Paul Volcker is not a magic bullet

He has an editorial in the NY Times outlining his views on financial reform which is totally eviscerated here by Yves Smith.

People, Tall Paul is 82 freakin' years old. Sure he created an awesome recession back in the 80s and is a member of the Trilateral Commission, but he's been out of government since 1987 and, as Smith demonstrates, is pretty out of the loop on current events.

Let's give him a break, let him relax on the beach under a couple of umbrellas, and maybe try to get some non-octogenarian input into financial reform.