Below is a video, cut (censored) by CNN, the best copy I could find was a camcorder recording of the interview. A must watch.
Notice that Mr. Volcker repeats what this blog has said, need to force companies to take losses, cuts in spending, enforce fiscal discipline, enforce the law. That is the only way for long term gain. What we are doing daily is kick the can, which will make the US economy flounder for years.