What Volcker thinks has Peston looking humble in front of the great man. Interesting factoid (Peston’s commentary) from the article:
mortgages securitised into bonds are the biggest part of the biggest capital market in the world (the US bond market); and 90% of all mortgages are – through the mortgage-backed bond market – in effect granted or bought by US government agencies. Which is not, in any sense, free-market capitalism.
Seems like reform of the banking sector will come about, especially if the US is behind it. Fascinating times we live in.