Got to give it up for Volcker, who, despite growing uproar against his proposed eponymous rule, is soldiering on, saying it’s the best thing that ever happened since well, ever. Volcker is however getting increasingly frustrated and said he is “very disturbed” by the level of dysfunction in Capitol Hill and the Senate, and basically, WTF is going on with these people who can’t get things done?
In a CNN interview yesterday, Volcker said that regulators screw up big time in the years leading to the crisis, as a) they weren’t “on top” of anything and b) they didn’t understand what was going on anyway, relying on “somebody down in the bowels had it under control.” Also financial innovation sucks. The only innovation that has added value recently, is the ATM machine.
It wasn’t just the Federal Reserve. And unfortunately, you know, when this was all going up, where was the SEC? And you ask, where was the Federal Reserve? Where was the comptroller of the currency?
As for his rule, Volcker reiterated his “euthanasia” principle: “If a big, non-bank institution gets in trouble and threatens the whole system, there ought to be some authority that can step in, take over that organization and liquidate it or merge it — not save it. It’s what I call euthanasia, not a rescue.
They shouldn’t be doing so-called “proprietary” activity, where they’re off there trading for their own interest. They’re trading to make money. And you get very aggressive traders, and they’re out there. Millions of dollars are at stake, and personal bonuses, so they have a real incentive to take risks, which is fine, if you’re not being protected by the government.”
He’s actually going to piss himself in public one of these days. Seriously.
He’s going to be in the middle of spouting a stream of gibberish and a great big stain is going to start to spread across the front of his pants and he’s going to get all like “whoops, I guess I forgot my Depends today.”
On a side note…..
http://dealbook.blogs.nytimes.com/2010/02/16/fox-business-in-talks-with-gasparino/
I agree on the whole A2M machine thing.
-Wildcard bitches!
@1. Do you even have a point?
@4
I think the point is that Volks sounds completely senile.
When is this site going to be fixed? The person that designed the back end has got to be a fucking moron that must be a fantastic bullshit artist.
Jesus, it’s not like this gets anywhere near the number of hits of google.com or microsoft.com
Waiting 30 seconds to post a message and much longer for a page to load is just plain retarded.
I’m sorry, Bess, I know you guys are trying, but this has been broken from the out set.
Now that I got that out of the way please continue with your regularly scheduled programming.
- Masumoto
to be fair, he’s still grumpy from when sonny put him in the bathroom so he wouldnt mess up C’s roll
@2 thanks for the info we all got yesterday.
1=austrian school economist
chirp?
how is it that these IT problems are just getting worse?
I need DB back so I can have something to do other than take it in the ass all day :(
He’s basically correct – anyone who thinks otherwise is blinded by self interest.
He’s basically correct – anyone who thinks otherwise is blinded by self interest.
He’s basically correct – anyone who thinks otherwise is blinded by self interest.
9/10 = Vassar Grad.
13/14/15 = New School Grad./Gawker Editor
And, totally agree with 6. I think it took me 1 hour to write this (if it’s even showing up).
Beth -
You should change the flux capacitor.
McFly
Beth -
You should change the flux capacitor.
McFly