Economist Eugene Fama in a selection from a fascinating interview opines that:
I don’t believe that the Volcker Rule will accomplish much. It wasn’t just the commercial banks that were bailed out in 2008. The investment banks, where the majority of risky trading was tak- ing place, were bailed out too. If the commercial banks are prohibited from proprietary trading, the investment banks will still be doing it, and as prec- edent has shown, they are considered too big to fail. So they would be bailed out if something were to go wrong. Nothing really changes with the Volcker Rule.