View from the Center and Left Message Board

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Politics : View from the Center and Left

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To: JohnM who wrote (126838)	12/9/2009 8:55:03 PM
From: Sam	Read Replies (2) of 540820

“I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence,” said Mr Volcker, who ran the Fed from 1979 to 1987 and is now chairman of President Obama’s Economic Recovery Advisory Board. I wish I had been there to hear Volcker's rant and, especially, see the reactions of the audience. Did they sit there and look at him cross-eyed, like he was just a crazy, doddering old fogey who had seen his best days? Or was there even a glimmer of shame? My guess is the former. My biggest disappointment with Obama is that he isn't listening to Volcker. At least, he isn't acting like he is listening. My hope is that he is listening, but thinks that the multiple crises we are currently facing make it impossible to come down too hard on the bankers for now. We'll see.

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