To edit Mr. Volcker

Reading Paul Volcker's prepared statement for his appearance this afternoon before the Senate Banking Committee, and fighting the urge to edit it. Well, maybe just a few lines, dealing only with words and structure:

Him: Mr. Chairmen, members of the Banking Committee: You have an important responsibility in considering and acting upon a range of issues relevant to needed reform of the financial system.

Me: Mr. Chairman, members of the Banking Committee. You have an important responsibility to consider and act upon a range of issues that are vital to us as we work to reform the financial system.

Him: That system, as you well know, broke down under pressure, posing unacceptable risks for an economy already in recession.

Me: That system, as you well know, is broken. It broke under pressure. And it broke in a way that added unacceptable risks to an economy already in recession.

Him: I appreciate the opportunity today to discuss with you one key element in the reform effort that President Obama set out so forcibly a few days ago.

Me: I'm now going to focus on one key element in the reform effort that President Obama set out so forcefully a few days ago.

Him: That proposal, if enacted, would restrict commercial banking organizations from certain proprietary and more speculative activities.

Me: I'm talking about the proposal to restrict commercial banking organizations from certain proprietary and more speculative activities.

Him: In itself, that would be a significant measure to reduce risk. However, the first point I want to emphasize is that the proposed restrictions should be understood as a part of the broader effort for structural reform.

Me: By themselves, the proposed restrictions would go a long way toward reducing risk in the financial system. But it's important that we see them as part of the broader drive toward structural reform, which takes us to the heart of "too big to fail."

Him: It is particularly designed to help deal with the problem of "too big to fail" and the related moral hazard that looms so large as an aftermath of the emergency rescues of financial institutions, bank and non-bank, in the midst of crises.

Me: After all, our greater cause is to eliminate the moral hazard that looms so large when financial institutions, bank and non-bank, know they can gamble with no fear of losing.