Back in June of 1987 (!), the New York Times interviewed Edward W. Kelley Jr. just as he joined the Federal Reserve’s board of governors. How’s this for a quote?:
Q. Mr. Volcker has been considered something of a foot-dragger on bank deregulation. Where do you stand?
A. I’m philosophically in favor. The deregulation we’ve had over the last few years has been highly beneficial and I would favor further deregulation of the financial services industry. But there’s an overriding public interest in making sure the integrity of those types of institutions is maintained. I really do not want to run any meaningful risks that we deregulate at a speed or in a way that would imperil that.
Brilliant!
[Hat tip to my new favourite blog (ok, so I’m two years behind the times), Economics of Contempt]