We mentioned on the podcast that former Fed chairman Paul Volcker will be leading the Obama administration's effort to reform the tax code. Volcker is widely credited with getting the country out of the stagflation mess of the 1970s.

I heard him speak briefly this week at a conference hosted by the Wall Street Journal, on how regulation should change.

I was surprised to hear Volcker (who heads the President's Economic Recovery Advisory Board) argue that we should go slow on reform. Especially given that Obama and democratic leaders are pushing for quick action.

Here's tape of what he said. That's Alan Murray, an editor at the Wall Street Journal, who tells the amusing anecdote at the beginning.



(Weird reporter diary note: For some reason journalists were taken into the room through a back route that led through the hotel kitchen. It was kind of like that scene in the movie Swingers.)

categories: Economic Scene

10:45 - March 26, 2009

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