Busted: Bankers and The Global Economy

January 15, 2008

The Prophecy of Paul Volcker

Former Federal Reserve chief Paul Volcker foretold upcoming events at the second annual summit of the Stanford Institute for Economic Policy Research. In his keynote speech he warned that the nation is facing “huge imbalances and risks”.

“Altogether, the circumstances seem as dangerous and intractable as I can remember.”

“Boomers are spending like there is no tomorrow.”

“Homeownership has become a vehicle for borrowing and leveraging as much as a source of financial security.”

“I come now to the heart of the problem (more…)

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