Following Gibbs, Volcker To Depart Titanic Next

Poor President Obama may be left without a single non-Wall Street based advisor in no time. After his trusty sidekick Robert Gibbs announced earlier he is bailing from the Titanic, Reuters has just reported that Paul Volcker, the only man in the past 30 years to have to deal with the problem of pernicious inflation, is about to take a hike too. While his role was simple: head of the White House advisory panel, he did at least attempt to do some things while there, namely take down prop trading. Of course, he failed, as all prop traders are now merely masked as flow traders, and even worse, are sitting smack in the middle of order flow, knowing full well who is buying what, and allowed to build or reduce securities inventories at will with full inside knowledge. But at least he tried. Unfortunately, Volcker's (hyper)inflation fighting skills will be needed again very soon, alas by then America will only have the deranged madman of a genocidal Rudy von Havenstein reincarnation to fall back on. Hopefully it can enjoy the gross lie that is the "wealth effect" before it becomes the "poverty effect."