Friday, September 24, 2010

Where Are We Now?

The financial system is broken. We can use that term in late 2008, and I think it’s fair to still use the term unfortunately. We know that parts of it are absolutely broken, like the mortgage market which only happens to be the most important part of our capital markets [and has] become a subsidiary of the U.S. government.

-- Paul Volcker.

You can read the rest of what he had to say by clicking here. It's worth your while.