Word: feds
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Dates: during 1980-1989
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...long. Early last week he went so far as to request a private meeting with Reagan. In a session just after a White House show by Entertainer Mary, Martin, Volcker told the President that he wanted to stay on and that uncertainty about the top job at the Fed was becoming unhealthy for financial markets. The next day, in part because of rumors that Volcker was on his way out, investors drove the Dow Jones industrial average down 19 points. The following day it slumped an additional 9 points. The market recovered part of the loss later in the week...
...euphoric bull market in stocks that began last August. Nearly 80% of 702 executives polled by the investment firm A.G. Becker Paribas gave their vote of confidence to Volcker, with Alan Greenspan a distant second at 5.8%. Monetarist Milton Friedman got only 5.5%, Treasury Under Secretary Sprinkel 2.5%, and Fed Vice Chairman Martin less than 1%. More than half the executives fear a return to double-digit inflation if Volcker is replaced. So bullish is Wall Street on Volcker that Charles M. Lewis, vice president of Shearson/American Express, predicts that "the day the reappointment is announced will...
...weeks ago, Volcker was given little chance of reappointment. A nominal Democrat and a Carter Administration appointee, he had never enjoyed close relations with the President or other White House officials. Treasury Secretary Donald Regan has been the strongest critic of Volcker within the Administration, arguing that the Fed chairman was not arguing that the Fed chairman was not "irreplaceable." Regan did not think much more of Greenspan. At one point, in desperation, he said, "If they appoint Greenspan, they'll have to find themselves another Treasury Secretary." The Treasury Secretary put forward the name of Paul McCracken...
...adoption of loosely planned economics. For Reagan, Britain's Margaret Thatcher, and to a lesser extent West Germany's new chancellor Helmut Kohl, such a policy stinks of socialism. Yet the "isms" of yesterday seem particularly irrelevant today. Socialism in the East is bankrupt: people are not adequately fed, housed or provided for, Western capitalism seems equally out of breath, insensitive to the cost in human terms of successive crises. The future lies in a break from the constraints of ideology and the embrace of a new, non-sectarian system...
Unfortunately, the hands of the Gift agents were bitten this year by those who were fed, namely The Crimson and some members of the Class of 1983. Withholding support and funds in the name of protest does not improve Harvard or the world, but serves only to placate consciences. We need higher standards, truer ends and better means than that. The Class Gift is a positive means of improvement, and deserves the full enthusiastic support of us all. Stephen J. Keeler '83 Harvard Marshal