Stating the obvious six months after the fact, the NYT tells America that Paul Volcker's not being listened to, splashing on today's front page, "Volcker Fails to Sell a Bank Strategy."

The aging (82 years old), giant (6-7) former Fed chairman was marginalized months ago by Barack Obama, relegated to do-nothing, dog-and-pony panel called the President's Economic Recovery Advisory Board.

Volcker's voice — particularly his view that the megabanks be reined in from their risky behavior — was drowned out way early this year by the nattering of Larry Summers, the current administration's version of Karl Rove. (See my "Obama de-regulates Larry Summers, reins in Volcker," March 26.)

Even more annoying about the NYT story is that the headline strongly implies that Volcker somehow "failed." No, he's been speaking his mind as he always has, in a very politic but forceful way. It's not his failure, it's Obama's failure to heed his advice.

There are so many examples of Volcker's doing his job of keepin' it real. For instance, this September 17 Bloomberg piece: "Volcker Sees 'Long Slog' for U.S. Economy, Seeks Bank Limits."