Volcker - time for real change

By Henry CK Liu

United States President Barack Obama announced on January 21 that he had accepted the advice of two prominent Republican big names in finance in an apparent renewed effort to appeal for bipartisan support. The move came two days after the Democrats' disastrous election loss, to a mostly unknown Republican candidate, of a senate seat long held by the late Edward Kennedy and critical for maintaining a filibuster-proof majority.

The president told the nation on television: "I just had a very productive meeting with two members of my Economic Recovery Advisory Board: Paul Volcker, who's the former chair of the Federal Reserve Board; and Bill Donaldson, previously the head of the SEC [Securities and Exchange Commission]. And I deeply appreciate the counsel of these two leaders and the board that they've offered as we have dealt with a broad array of very difficult economic challenges."