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

Pauker, Benjamin, Foreign Policy

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 …

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Publication information: Article title: Paul Volcker: The Legendary Central Banker Speaks with FP about Family Values, What Went Wrong with Big Finance, and Why Baseball Is to Blame. Contributors: Pauker, Benjamin - Author. Magazine title: Foreign Policy. Issue: 182 Publication date: November 2010. Page number: 36. © 1999 Carnegie Endowment for International Peace. COPYRIGHT 2010 Gale Group.

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