Volcker Says Finance System `Broken'

"This bright new system, this practice in the United States, this practice in the United Kingdom and elsewhere, has broken down. Growth in the economy in this decade will be the slowest of any decade since the Great Depression, right in the middle of all this financial innovation. It is the most complicated financial crisis I have ever experienced, and I have experienced a few...

Changes are going to have to be made'' to the global financial system."

-Former Federal Reserve Chairman Paul Volcker in a speech today at a banking conference in Calgary