While the meeting was private and few details were released, the Times did offer this nugget:
“Volcker discussed what led to the current economic plight and where things might be headed. His assessment was not upbeat, the attendees said.”
Volcker is often credited for keeping inflation down during the 1980s, and had warned about the recent credit collapse. He is being considered by President-Elect Obama for the position of Treasury Secretary under the new administration.
In other economic news, the win by the Michigan Wolverines over #4 UCLA in basketball, was a much need boost of morale for folks in The Automotive State. The auto industry is on the ropes and it hasn’t helped that the football team in Ann Arbor is having its worst season in history.
“Whether it was a need or not, I don’t know, but it really helps,” Michigan coach John Beilein told Andy Katz of ESPN. “We’re all following the [auto industry bailout] meetings in Washington.
“This is a very proud state and the auto industry is trying to fix itself. There are a lot of troubled people in Michigan and a lot of them have roots in the auto industry. I’m hoping a lot of people stayed up late to watch this game and went to bed with a smile on their face.”