Word: regan
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Dates: during 1980-1989
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...authority, Volcker's celebrated powers have gradually been waning at the Federal Reserve. Populist supply-siders in the Reagan Administration have never been happy with Volcker's austere monetary views. Neither, until his own departure in February, was former White House Chief of Staff Donald Regan. As members of the Reserve Board have resigned, retired or fulfilled their 14-year terms, the Administration has gradually replaced them with appointees who have favored more expansionary policies. Reserve Board insiders insist that relations between Volcker and the newcomers never deteriorated into antagonism. But, says one, "he obviously didn't have the control...
Baker arrived at his Treasury assignment with a reputation as the Administration's Great Persuader, earned during four successful years as White House chief of staff. He carried on in the same vein, altering the confrontational tone of his predecessor (and successor as chief of staff) Donald Regan. On Third World debt issues, for example, Regan had preached the hard-nosed gospel of austerity for debtor nations. Baker soon changed that with his celebrated proposal for debt relief through renewed economic growth, to be fueled in part by some $20 billion in additional loans from commercial banks...
...Regan had long ignored allies' complaints about the U.S. budget deficit and concerns at home about an overvalued U.S. dollar that had led to a dismal American trade deficit. Baker reversed that stance with the September 1985 Plaza accord, a five-nation cooperative attempt to hasten the dollar's decline. Baker tried to use the dollar's continuing fall as a diplomatic tool. His aim: to chivy West Germany and Japan into expanding their domestic economies, while counting on the U.S. currency's drop in value to start reversing the ugly trade figures...
...Reagan, money is the measure of achievement, and he has left no doubt that he prefers the company of the wealthy. McFarlane, shortly after his suicide attempt in February, told the New York Times of the frustrations he felt as National Security Adviser: "Shultz and Cap Weinberger and Don Regan and the Vice President had built up businesses and made great successes of themselves. I haven't done that. I had a career in the bureaucracy. I didn't really quite qualify. It didn't do any good to know a lot about arms control if nobody listened...
...innate civility and kindness." That's an oddity after decades of worshiping brilliance, cunning and toughness. We have had the regimes of the ascetic and cerebral Ted Sorensen (under J.F.K.), the martinet Bob Haldeman (Nixon), the good ole country boy Ham Jordan (Carter) and the Wall Street sharpie Don Regan, who preceded Baker...