Volcker gives broad critique on financial and banking industry at Chicago Fed

September 24, 2010 by · Leave a Comment
Filed under: Opinion 

Looks like Ex-Fed Chairman Paul Volcker is finally fed up with the tippy-toeing around these serious flaws in our financial and economic system.  According to the WSJ, Mr. Volcker had a prepared speed at the Chicago Federal Reserve Bank and decided to not give that statement and go more into the meat of what he has been feeling these days.

Too bad we are into this supposed recovery so now no one will listen to this calling it reactionary.  We will have to wait yet again until the next crisis before we take any real action.   At least people are going on record like myself.

WSJ – Former Federal Reserve Chairman Paul Volcker scrapped a prepared speech he had planned to deliver at the Federal Reserve Bank of Chicago on Thursday, and instead delivered a blistering, off-the-cuff critique leveled at nearly every corner of the financial system.

Standing at a lectern with his hands in his pockets, Volcker moved unsparingly from banks to regulators to business schools to the Fed to money-market funds during his luncheon speech.

He praised the new financial overhaul law, but said the system remained at risk because it is subject to future “judgments” of individual regulators, who he said would be relentlessly lobbied by banks and politicians to soften the rules.

“This is a plea for structural changes in markets and market regulation,” he said at one point.

Source

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