Former Chairman of the Federal Reserve Paul Volcker (and currently marginalized White House ancillary economist) sat down for an expansive 2-hour interview with Charlie Rose a few weeks ago. Volcker discussed the bailouts, the Fed, the recession, the economy, the anemic recovery and much more. We have a short 3-minute summary clip, plus a link to the entire 2-hour broadcast and complete transcript for the more gluttonous among you.
- "Amazingly a large proportion of the flow of credit in the economy, which is dimished, has been by courtesy of the Federal Government. So it obviously leads to a very big challenge as to how we restore what we think of as a reasonably functioning private enterprise system"
- "Despite the fact that these financial institutions were bolstered up by the government, the economy declined at the most rapid rate of speed I have ever seen"
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You can see the entire 2-hour interview and read the transcript HERE
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