Stockman: "The (Bernanke) Fed is a patsy. If Paul Volcker was running the Fed today you wouldn't have half, you wouldn't have 95 percent, of the speculative positions today."

Why David Stockman isn't buying it - CBS News

Here's the heart of the matter. The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds. Everything (it does) is designed to keep this rickety structure from unwinding. If you had a (former Fed Chairman) Paul Volcker running the Fed today 7/8- utterly fearless and independent and willing to scare the hell out of the market any day of the week - you wouldn't have half, you wouldn't have 95 percent, of the speculative positions today.

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