Wednesday, December 16, 2009

Volcker: Wake Up!

Simon Johnson has a good article at Seeking Alpha discussing Volcker's remarks about the lack of financial reform.

Johnson writes "Volcker has three main points, with which we whole-heartedly agree:

1. “[Financial engineering] moves around the rents in the financial system, but not only this, as it seems to have vastly increased them.”
2. “I have found very little evidence that vast amounts of innovation in financial markets in recent years have had a visible effect on the productivity of the economy”
and most important:

3. “I am probably going to win in the end”.

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