In the midst of what he termed the "mother of all crises," former Federal Reserve Chairman Paul Volcker maintained that the worsening economic climate sends a clarion call to repair and reform the U.S. financial system.
In a speech before The Economic Club of New York - his first in 30 years before that group - Volcker, who served as Fed chair from 1979-1987, cited a confluence of factors including the complexity of modern financial instruments such as derivatives and hedge funds, lax oversight and the country's rising addiction to spending and consuming, as the cause of today's roiled markets.
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