama might keep Paulson

By MIKE ALLEN | 9/21/08


Sen. Barack Obama (D-Ill.) said Sunday that if he's elected, Treasury Secretary Henry Paulson would be "involved" in the new administration's transition – a very unusual move when the White House changes parties.

Paulson, 62, is the wealthy former chairman and chief executive of the investment bank Goldman Sachs, and is widely respected on Wall Street.

..

http://www.politico.com/news/stories/0908/13708.html

[blazespinnaker]

Re: Paul Volcker as Obama's main man - bearish on gold?

Paul Volcker as Obama's main man? Are you kidding? I think that is posturing just for the election. If you look at his political positions - they are socialist AFAIK. Tell me what Obama actually voted for that was fiscally conservative? (Note - I don't think MCain would be much different - both have promissed socialisim medicine (7% of the ecconomy)).

I hope I'm wrong, but I think we are going to see an acceleration of the move to socialism that was started under Bush. This move will be inflationary in itself - besides the inflation push from malinvestment caused by the FED-reserve policies.

Well, socialism is a word you probably would want to look up in the dictionary.

I think liberal is probably a more accurate term.

I think we'll see some significant investment in short term infrastructure projects, but no new entitlement programs.

I think a certain possibility is that Obama may actually reduce the size of government by making it all computerized and will end up laying off lots of people.

So, if by accelerating to socialism you mean a much more efficient and productive government, I guess you might be right. However, I'm not so sure it'll be a bigger government.

[metalman]

Re: Paul Volcker as Obama's main man - bearish on gold?

For those gold enthusiasts out there, you might want to think about who whispers in Obama's ear: Paul Volcker.

This is the man who ran up interest rates and re-strengthened the dollar. This type of philosophy can not be good for gold prices.

http://www.mlive.com/us-politics/ind...ff_cabine.html

On the other hand, we have Larry Summers who might be the next treasury sec.:

http://www.ft.com/cms/s/0/290ca9f6-8...0779fd18c.html

itulip ought to come out to endorse obama. he's the libertarian's candidate now that ron paul is not a contender.

mccain/milf ticket is frigging intolerable.

[Guest]

Re: Paul Volcker as Obama's main man - bearish on gold?

:p :p :p

itulip ought to come out to endorse obama. he's the libertarian's candidate now that ron paul is not a contender. mccain/milf ticket is frigging intolerable.

[ST]

Re: Paul Volcker as Obama's main man - bearish on gold?

itulip ought to come out to endorse obama. he's the libertarian's candidate now that ron paul is not a contender. mccain/milf ticket is frigging intolerable.

Think about who you want to get the blame for the inevitable POOM because whoever gets in will likely take the blame and be a one term president.

Despite Volcker, Obama is just as inflationary as McCain - do they really have a choice anyways? My vote goes Libertarian just to support the party from which a guy who somewhat understands (Ron Paul) originates (in theory). Yes, I dislike Barr, but the point is to eventually break the two party pro-inflation policy cycle and that party has given me the only indication that someone gets it.

But, understand that my vote makes little practical impact in a district in NYC which goes 80%+ democrat always.

However, I will feel justified that I voted for the only guys who have a clue, when the POOM transpires and lower and middle classes suffer the most, for lack of inflation hedging.

[tombat1913]

Re: Paul Volcker as Obama's main man - bearish on gold?

"I've forgotten more about foreign policy than most of my colleagues know, so I'm not being falsely humble with you. I think I can be value added, but this guy has it. This guy has it. But he's gonna need your help. Because I promise you, you all are gonna be sitting here a year from now going 'oh my God, why are they there in the polls, why is the polling so down, why is this thing so tough? We're gonna have to make some incredibly tough decisions in the first two years. So I'm asking you now, I'm asking you now, be prepared to stick with us. Remember the faith you had at this point because you're going to have to reinforce us."

Noting that he's a practicing Irish-Catholic, the Delaware lawmaker said, "Let's not be, for those of a different faith remember St. Peter denied Christ thrice, you know? We don't need anybody denying us, this is gonna be tough. There are gonna be a lot of you who want to go 'whoa, wait a minute, yo, whoa, whoa, I don't know about that decision.' Because if you think the decision is sound when they're made, which I believe you will when they're made, they're not likely to be as popular as they are sound. Because if they're popular, they're probably not sound."

http://blogs.suntimes.com/sweet/2008...nd_raiser.html

Biden is preparing his crowd for the Jimmy Carter effect...


