"The principle sounds wonderful and simple: Don’t let banks use federally insured deposits for risky trades."
" But implementing it is proving to be incredibly difficult, as realists, including me, predicted would happen."
" Once bank lawyers finish finding loopholes in the detailed provisions, whatever they prove to be, the rule will probably have little meaningful impact."
so why did G-S work for more or less 40-60 years ? Al baby ?
"...don’t confuse Morgan’s mess-up with the supposed need for the Volcker Rule."
" The Volcker Rule would have symbolic impact, by appearing to rein in Wall Street."
so we don't quite know why G-S worked and the VR won't
i like the cheeky cheery fatalism of this line however:
" the VR will prove to be more useful as a full-employment act for loophole specialists than for reining in the banks."
