Paul Volcker: The Legendary Central Banker Speaks with FP about Family Values, What Went Wrong with Big Finance, and Why Baseball Is to Blame

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My father was in public service most of his life.And he was vocal about responsibility; he had very strong opinions about what was right and what was wrong, If he found an employee or a policeman who was not living up to his position--taking a bribe or taking tips--out they went!

Our economy spent more than 10 years overconsuming, underinvesting, too heavily engaged in borrowing from abroad--and it all contributed to the massive financial crisis we have today. This is not an ordinary recession where you may have a sharp decline, then when money eases, it snaps back. A massive amount of debt has us by the throat, so to speak. We're in for a long slog.

I think the …