According to him yesterday, "I don't remember any time, maybe even the Great Depression, when things went down quite so fast."
Volcker, arguably the most potent, poignant and successful Fed Reserve Chairman in history, who according to Robert J. Samuelson from Newsweek in his excellent and highly recommended book, "The Great Inflation and its Aftermath," worked with President Reagan to tame the most rampant inflation in this country's history, is visibly concerned.
From my perspective Volcker is nervous about two issues: (1) that things will get worse...much worse and further (2) that this worsening will cause unprecedented government intervention into our financial, societal and personal structures that will fundamentally alter the country irrevocably and irreparably (and not for the better.)
Volcker is known as an extremely private man but since he is a fellow New Yorker, I am going to try to connect with him to attempt to get him to share a few views with me, on the record, so that I can give you a bit more here...I know how to get in touch with him but whether he will meet with me is anyone's guess.
But unlike that idiot Greenspan, it has always been easy to peer through Volcker's rhetoric and I can guarantee you that he is extremely worried and perhaps he is even happier about his more advanced age (81) than I am....nobody like to see the crap hit the fan.
Film at 11.