"The bright new financial system, with all its talented participants, with all its rich rewards, has failed the test of the marketplace," Volcker said.
Read it all.
From a related essay: (at Seeking Alpha
Is this what we have reduced our financial system to? Where it is so weak and fragile that the failure of a single investment bank threatens a widespread financial calamity. If so, how did we let it reach this point?
Volker was a professional. He did his job as he faced problems confronting the Fed, not for celebrity, not for personal gain, not to please politicians, not for seeking an extended term. He is a big, rumpled old man, honest, unassuming to this day, and just as sharp as ever. Now what can I say about his successors?