Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

[LargoWinch]

"This is no ordinary crisis" - Volcker

When you bring back Volcker to promote the Federal Reserve, you know they are really throwing the proverbial "kitchen sink" at the problem or they are simply panicked.
-W.

[audrey_girl]

Re: Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

"This is no ordinary crisis" - Volcker

When you bring back Volcker to promote the Federal Reserve, you know they are really throwing the proverbial "kitchen sink" at the problem or they are simply panicked.
-W.

what I find amazing is that anyone thinks that what this man represents is the solution to today's problems. I was around when this guy was at the fed and I remember the double digit interest rates he instituted and the massive unemployment he caused.

This man ruined many, many American's lives and for what - to save a corrupt Federal Reserve?

ugggh

[D-Mack]

Re: Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

what I find amazing is that anyone thinks that what this man represents is the solution to today's problems. I was around when this guy was at the fed and I remember the double digit interest rates he instituted and the massive unemployment he caused.

This man ruined many, many American's lives and for what - to save a corrupt Federal Reserve?

ugggh

The concept of credit cards as it is used in the US is alien to me here in Germany.

But what was the effect of getting rid of usury laws in enabling credit card companies to charge high rates?

In 1980, when the prime lending rate reached 20% (it currently stands at 5%), it became clear that even stronger medicine was needed to protect consumers' access to credit. Then-Federal Reserve Chairman Paul Volcker (a Democrat), with bipartisan support, championed the passage of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA), which pre-empted state usury limitations on many home mortgage loans. Volcker recognized that, when "the whole level of market rates moves above a state's usury ceiling, that state is going to be in trouble." In words that ring especially true today, President Jimmy Carter emphasized in signing DIDMCA that pre-empting state usury limitations would "ensure [a] steadier flow of credit for productive uses, especially housing."
http://www.law.com/jsp/nlj/PubArticl...=1202424471519

[bpr]

Re: Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

what I find amazing is that anyone thinks that what this man represents is the solution to today's problems. I was around when this guy was at the fed and I remember the double digit interest rates he instituted and the massive unemployment he caused.

This man ruined many, many American's lives and for what - to save a corrupt Federal Reserve?

ugggh

I can't say that I believe he represents the solution, but... he did lay the groundwork for an unprecedented peacetime boom (liberals... okay "peacetime" is relative, but Grenada was no Vietnam). He wiped the slate clean, so to speak, and some might argue made Reagan's entire presedency look like a success.

I would say that the pomp and circumstance surrounding Reagan's funeral was 100% due to Volcker. Forget the USSR. F the Berlin Wall. No one would've cared if boomers weren't driving BMWs on Wall Street.

Reagan ruined more lives than Volcker. Reagan castrated generations worth of labor.

Volcker made it look like prosperity.

[bpr]

Re: Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

When you bring back Volcker to promote the Federal Reserve, you know they are really throwing the proverbial "kitchen sink" at the problem or they are simply panicked.-W.

Can you provide a source for this quote? Of all the things attributed to our ex-thug, this one only returns iTulip in Google.

[LargoWinch]

Re: Volcker Speaks on Economic Crisis Feb. 20 2009 (7min.)

Can you provide a source for this quote?

bpr; the source of this quote is me, myself and I.

Of all the things attributed to our ex-thug, this one only returns iTulip in Google.

I do not understand this comment.