Paul Volcker

Mr Volcker was chairman of the Federal Reserve from 1979 to 1987. His comments on today's "problems" :

"There is, and must be, recognition of the essential role that free and competitive financial markets play in a vigorous, innovative economic system. There needs to be understanding, in that context, that financial ups and downs -- and financial crises -- will be inevitable, even with responsible economic policies and sensible regulation. But never again should so much economic damage be risked by a financial structure so fragile, so overextended, so opaque as that of recent years."

See : http://online.wsj.com/article/SB122360251805321773.html.

My italics. Mr Volcker's comment is not very flattering for his successor ...