Is former Federal Reserve Chairman Paul Volcker being silenced by Larry Summers, Tim Geithner and the rest of the Obama administration?
It's no secret that Volcker believes that portions of Glass-Steagall should be re-implemented, meaning the largest hybrid banks would be forced to shed assets, choosing either commercial or investment banking, but not both.
The transcript and reaction from Bartiromo are inside.
Watch (don't click unless you're coming from the email newsletter -- video is below)
CNBC Video: Paul Volcker With Maria Bartiromo -- November 2
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BARTIROMO: Let me just ask you this cause you know a lot of people say thank god Volcker is where he is right now advising the president you saved the economy once before we want you to save it again.
VOLCKER: Maria, I think that -- thank God I'm sitting here with a purple-dressed --
BARTIROMO: Do you feel you're being listened to, Sir? Are you being heard in the administration?
VOLCKER: I've got a loud voice. There you are. Like I said, the decision in the end is not mine. I give them the best advice I can give them.
BARTIROMO: What advice are you giving them right now?
VOLCKER: That's a long story. I need to go make a speech. No, I have good relationships with them. there's no problem between us.
BARTIROMO: Do you feel that we should be seeing an exit strategy articulated in terms of government's ownership of business, in terms of the fed programs out there?
VOLCKER: Look, they are thinking hard, I'm sure, about exit strategies. It's not an impossible problem. It will be a difficult problem. A lot depends on how the economy recovers. we've got to get some recovery going.
BARTIROMO: Can you talk to us about the deficit. Are you worried, should this be a near term priority?
VOLCKER: Everybody ought to be worried about the deficit. It's a big deficit. But the time will come to deal with it.
BARTIROMO: When?
VOLCKER: It all depends upon the economy. The time has come for me to give a speech.
BARTIROMO: Mr. Volcker, you've got to go. We appreciate you sitting down with us today.
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