Word: citicorps
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...Volcker became the odds-on favorite to succeed himself. The only other serious contender is Alan Greenspan, 57, a frequent adviser to the Reagan White House and once Gerald Ford's chief economist. Others who were candidates, or fancied themselves candidates, are no longer being considered. Among them: Citicorp Chairman Walter Wriston, Federal Reserve Vice Chairman Preston Martin and Treasury Under Secretary Beryl Sprinkel...
...Citicorp...
...past two decades, total net private savings have averaged only about 7% of the G.N.P. A budget deficit of 6% [which is what $200 billion represents] would absorb an amount equal to nearly all of those savings." The Government's growing borrowing needs could cause what Citicorp's senior domestic economist, Peter Crawford, calls "painful conflicts between the Treasury and private borrowers." This "crowding out" of private borrowers is part of an economic Catch-22. Explains Wall Street Analyst Sam Nakagama: "If the Federal Reserve tries to keep interest rates down in the face of a big deficit...
Other names sometimes mentioned: Martin Feldstein, 43, the current chairman of the Council of Economic Advisers, and Citicorp Chairman Walter Wriston, 63, probably the wittiest of all the candidates. Last month Wriston took himself out of the running by saying that he did not think that a former banker should head the Federal Reserve, which oversees the nation's banks. But then he explained, "Actually, no one ever offered me the job." Also mentioned, but only as long shots: Treasury Secretary Donald Regan, 64, and Treasury Under Secretary for Monetary Affairs Beryl Sprinkel, 59, an ardent monetarist...
...possible successor is Preston Martin, the California businessman whom Reagan named Federal Reserve vice chairman last year. Walter Wriston, chairman of Citicorp and an outside Reagan adviser, is also mentioned, as are three former chairmen of the Council of Economic Advisers: Herbert Stein and Paul McCracken, who served under Richard Nixon, and Alan Greenspan, who was Gerald Ford's top guru...