“Volcker, Loud and Clear” (TIMES/Sunday Business, 7/11/10)


          When a top economist like Paul Volcker, who supported de-regulation when Reagan was president, acknowledges that he was mistaken then, it is time for all business-friendly Democrats to sit up and take notice.

          Repealing the Glass-Steagall Act of 1933 was a serious mistake that contributed to the depression the USA is now experiencing. Referring to this debacle as the “most serious economic crisis since the Great Depression” or as a “Great Recession” are only efforts to deny the grim reality. 

          We are witnessing a DE-PRES-SION and it is time for Obama to acknowledge that fact. Doing so will not only make the situation clear to more of the American people but will enable the pathetic Democratic Party to initiate the OVERSIGHT of business that is so urgently needed.

          The hustlers on Wall Street have to be put under intense scrutiny. Then they might learn the difference between speculation and gambling.

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