Dec 9, 2009

Banking's single most important innovation in the past 25 years: ATMs (Paul Volcker)

Paul Volcker is angry with bankers.

"There is little evidence innovation in financial markets has had a visible effect on the productivities of the economy."

“I wish somebody would give me some shred of evidence linking financial innovation with a benefit to the economy.”

Volcker believes the industry's "single most important" contribution in the last 25 years has been automatic telling machines, which he said had at least proved "useful".

See here, here and here.

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