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Paul Volcker on the Volcker Rule

Posted: 04/10/2012 11:20 am

According to Bloomberg News, the financial industry's success "demonstrates that four years after Wall Street helped cause the worst economic downturn since the Great Depression and prompted a $700 billion taxpayer bailout, its lobby is regaining its power to blunt or deflect efforts to rein in the banks."

Those are discouraging words. So to find out more about what's going on, I thought, why not go right to the source, the man after whom the Volcker rule was named. Educated at Princeton, Harvard and the London School of Economics, Paul Volcker has been a formidable figure in government for more than 30 years, serving two terms as chairman of the Federal Reserve from 1979 to 1987.

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