kent nickell
Well-known member
Informative conversation of Paul Volcker (chair of President's Economic Recovery Advisory Board) and Gary Stern (Minneapolis Fed President) which took place mid July of this year
http://www.minneapolisfed.org/pubs/region/09-09/conversation.pdf
excerpts...
""I don't think the attitudes in financial markets have changed all that fundamentally. I think they were shocked, but 'now things have settled down, so let's go back and make a lot of money' Unfortunately, I think it could take two years of problems in financial markets before they accept fundamental change.""
""The Congress is more and more receptive to particular interests and the money-raising apparatus. They don't seem to have any interest in administrative effectiveness, and are perfectly willing to abuse any new programs with political favors here, there and the other place.""
On public service....
""Forty years ago you didn't have this business of the "vetting" extended for weeks or months looking into every nanny you had or cleaning woman you had. It isn't good... Every report says this is a problem, and nobody ever does anything about it. It's discouragnig. We're going through basically the most difficult period in financial reorganization and financial pressures and financial crisis, and the Treasury isn't manned in any normal way. There's been close to an official vacuum in the Treasury department when you get below the secretary""
http://www.minneapolisfed.org/pubs/region/09-09/conversation.pdf
excerpts...
""I don't think the attitudes in financial markets have changed all that fundamentally. I think they were shocked, but 'now things have settled down, so let's go back and make a lot of money' Unfortunately, I think it could take two years of problems in financial markets before they accept fundamental change.""
""The Congress is more and more receptive to particular interests and the money-raising apparatus. They don't seem to have any interest in administrative effectiveness, and are perfectly willing to abuse any new programs with political favors here, there and the other place.""
On public service....
""Forty years ago you didn't have this business of the "vetting" extended for weeks or months looking into every nanny you had or cleaning woman you had. It isn't good... Every report says this is a problem, and nobody ever does anything about it. It's discouragnig. We're going through basically the most difficult period in financial reorganization and financial pressures and financial crisis, and the Treasury isn't manned in any normal way. There's been close to an official vacuum in the Treasury department when you get below the secretary""