I think both is wrong, raising interst rates sky high and going to zero.

I'm agnostic, but comparing themselves with what he supposedly believes is the son of god so as to thwart questioning their policies is F-ing offensive.

[ThePythonicCow]

Re: Paul Volcker as Obama's main man - bearish on gold?

itulip ought to come out to endorse obama. he's the libertarian's candidate now that ron paul is not a contender.

mccain/milf ticket is frigging intolerable.

Some of us around here have a far different view of Obama than what I've been reading above in this thread. I've been biting my tongue. I won't attempt to justify myself here, since it seems that, at least politically, I am a stranger in a strange land. I'll just say I figure Obama is a deeply dishonest demagogue and a front man for some hard left Marxists.

The extent to which his true colors, background, positions and real support has been misrepresented in both the media and blogosphere by deliberate campaigns of deception is astounding and scary.

I fear for my beloved country.

I will now return to discussing economic issues.

[Guest]

Re: Paul Volcker as Obama's main man - bearish on gold?

Joe Biden is indeed a populist hack. Only one or two rungs better than McCain's running mate Palin, who would be scarier as the Chief Executive than Dan Quayle. These two 2008 running mate picks for me are the dregs. Palin has less of a hack's tired professional politician's history behind her than does Biden, but makes up for it in the general undesirability department with a unique quotient of cluelessness as to the substantive issues of the day. I would only have mildly more digestible nightmares with Joe Biden as president than I would with Sarah Palin.

Quote:

Originally Posted by D-Mack "I've forgotten more about foreign policy than most of my colleagues know, so I'm not being falsely humble with you. I think I can be value added, but this guy has it. This guy has it. But he's gonna need your help. Because I promise you, you all are gonna be sitting here a year from now going 'oh my God, why are they there in the polls, why is the polling so down, why is this thing so tough? We're gonna have to make some incredibly tough decisions in the first two years. So I'm asking you now, I'm asking you now, be prepared to stick with us. Remember the faith you had at this point because you're going to have to reinforce us." Noting that he's a practicing Irish-Catholic, the Delaware lawmaker said, "Let's not be, for those of a different faith remember St. Peter denied Christ thrice, you know? We don't need anybody denying us, this is gonna be tough. There are gonna be a lot of you who want to go 'whoa, wait a minute, yo, whoa, whoa, I don't know about that decision.' Because if you think the decision is sound when they're made, which I believe you will when they're made, they're not likely to be as popular as they are sound. Because if they're popular, they're probably not sound." http://blogs.suntimes.com/sweet/2008...nd_raiser.html Biden is preparing his crowd for the Jimmy Carter effect... I think both is wrong, raising interst rates sky high and going to zero.

I'm agnostic, but comparing themselves with what he supposedly believes is the son of god so as to thwart questioning their policies is F-ing offensive.
.

[c1ue]

Re: Paul Volcker as Obama's main man - bearish on gold?

itulip ought to come out to endorse obama. he's the libertarian's candidate now that ron paul is not a contender.

mccain/milf ticket is frigging intolerable.

Obama as the libertarian candidate? Isn't accepting tens of millions of bucks from financial companies pretty much an indicator of the opposite tendencies?

After all, it takes quite a lot to out-financial one of the Keating 5...

[xtronics]

Re: Paul Volcker as Obama's main man - bearish on gold?

In case it was confusing to you - my use of the word socialism is where the government controls more than 50% of the economy - which obviously creates a level of malinvestment that is unsustainable in the long term.

Sometimes the control is direct - other forms of control is via ever increasing regulation - so that business must provide services and do business in ways that are drastically different from a free market.

If you want to pretend that socialism is about providing social services - then I will surprise you and agree that 10% of the population will never be able to make it on their own and there needs to be a way to help them - but that 10% grows to 20 then 40 in a blink of the eye if not carefully administered. Once the government is 'helping' more than 10% of the population - the growth of these programs runs away and inflationary spending is the result.