The Daily Princetonian
Monday february 10, 2014
Volcker ’49: Citizens’ needs not met VOLCKER Continued from page 1
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people had responded yes. Volcker noted that government officials are also often at fault, calling Washington an “island of prosperity built on the wealth of lobbyists, law firms and government contracts.” Rethinking government efficiency, Volcker said, is the purpose of the Volcker Alliance, an initiative he founded in 2013. He added that the Alliance is now working with the Yale School of Management to create new proposals for reforming government at the local, state and federal levels. Volcker also said that public policy educational institutions such as the Wilson School could help restore government’s ability to rep-
resent its citizens. Public policy education has always had its skeptics, Volcker said, noting that when he was an undergraduate, he once spoke to an economics professor who insisted that public administration was “not an intellectual discipline and science, like economics.” However, he added that the importance of such an education becomes important when government seeks to enact actual change. “Vision without execution is hallucination,” Volcker said, quoting Thomas Edison. He noted as an example the failures of Obamacare and FEMA’s response to Hurricane Katrina, which he said were the results of “embarrassing failures in implementation.” “‘Princeton in the Nation’s Service’ could not
be more relevant today,” Volcker said, adding that students and legislators are now responsible for rethinking education in public service. Volcker was the chairman of the Federal Reserve from 1979 to 1987 under presidents Carter and Reagan, and was also chairman of president Obama’s Economic Recovery Advisory Board from 2009 to 2011. He was also responsible for proposing the Volcker Rule of the 2011 Dodd-Frank Wall Street Reform and Consumer Protection Act, which restricts banks from making speculative investments that are not in the interest of the consumer. He now leads the Volcker Alliance. Volcker spoke Friday at 4:30 p.m. in Dodds Auditorium. The event was simultaneously broadcast in Robertson Bowl 016.
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News & Notes Student newspaper’s publication right revoked The Albion Pleiad, Albion College’s student newspaper, has had its publication rights revoked by administrators due to an article published about the death of a student at a nearby university and concerns of content verification. The article, titled “Alma student disappears, found dead,” was initially published on Jan. 31, but was heavily revised later that day, removing quotes from Alma students who speculated on the student’s
whereabouts and regarding the student’s alcohol consumption following a party, as these were based on rumors from a single source. However, on Feb. 2, the Dean of Students at Albion notified the Pleiad that the article had “potentially negative implications” and removed the article and put a moratorium into effect, according to a post on the Pleiad’s Facebook page. The statement also said that quotes had been used out of context and that fact-checking policies were not followed.
“This is an unprecedented move by the Dean of Students,” the post said. Adam Goldstein, an attorney with the Student Press Law Center who represents the Pleiad, told the Battle Creek Enquirer the story was a case of “bad journalism, but it didn’t create a legal risk.” The Pleiad has not yet regained its publication rights. Earlier this year, The Buchtelite, the University of Akron’s independent student newspaper, also shut down, citing staffing concerns.
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Former Chairman of the Federal Reserve Paul Volcker ‘49 speaks to students at the Wilson School.