Innovation in the Financial Industry

Quote from Paul Vocker, former chairman of the US Federal Reserve Board, a highly respected personality:

Volcker has been known to defy the stereotype of a Wall Street insider. A profile in The Week for February 5, 2010, claimed that Volcker doesn't even buy the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the ATM."

 http://en.wikipedia.org/wiki/Paul_Volcker