Former Federal Reserve Chairman Paul Volcker
At an exclusive meeting with high-level bankers in London, former Federal Reserve Chairman Paul Volcker said that the exotic financial transactions that ruined the world economy needs to stop.
“Amid throngs of bankers arguing that new regulations should not impede on financial ‘innovation,’ Volcker pushed back, blasting Wall Street’s increasingly complex financial products as useless to economic growth,” reported the Huffington Post.
Volcker is one of a growing number of economists looking to return to the Glass-Steagall days. Glass-Steagall is a Depression-era law that separated Wall Street investment banking from Main Street commercial banking.
Volcker chairs President Obama’s Economic Recovery Advisory Board.
Source: http://www.huffingtonpost.com/2009/12/09/paul-volcker-former-fed-c_n_385274.html
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