Paul Volcker is back, and he warns of tough times ahead

Volcker has been chosen by President-elect Barack Obama as a special economic advisor. His 'no pain, no gain' fiscal strategy worked in the '80s, and there's no sign he's softened that philosophy. > A generation ago, Paul A. Volcker was a household name, the Federal Reserve chief who waged a hard-nosed but successful battle against virulent inflation that clouded the nation's economic future. He did it by engineering a horrific recession, clamping on the financial brakes and sending the economy into a tailspin in 1981. (link)