Volcker speaks

Paul Volcker, the former Federal Reserve chairman speaking this week at the Economic Club of New York, said the financial engineers had created “a demonstrably fragile financial system that has produced unimaginable wealth for some, while repeatedly risking a cascading breakdown of the system as a whole.”

In other words, the really smart guys used their expensive educations and privileged backgrounds to invent new versions of three-card Monte, using their social and intellectual lessors as the pigeons. Along the way they donated to W. and Bill and Hill and Barack and JM and dozens of lessor lights. They got rich; everybody else got the shaft.

Our children will get the bill for all of it once Congress gets down playing benefactor by borrowing to placate all the victims. This is a familiar story.