Paul Volcker sounded off on critics of President Obama in an interview with CBS's Anthony Mason.
Asked whether he agrees with accusations that the president is waging class warfare by pushing for Wall Street reforms and higher taxes for the rich, Volcker said, "I don't understand the depth of that feeling. I really don't. This business that he's a great socialist and out to undermine the free enterprise system and so forth, I just think it has no connection with reality."
He balked at the notion that Obama could have taken office without going after the banks.
"How could you have a President of the United States taking office in the midst of a financial crisis and a deep recession and not be critical of the financial system? He would have been deaf, dumb and blind," he said.
Volcker, former Chairman of the Federal Reserve and Obama adviser, is the namesake for "the Volcker Rule," a major provision in the Wall Street reforms that could take effect as early as this July.
Though Obama has been critical of Wall Street, a survey from the end of last year found that he had approved fewer regulations than President Bush had at the same point in his presidency.
As HuffPost's Jen Bendery reports, Wall Street executives actually thrive under President Obama. Still, most major Wall Street donations are heading to Mitt Romney, who is perceived as much friendlier to banks.