Volcker calls for reduction in consumer spending to drive economy

But then how will Wall Street make money? Sounds like he's part of the left of the left. Reuters:

The alternatives to help bolster future economic growth include boosting exports, applying innovative technology to green issues and improving the nation's infrastructure, Volcker said.

The former Federal Reserve chairman, who now heads the White House Economic Recovery Advisory Board, said Obama understands that "We cannot have so much consumption."

Consumer spending accounted for 70 percent of the U.S. economy before last year's economic meltdown, a level that Volcker said was sustained only by "the magic of financial engineering."