First I'd say, what's Jon Corzine doing these days?
I'm not actually that big on Volcker -- the knocks are that he signed up as a director for a think tank which was fighting the stimulus, and I believe he came out against a 2nd stimulus last spring. I'm curious what Volcker's position is on the Gagnon proposal, but he's got such a reputation as inflation hawk, and given that he was so anti-stimulus, I can't imagine he'd enact the Gagnon proposal as Fed Chair. He did a good job first time around, but the lessons from his first stint -- taking a hard and swift line against inflation to lessen the pain -- simply do not apply today...
19 minutes ago