"The mind is a compact, multiply connected thought mass with internal connections of the most intimate kind. It grows continuously as new thought masses enter it, and this is the means by which it continues to develop."

Bernhard Riemann On Psychology and Metaphysics ca. 1860

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Sunday, January 31, 2010

Paul Volcker's Latest Incarnation

Many years ago yours truly had the pleasure of challenging Mr Volcker to debate the merits of his handling of the economy. He did not stop but waltzed along at DFW airport. Today's Op-Ed in the NY Slimes evinces a true characterization of his ultima ratio.
He opines thusly: "Here in the United States as elsewhere, some of the largest and proudest financial institutions — including both investment and commercial banks — have been rescued or merged with the help of massive official funds."  
I retort pointedly: Mr Volcker, in heaven's name, exactly what justifies these institutions' pride in your opinion? Now as then, I doubt I'll get a response from this august personage.

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