President-elect Barack Obama's selection of former Federal Reserve Chairman Paul Volcker to head an economic advisory board wins acclaim from liberal bloggers today, while conservatives wonder whether Sen. Hillary Rodham Clinton (D-N.Y.) is constitutionally barred from becoming Secretary of State. Also, the role of social conservatives in the Republican coalition draws input from bloggers on both sides.

The Volcker appointment may go a long way toward reassuring the markets, thanks to his track record as Fed chairman, TPMElectionCentral's Eric Kleefeld writes. The appointment is a savvy move by the president-elect to balance out a perception that the economic team is stocked with Clinton administration holdovers, Barry Ritholtz blogs. Obama's decision to turn to an official not as directly involved in the current financial crisis draws relief from Truthdig.

Article I, Section 6 of the Constitution is crystal clear to ban a member of Congress -- i.e. Clinton -- from receiving an appointment which received a salary increase during their term, but presidents of both parties have subverted it over the years, and it should not stop Clinton, Hot Air's Ed Morrissey thinks. The ignorance of the provision is another signal that restraints in the constitution no longer have any real meaning, as other constitutional powers are diluted, Robert Stacy McCain claims.

Meanwhile, arguments by some on the right that social issues no longer matter are undercut by the variety of socially conservative ballot initiatives passed by voters on Election Day, Dr. James Dobson writes. The arguments are directed toward centrist Republicans, seeking to have them ignore Dobson, who seems to be taking the criticism personally, Washington Monthly's Steve Benen declares. The GOP cannot afford to see its three-way marriage of social, foreign policy, and economic conservatives break up without expecting to face electoral peril, Dave asserts at Political Machine.

FROM THE BLOGS:
The Return of Tall Paul - Barry Ritholtz, The Big Picture
Volcker to the White House - Megan McArdle
Progressive GOPers: Why Bother? - P. Abel, The Moderate Voice
Syria First - Matthew Yglesias
Ramirez on the Bailout Request - Ed Morrissey, Hot Air
"Citi/Taxpayer Field"? - Ronald Bailey, Hit & Run
Start Acting Like a President - Mark Reibold, RedState
Liberal Bloggers Down Brennan - J. Amato, Crooks and Liars
A Step Forward on Gay Adoptions - Steve Benen, Political Animal
What's Wrong With this Picture? - B. Roggio, Weekly Standard

OTHER NEWS SOURCES:
Fresh Signs of October's Slowdown - New York Times
Obama: Auto Execs 'Tone Deaf' - The Hill
Iraqi Parliament Delays Vote on U.S. Pact - Washington Post

-Michael O'Brien