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federal-reserve
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Michael Lewis
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Liar's Poker
Before Volcker's speech, bonds had been conservative investments, into which investors put their savings when they didn't fancy a gamble in the stock market. After Volcker's speech, bonds became objects of speculation, a means of creating wealth rather than merely storing it.
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Michael Lewis
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Liar's Poker
Had Volcker never pushed through his radical change in policy, the world would be many bond traders and one memoir the poorer.
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