I have occasionally seen Paul Volcker on the street, but never thought the circumstances were right to accost him him.
Today I saw him in the neighborhood fruit and vegetable store. I went over and introduced myself, shook his hand told him I was a fan of his and that I remembered the days when I was on Wall Street in the early 1980s when everything hung on the money supply announcements. He said I was too young to have been around then, and, “Things are really a mess.” I said it was good that he was speaking out and that he was someone who might be listened to.
I figured it might be prevailing on him to talk about anything specific, so I let him continue looking for veggies.
Other observations: at 6:30 PM when the temperature was 92, he was wearing a suit and a hat. He seems younger than his nearly 81 years. He looks to be between 65 and 75. He is also still exceedingly tall (older people tend to lose height, but he was 6″7″).
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Perhaps an amendment could be made to Humphrey/ Hawkins which requires that, once every year, all FOMC members be required to shop in a fruit and vegetables store. It couldn’t hurt.
Kidnap Volcker and Bernanke and do a brain swap.
how much was corn and potatoes?
if I may, I’d like to draw your attention to this piece by Chris Cook formerly of the IPE, regarding possibility of manipulation in OTC BFOE contracts.
http://www.eurotrib.com/?op=displaystory;sid=2008/7/18/42844/5361
thanks,
dk
nice one, Yves.
Pretty neat, thanks for sharing this.
I’m sorry, someone that tall has no business not playing professional sports. It’s just criminal to be that tall and do something as insubstantial as be a central banker. I bet he could have run circles around George Mikan.
The big question is how did he pay for the vegetables? Did he pay cash or use plastic?
I’ll bet he paid with plastic and is stashing away his cash for when the banks get run and cash becomes a luxury.
Volcker was, and is, famously tall. I wonder how many times he has been greeted in the street in this way? Can’t be too many: how many of us would recognize him? “. . . Too young.” Well, he still has his quick wits about him, I’ll say that much. : )
There is no way he could possibly know that there is a heartfelt fan club out there with a real fondness for him. I wish he did.
Thanks for speaking up for us, yves.
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Lovely post, Yves.
Yves, sorry to burst your Volker bubble, but Volker was a key player in the “let’s bail out the financiers” trend that kicked in with the petro-dollar recycling through the NY banks.
Volker was an inflation buster but moral hazard instigator.
Volcker created a lot less moral hazard than Greenspan/Bernanke: http://reservedplace.blogspot.com/2008/06/greenspan-put.html
Volker opposed the weakening of Glass-Steagall. He is one of the few with some sense. Just read his statement regarding the issue.
BubbleSpan and Ben Bombarke can’t even compare to him.