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vongleichent 02/08/2012 12:32 PM Report
Does he even still care? In his age he has made a career and tons of money. Now the next generation has to deal with the mess that he has created while working for the FED.
Abolish the FED and we will be better off.
blue70531 11/20/2011 11:15 AM Report
in this enlightened age, we wrote a law against hanging horse thieves. But we didn't realize how many horse thieves there were! They all voted themselves into congress and repealed the law against stealing horses. Now, they steal our horses but we can't hang 'em!
Not fair....should be able to hang 'em.
doodeedoo 10/27/2011 07:50 AM Report
... although, if it is found, that Chris Dodd and/or Barny Frank snuck into the Act 'special favors' for their 'special friends' (which I wouldn't put it past them, they're AS Crooked and Stupid as the rest of them, if not more so). Then that 'corruption' should be widdled out of it.
But don't touch 'The Volcker Rule'.
I rest my case
doodeedoo 10/27/2011 07:32 AM Report
@clearpoint 10/26/2011 09:00 AM
What would be the alternative? Whatever IS done (or not done) will involve the 'human element'. But according to Volcker at least with the Dodd/Frank thing with the Volcker Rule in it 'There Will Be Recourse'; which I'm sure the Banking/Gambling Lobbyists just love.
Besides, the Glass/Steagall thing worked fine for at least 50-60 years, before the Banking Lobby Got Rid Of It. And it's funny how coincidentally at the same time, 'the Lobbyists' were pushing the extremely stupid 'community reinvestment' thing, using the big corporate media interpreted political soap-opera as a distraction/decoy/mask/shield/illusion. Those people behind the scenes, they are very clever; they got away with it. I'm sure even 'Jeffrey Skilling' was impressed.
Well, next time they need to join him.
Don't Touch Dodd/Frank.
clearpoint 10/26/2011 09:00 AM Report
Mr. Volcker is a great man who had the courage to lead this country through the uncharted waters of stagflation in spite of intense political pressures to do otherwise. He is indeed one of a kind. He responded to the failed policies of Keynesian economics in a very un-Keynesian, un-political way --- by raising interest rates sky high to cool the expansive monetary policies that are the cause of every inflation and eventual economic stagnation. And while I grudgingly trust his judgment that the regulatory policies designed can work, theoretically at least, I believe the eventual success or failure of these policies will hinge on the human element of the equation. As Mr. Volcker noted, the real question is whether the regulators will regulate. As designed, these new banking regulations require thousands of Volckers in order to succeed. What are the chances of that? The true test of Mr. Volcker's greatness was not in knowing what to do --- thousands if not millions knew that. It was in having the courage to do it. A system that depends on the greatness of one man is a very fragile one indeed. I leave it to your imagination to speculate on the chances of success of a system that depends on the greatness of thousands.
samkitt 10/26/2011 04:14 AM Report
Love Volcker. So straight so knowledgeable. If only the wingnuts were listening to him.
SharkswithfrikingLazers 10/26/2011 01:46 AM Report
Yes, the protests are not totally coherent.
Yes, they do have a case with no growth in income and the UNBELIEVABLE movement of wealth like in 1928 and 1929.
SharkswithfrikingLazers 10/26/2011 01:42 AM Report
'Shadow Banking—Dodd-Frank gives them capital requirements.
We also have to have strong, alert regulators.'
The genius is that this should have been done long, long ago.
SharkswithfrikingLazers 10/26/2011 01:39 AM Report
He tells us we need to, 'Limit the too big to fail problem. Dodd-Frank will take it over but it is only alive long enough for liquidation. But then you have to liquidate all over the world now because banks are international.'
Please see this Bloomberg story and be very afraid . . . very afraid:
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivative s-to-bank-unit.html
Bank of America is not doing us any favors. They risk our country while posting a nice profit. Warren . . . please answer that signal in the sky.
doodeedoo 10/25/2011 06:49 PM Report
Well, I just heard His Voice, Charlie. And I heard it Loud and Clear.
Thank you, Mr. Volcker and Mr. Rose, that was a most revealing conversation.
But I don't think Mr.Volcker is sophisticated enough to fully comprehend the expert knowledge of Mitt Romney, or truly appreciate the real truth that Michelle Bachman and the tea party politician express is Really All About. .He just doesn't get it. Dodd/Frank must be repealed, the Lobbyists Don't Like It! Get With The Program Volcker!
REMant 10/25/2011 11:31 AM Report
For all his conservatism Mr Volcker is a Banking School-type, not a classical economist. In this he is like Carter Glass, himself, who helped found the Fed, as well as authoring those 1932-3 bills which bear his name, but became appalled by New Deal monetary policies and fought strenuously against the Banking Act of 1935 advocated by Marriner Eccles, the Fed's governor and an extreme Keynesian, which proposed to amend the Federal Reserve Act to provide for regulating the level of prices and the volume of employment, instead of regulating the quality of bank assets with a view to keeping bank credit sound. It authorized the Fed to bypass the original statute's requirement that security be limited to commercial paper of 90 days or less maturity and paper secured by United States Government bonds, and it gutted reserve requirements. It proposed taking open market operations out of the hands of the Federal Reserve banks and put them under the control of the Federal Reserve Board directly. Unfortunately in this Glass was only partially successful.
Neither Glass-Steagall nor Mr Volcker's rule really comes close to solving the problem. Leveraging has to be eliminated entirely, from both banks and pseudo-banks. That means the Federal Reserve Act has to be changed and all financial institutions brought under one roof.