Sunday, February 22, 2009

Financial Innovation

From Volcker's recent speech:

Volcker: When it comes to innovation, I'll raise a question to you, what is the most important financial innovation of the past 20 or 30 years for the average person? I think its the automatic teller machine. It's not any high class sophisticated financial operation, its a technical improvement which has sure changed banking. I have more connection with my automatic teller machine, as do many of you, than any other part of the financial markets.

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