"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world." - Paul Volcker, speaking to economists and investors at Columbia University, on February 20th, 2009. http://www.reuters.com/article/politicsNews/idUSTRE51J5JM20090220?feedType=RSS&feedName=politicsNews Crisis may be worse than Depression: Volcker Fri Feb 20, 2009 3:25pm EST By Pedro da Costa and Kristina Cooke NEW YORK (Reuters) - The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday. Volcker noted that industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain. "I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker told a luncheon of economists and investors at Columbia University. Paul Volcker, former chairman of the Federal Reserve Bank and current chairman of the President's Economic Recovery Advisory Board, speaks at the "Emerging from the Financial Crisis" annual conference at Columbia University in New York, February 20, 2009. Given the extent of the damage, financial regulations must be improved and enhanced to prevent future debacles, although policy-makers must be cautious not disrupt things further while the turmoil is ongoing. Volcker, a former chairman of the Federal Reserve famed for breaking the back of inflation in the early 1980s, mocked the argument that "financial innovation," a code word for risky securities, brought any great benefits to society. For most people, he said, the advent of the ATM machine was more crucial than any asset-backed bond. "There is little correlation between sophistication of a banking system and productivity growth," he said. He stressed the importance of preventing financial institutions large enough to pose a threat to the entire system from engaging in risky behavior such as running hedge funds or trading for its own accounts. The current crisis had its beginning in global imbalances like a lack of savings in the United States, but policy-makers around the world were too reticent to take action until it was too late, Volcker said. Now that the crisis had erupted, it was important to take decisive actions, including a more effective regulatory structure and some movement toward uniform accounting systems, Volcker said. He said all financial institutions that are deemed too large to fail should be subject to increased scrutiny, echoing the findings of the Group of 30, a panel of policy-makers and influential economists, which he leads. Reporting by Pedro Nicolaci da Costa and Kristina Cooke; Editing by Tom Hals)
This is a top adviser to the current President, and the past Federal Reserve Chairman under President Carter and President Reagan who is saying this.... ...actually saying things are deteriorating faster than during the Great Depression.
Larry Summers doesn't even invite Volcker to white house meetings. He is almost irrelevant, thankfully.
Volcker is older, smarter and wiser than Summers. There's a reason why many economists speak of the need for future Fed Reserve Chairmen to 'summon their inner Volckers.' Volcker had balls or cast iron when he broke the spine of rampant, insidious inflation in the late 70s when interest rates were nearly 20%.
Unfortunately like all things with this Administration Volcker is nothing but smoke and mirrors. Just like the failed appointment of Senator Gregg. --------------- ---------- http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aaLzJZKNcc6Y Feb. 5 (Bloomberg) -- Paul Volcker has grown increasingly frustrated over delays in setting up the economic advisory group President Barack Obama picked the former Federal Reserve chairman to lead, people familiar with the matter said. Volcker, 81, blames Obamaâs National Economic Council Director Lawrence Summers for slowing down the effort to organize the panel of outside advisers, the people said. Summers isnât regularly inviting Volcker to White House meetings and hasnât shown interest in collaborating on policy or sharing potential solutions to the economic crisis, they said.
UNIFORMLY......I love it (so proud of themselves), great financial grid takedown you disgusting globalist wealth entity crimals!!!!!!!!!!!
And BAM! The next day Obama names the economic panel. http://news.yahoo.com/s/nm/20090206/pl_nm/us_obama_economy_5
Volcker made the 'Great Depression' comparison two days ago. I highly doubt he'd speak in this manner, to a public group at Columbia University, due to some pissing match that is alleged between he and Summers.
-------------------------------------------------------------- Hello ByLoSellHi: I've been reading your posts about this topic for quite a while and I thought it time to say "Thanks." I don't post often since I've been investing and trading etc.. for well over 40 years. You've been ahead of many here and on track more then most here. Thanks again.... ...and yes I've been thinking that this down turn has been quite fast but I think it may be due to computers this time compared to the 1930's. I grew up in a modern home with electric lights and a hand crank phone. Any news only a week old was quick. Big change most young people here don't really understand... ag