Paul Volcker, the former U.S. Federal Reserve Chairman and current chairman of President Obama's Economic Recovery Advisory Board, dropped some heavy news on an audience of some of the world's most senior financiers. He claimed that the ATM was the single most important contribution their industry has made in the last 25 years.
Volcker told delegates at a business conference in Sussex, who had been discussing how to rebuild the financial system, to "wake up". He said credit default swaps and collateralised debt obligations had taken the economy "right to the brink of disaster" and added that the economy had grown at "greater rates of speed" during the 1960s without such products. At least the automated telling machine had at least proved "useful".
New York Times
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