Paul Volcker Talks to MLB Owners About the Economy

Former Federal Reserve Chairman, and current economic adviser to president-elect Obama, Paul Volcker spoke Thursday to those running the clubs in Major League Baseball, and painted a dire picture of the economy that extend for lengthy period of time. Commissioner Selig requested that Volcker speak to the 30 owners in MLB as part of the owners' quarterly meetings taking place in New York. According to Bloomberg News, Volcker talked for about an hour and took about a dozen questions from team officials on everything from automakers to unemployment. The media was excluded from the event. "He said the same things we are getting in the papers, but when you hear it from the foremost financial authority in the world, it has a bigger impact,'' Tampa Bay Rays owner Stuart Sternberg said. Sternberg is a former executive at Goldman Sachs Group Inc. Following the meeting, Commissioner Selig addressed the economy. "Obviously, this is a time to be very cautious as far ...