PAUL VOLCKER'S STILL THE MAN

Via Mark Thoma's blog, Economist's View, we're directed to Paul Volcker's excellent article "The Time We Have Is Growing Short", which he penned for the New York Review of Books.

Those of you who follow my blog regularly will recognize Volcker's arguments immediately. In a few words, we're not out of the financial woods yet. Worse, as I've been pointing out for some time now, we're looking at another market meltdown unless we do something to rein in the legalized gambling that's still occurring on Wall Street.

The NYR article is rather long and can be found here. For those of you who want to take advantage of Professor Thoma's excellent editing skills, click here. Keep in mind that Paul Volcker is one of the few big guys who understands what happened to our markets, and actually tried to derail some of the stupidity that created our current mess when he headed the Federal Reserve.

More simply, if you want to understand why we're looking at another market meltdown read the article.

- Mark