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Two months is to forge that -- make sure that it has concrete plans for us to put.
This economy back on track and we are going to implement.
Starting day one when I come in office.
From President Bush doing some of the last official act of his administration to the incoming president talking about how he will have concrete plans on day one.
Get the economy going again this after president elect Barack Obama name's Paul but Paul Volcker to head his new team of economic advisers so.
What the -- bring to the table joining us now Fox News contributor Nina Easton Washington bureau chief of fortune magazine.
Along with Mike -- Tully senior editor for Barron's what about it -- Paul Volcker.
Give us an idea of what that means for this economic transition taking.
Paul Volcker is very interesting interesting history he of course with -- chief of the Federal Reserve.
Going back to late seventies and early eighties when he had to wring inflation out of a very troubled economy we slipped into a recession but he saw -- economy through and of course C economy boomed in the nineteen 1980s under him.
He has actually been advising Barack Obama and going back to early this year and when Barack Obama gave a major speech.
At Coopers union in New York last spring.
On how to do a -- 21 century financial regulation of the markets it was Paul Volcker who really helped.
What I helped design that speech and helped -- put a lot of those ideas in there since he's been -- -- Obama's side.
Really most of these months so it's not a surprise that Obama would that would pick him.
To head this outside board pits -- to oversee how to deal with the financial crisis.
Mike Allen Greenspan got a lot of credit when things were going right but as we've seen in the past couple months.
Greenspan has taken a lot of heat for some of the policies and and products that were put in place is is walker going to set about undoing a lot of what Greenspan has done.
I don't know what I'm doing I mean -- reputation after his so Fed chairmanship is certainly aged a bit better over the decades and the mister Greenspan's have been and he's not obviously going to be in the same role as Alan Greenspan I would imagine though that he's going to do we have to run parallel tracks Iraq we have to do triage about the financial crisis we also have to obviously creating longer term plan.
For economic health I do think he's probably gonna be doing more of the latter than the former essentially big picture big thinking and I think it again shows in addition to the president elect reaching out.
Folks people who are universally respected which would include Tim Geithner treasury and Paul -- it does show that he's not afraid to surround himself with larger mutations large personalities large and elects he's certainly not egotistical yes -- basically hogging the spotlight.
We have those unemployment numbers come out earlier today might not as bad as a lot of people had been expecting does that mean that the situation where you might not.
You know might not crater the way people predict the.
It doesn't itself saying that that's a weekly number kind of jumps around a little bit it was certainly reassuring to see that things did not accelerate to the downside in the latest reporting week I do think we have to figure out -- October just this spasm.
What he cannot economic picture completely worsened in a very sudden way to very deep way.
And didn't give way to something a little bit less severe November we don't yet know that but I think he could be hopeful that perhaps it.
On October like experience is not going to be the new trend.
You just -- -- might say that.
Obviously Barack Obama is not afraid to surround himself with.
Big names people would experience but also heard that challenge there at the news conference.
From one of the reporters who was saying hey you campaigned on changing your surrounding yourself with a bunch of Clinton era and you know my even previous presidential era advisers.
Are you asking -- Scott yeah yeah I.
I'm sorry yes.
I think what's interesting about all of these choices is that Obama is going he's he's trying to be very cautious and very safe he's an eight obviously critics are dangers critical moment -- and the economy.
And he's making choices that will reassure the markets I don't think he would pick Tim Geithner.
If if not for the situation that we're in today at and there are a lot of other names that were floating out there for very long time.
So I -- he's he's he's the you know he's he's said time and again he's pragmatic.
He wants to address the problem is not ideological.
So not I'm not surprised that he's not bringing in you know -- -- Liberal names obviously liberal liberal names I'm actually not surprised he's been building his economic team going back to the beginning of the general election he brought on board.
Really centrist voices this fellow named Jason Furman to run the entire operation.
It was who was attacked by labor unions for his in his stance supporting Wal-Mart for example.
So he has been this isn't it it doesn't come as a total surprise.
That he's moving in this direction he is still getting sound he had no -- -- a lot of our -- he is absolutely -- good for him you know Nina Easton from fortune magazine and down my accidentally from -- banks.
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