[Welcome Crooks & Liars readers! -- lambert]

Rosabeth Moss Kanter is a management guru who holds the Ernest L. "Fatty" Arbuckle Professorship over in Allston, MA, at the school where George W. Bush got his Masters. And even she's worried. With Rakesh Khurana, she writes today in Bloomberg:

Bloomberg:

“In this world I don’t see how we can avoid international consistency” on securities regulations going forward, [Volcker] said. “The U.S. is no longer in a position to dictate that the world does it according to the way we’ve done it.”

Volcker, who ran the Fed from 1979 to 1987, said the financial industry’s problems stem from larger issues. “I don’t think this is just a technical problem, it’s a societal problem,” he said. He cited bankers on Wall Street receiving multimillion-dollar bonuses for engineering failed mergers.

“There’s something wrong with the system,” Volcker said. “What are the incentives, what’s going on here?”

"What’s going on here?"???

I know! I know!

[Click through for an even more mind-blowing Volcker quote. -- lambert]

Obama advisor Volcker* via Bloomberg:

The bailout measures were ``distasteful'' [although I understand that a taste for $250 billion can be acquired] and ``not consistent with a capitalistic system,'' Volcker said at a lecture in Singapore today.

However, the bailout measures are entirely consistent with a kleptocracy looting the country, busting it out, and leaving the rest of us holding the bag. Privatized profits, socialized risk!

No doubt we're getting the word from the Village on future policy here, via Volcker on Charlie Rose -- but if so, I don't know what the word is, though I'm listening to it now, it's an hour long. [Actually, Volcker stops 36:07 in.] Of course, we are all going to "come together to protect our [sic] big banks."  Read more…

Paul Volcker endorses Obama.

This is insane. If Kennedy and Volcker are both endorsing the same guy, that's not a sign that a new age of post-partisanship and an era of good feelings is being ushered in; it's a sign that Our Betters are shitting their pants.  Read more…