At age 85, the noted economist and former Fed chair Paul Volker
reminded me that even he worries about his money.
In effect this would be a UK version of the 'Volker Rule' so named after Paul Volker
, a former Chair of the Federal Reserve and has been backed by President Obama as a method of controlling American banks and ensuring that investment activities in hedge funds and equity funds are completely divorced from the parts used by the general public.
At the outset of the Reagan administration, the Federal Reserve, under Chairman Paul Volker
, began focusing single-mindedly on controlling inflation in the economy by raising the Federal Funds Rate in large increments, eventually to 20 percent in June 1981, despite the consequent increase in unemployment.
The most highly touted change - the separation between proprietary trading and commercial banking (also known as the "Volker rule," after former US Federal Reserve chairman Paul Volker
) - has nothing to do with what caused the crisis, and most likely was approved because it was ineffective.
Now having spent 18 months with commissioners Kofi Annan, George Schultz, Paul Volker
, the Prime Minister of Greece and eight former presidents examining the facts, each of us decided it was better to treat those who use drugs as a health problem, rather than a criminal problem.
Obama also announced that Paul Volker
, the 83-year-old former chair of the Federal Reserve, who had been chairing the Economic Recovery Advisory Board would be stepping down from his position next month.
, the former Chairman of the Federal Reserve, appeared before the Senate Committee on Banking to discuss proposals by President Barack Obama to reform the financial services industry.
also features interviews with financial and economic luminaries (including Warren Buffet, Paul Volker
, and Paul O'Neill), members of Congress, and activists.
Another tea leaf is a report by the Group of 30, an academic group headed by Obama adviser Paul Volker
, former chairman of the Federal Reserve Board.
The project was spear-headed by a steering committee led by Paul Volker
, chairman of the trustees of the G30 and former head of the Federal Reserve.
Worried company executives went to the Federal Reserve Chairman Paul Volker
and asked if the Fed window would be open to them if their worst fears were realized.
, former chairman of the US Federal Reserve (Fed), a year ago wrote this: "The US is skating on increasingly thin ice.