Tuesday, April 08, 2008


"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?
Good question.


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?

By Blogger Shag from Brookline, at 4/09/2008 3:32 AM  

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