Speaking at the Wall Street Journal's Future of Finance Initiative yesterday, former Federal Reserve chairman Paul Volcker looked to finance's recent past and saw little to like, noting that he has yet to see any evidence that financial market innovations have provided any benefit to the economy.
Apparently, Volcker thinks the industry reached a peak when it invented the ATM and, given what's happened over the last year or two, it's hard to disagree with that view.
He said, "It really helps people, it’s useful."
Paul Volcker: ATM Was the Peak of Financial Innovation -- Seeking Alpha
