By Patrick Martin
29 November 2008
President-elect Barack Obama announced Wednesday the appointment of former Federal Reserve Board Chairman Paul Volcker to head a White House advisory board to oversee the new administration’s policies for stabilizing financial markets. The selection of the 81-year-old Volcker puts an inveterate enemy of the working class at the side of the new president, and demonstrates the class character of the right-wing government that Obama is assembling.
In the course of the week, Obama selected his entire economic team: Timothy Geithner, currently president of the New York branch of the Federal Reserve, who will become secretary of the treasury; Lawrence Summers, former Clinton treasury secretary, who will head the National Economic Council, the chief White House group for coordinating economic policy; and Peter Orszag, who will become budget director. Summers, Geithner and Orszag are all protégés of former Clinton treasury secretary Robert Rubin, former CEO of Goldman Sachs and now director and vice chairman of Citigroup.