Saturday, July 24, 2010

Volcker: The Economy is a Wreck

Former Federal Reserve Chairman Paul Volcker says years of over-consumption and the resulting debt have made the country's economy unstable.

He told about 750 people Thursday in Steamboat Springs, Colorado that both political parties have to come together to move the country forward and expressed frustration with the current political climate. according to AP.

Volcker, Fed chairman under Presidents Jimmy Carter and Ronald Reagan, spoke at the Seminars at Steamboat. He says the country is suffering from "some very large, undermining problems."

He did not mention that the Federal Reserve through its money printing is  largely responsible for the over-consumption and resulting huge debt.

He also failed to state that both Democrats and Republicans have passed bills, such as the healthcare bill and the financial "reform" bill, that will heap huge amounts of new regulations on businesses and suffocate the economy.

But he is correct that the economy is unstable.  He just isn't about to spill the beans that it is his elite controls that are causing the problems.


  1. Yes, a few of the Republicans have been complicit in the heaps of new regulations. But not in healthcare. It passed without a single Republican vote.

  2. Getting sick of the nuance speeches from these long time political figures.

  3. Note than the "deficit hawks" rarely talk about the bloated military budget and one of the lowest tax rates in the world on corporations and the ultra rich.

    This is the latest battle in the class war being waged by elitists against average folks.