The Volcker Rule: wrong answer or the right question?

On 21 January, president Barack Obama made a surprise announcement of support for what was rapidly dubbed the "Volcker Rule" in honour of "the tall guy standing behind me".

Paul Volcker, a 6 foot 7 inch former chairman of the Federal Reserve, who is the current chairman of the president's Economic Recovery Advisory Board, has long been an advocate of the reintroduction of some form of structural reform to replace the Glass-Steagall Act. But the president's advocacy of the Volcker Rule amounted t