A sobering speech by Paul Volker, capitalism as we knew it is going away.-Lou.........."I've never quite known what the center of capitalism and society was about, but I now realize there are challenges to capitalism and society, and I want it known that I think capitalism will survive this crisis, in most respects"......
.........We've reached the point where one aspect of capitalism, which I will call relatively unbridled financial markets operating on a global basis, has broken down. And it has broken down in [such a] way that I don't think it can be replicated in the form that it took earlier.......
.........I don't remember any time, maybe even the Great Depression, when things went down quite so fast, quite so uniformly around the world.
Read Transcript of Paul Volker's Speech Here:
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