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A series of articles on the Volcker rule can be read in many different locations. I've compiled a list of websites that deal with the passing of the bill in congress and it's affects. Is this an adequate response in the need of Banking Reform? What are the downsides to this bill?
Check out Paul Volcker's opinion as chairman of Obama's economic advisory panel here. Another article which goes deeper into Volcker's stance can be read here.
Opinion against the Volcker rule can be read here.
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Two reasons why I support the Volcker Rule:
ReplyDelete1) Timeline. This crisis really began when Bear Stearns collapsed. After that, our government was 'forced' to save banks that we were told 'couldn't' be allowed to fail. To avoid similar forced bailouts in the future, we should make sure too big to fail is too big to exist.
2) If there is ANYONE in the economics / finance sector we can trust, it is probably Paul Volcker. Unlike Geithner and Summers, he doesn't have strong ties to Wall Street. He also happens to be the guy who got us out of an inflationary mess during the early 80s by doing the unpopular, but right thing.
All of this is very technical and even given my education to this point is baffling to me but I have a question, why is the Sherman Anti-trust act not used to break up those firms that are too big to fail? It seems like the DoJ could use section two to divide firms and save us all the trouble of another piece of legislation.
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