Wednesday, July 14, 2010

Volker Admendment in the Financial Reform Bill

Article on Volker and his Rule. Volker was the Fed Chairman under Carter and Reagan before Greenspan. He was ousted by Reagan partly because he wouldn't go along with the deregulation agenda. He now regrets not speaking out more against the deregulation but notes that it's very difficult to be against deregulation while things seem to be going so well, although now we know it was a bubble. Such is the positive feedback nature of bubbles.

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