It was a moment of brazen honesty. On February 20, the don of Obama’s Economic Recovery Advisory Board and former chair of the Federal Reserve, Paul Volcker, told a conference at Columbia University’s Center for Capitalism and Society that, in essence, we’re screwed. Volcker said the crash of 2008 might be “the mother of all financial crises… I don’t remember any time, maybe even the Great Depression, when things went down quite so fast, quite so uniformly around the world.”
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