Thursday, March 08, 2007

Paul Volcker Speech

I stumbled across this video the other day and thought I would give you the opportunity to watch as well.

Paul Volcker was the Federal Reserve Chairman from 1979 until 1987 until Alan Greenspan succeeded him. He isn't too happy with the state of the fiscal predicament it appears that the US is in right now.

Watch Paul Volcker speak at the Stanford Institute for Policy Research in 2005 (still pertinent today).

He mentions a few things worth noting:

1) Negative Savings Rate
2) Rampant speculation on housing
3) Unsustainable fiscal imbalances


mohican said...

Mr. Volcker was a Fed Chair with some serious guts. He did the wildly unpopular for the good of society and cleaned up a big mess that was left to him by previous Fed Chairs.

It seems we are in a time similar to the time that preceded Mr. Volcker's tenure and we will need someone like him at the US Fed to get the ship back on course.

exvancouverite said...

That's true mohican.

We should always look to illuminati front-men to 'correct' the ship.

Society needs them to clean up the mess that they, themselves, have created.

Couldn't do without it.