Volcker is out, GE is in as Obama reboots on the economy

White House Economy Watch: GE's Immelt is in,  Volcker is out.

This morning the president will sign an executive order creating a new "Council on Jobs and Competitiveness" that will be led by General Electric CEO Jeffrey Immelt. The new panel will replace the President's "Economic Recovery Advisory Board" and White House economic czar Paul Volcker is out. Politico blandly says Volcker is leaving "as its mission ends."

Why does this sound like something out of 1984? Or something that Pravda might have penned? Just substitute the term Kremlin for White House.

So...the creation of a new bureaucratic body to generate jobs is the president's latest exciting BIG IDEA.