The Doctor
04-10-2008, 06:36 AM
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vl8TvJRLodUg.asf
The link is to a video which is very long (41 minutes and change), and should not be attempted at the end of the day, especially if listening to the sound of Charlie Brown's teacher would put you to sleep. :D
Some of the highlights are:
when Mr. Volcker outlines the 5 systemic breakdowns over the last 25 years, all of which led us to our "highly engineered financial system", that this system has failed its marketplace test, and that the Fed has gone to the very edge of its own lawful and implied powers to correct the issues(at the 5:40 minute mark, or so), transcending long-embedded central banking principles and practices.
when he states that "the U.S. dollar is a fiat currency, backed only by the policies and promise of our gov't"(at the 31:06 minute mark)
that we need regulatory reform-- surprise!
Oh, and he said something about the current bailout "The extension of lending under the authority of nominally temporary emergency powers will surely be interpreted as an implied promise of similar action in times of future turmoil." (6:00 minute mark, or so)
Nothing to see here. Keep moving.
Pretty boring except for the part about who's going to be getting the bill for these follies. Oops.
The link is to a video which is very long (41 minutes and change), and should not be attempted at the end of the day, especially if listening to the sound of Charlie Brown's teacher would put you to sleep. :D
Some of the highlights are:
when Mr. Volcker outlines the 5 systemic breakdowns over the last 25 years, all of which led us to our "highly engineered financial system", that this system has failed its marketplace test, and that the Fed has gone to the very edge of its own lawful and implied powers to correct the issues(at the 5:40 minute mark, or so), transcending long-embedded central banking principles and practices.
when he states that "the U.S. dollar is a fiat currency, backed only by the policies and promise of our gov't"(at the 31:06 minute mark)
that we need regulatory reform-- surprise!
Oh, and he said something about the current bailout "The extension of lending under the authority of nominally temporary emergency powers will surely be interpreted as an implied promise of similar action in times of future turmoil." (6:00 minute mark, or so)
Nothing to see here. Keep moving.
Pretty boring except for the part about who's going to be getting the bill for these follies. Oops.