Colorado

Jul 23, 2010 9:13 AM by Bea Karnes, News First 5

Volcker sees economy as unstable

Former Federal Reserve Chairman Paul Volcker says years of over-consumption and the resulting debt have made the country's economy unstable.

He told about 750 people Thursday in Steamboat Springs that both political parties have to come together to move the country forward and expressed frustration with the current political climate.

Volcker, Fed chairman under Presidents Jimmy Carter and Ronald Reagan, spoke at the Seminars at Steamboat.

He says the country is suffering from "some very large, undermining problems."

Volcker, an economic adviser to President Barack Obama, says he thinks the new financial reform law will have positive effects on the U.S. banking system.

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