Federal Reserve

Former Federal Reserve chairman Paul Volcker thinks a lack of discipline in financial markets and speculative banking investments led to the financial crisis of 2007-08. That’s what he told a roomful of fellow economists and business leaders last night at a global economic conference at the Federal Reserve Bank of Dallas. Dallas Fed president Richard Fisher led a question-and-answer session with Volcker, who is best known for taming inflation in the 1970s and 1980s and, more recently, helping to pass a federal regulation restricting U.S. banks from making risky investments that could lead to their failure.