We Americans love a comeback story. Cyclist Lance Armstrong, it turns out, may have had a bit of chemical help on the hills, but Tall Paul Volcker climbed back to the pinnacle of public policy on the strength of his unadulterated reputation for monetary wisdom and integrity (and perhaps a wee boost from the Massachusetts by-election).

With financial regulatory reform seemingly in ruins early in the year, the so-called Volcker Rule quickly emerged as its resurgent centrepiece. Now it is law. Comeback complete.