Word: volckerism
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Dates: during 1970-1979
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...first, Connally went along with the Shultz conclusions; then he started boning up on reports dealing with the nation's economic miseries. Urged on by two deputies?Paul Volcker, an expert in international monetary affairs, and Murray Weidenbaum, a specialist in the domestic economy?Connally soon found himself studying a package of proposals that contained the basic ingredients of the New Economic Policy. Early in July, Connally asked his staff for weekly memos on anything that was on their minds. "I wanted their opinions on where we are," he recalls, "on the President, the Congress, the economy, what should...
Catoctin Mountain retreat. Burns and McCracken were there; so were Shultz and his deputy, Caspar Weinburger, and the two Teutons who guard Nixon's gates, H.R. Haldeman and John Ehrlichman. Peter Peterson, a presidential aide for international economic affairs, joined the sessions. Volcker and Speechwriter Bill Safire sneaked across Washington to the Anacostia Naval Air Station, where they boarded a helicopter for Camp David. John Connally, who had no way of knowing that the pressure on the dollar would propel him into prominence so soon, had just gone to his Texas ranch for a vacation. He jetted hastily back...
...Washington gets the best use out of its aid dollars. Proponents of revenue sharing argue back that Washington has no monopoly on brains. "Those closest to local needs and problems should be-or become-best equipped to deal with them intelligently and flexibly," says Treasury Under Secretary Paul A. Volcker. Moynihan adds: "The Federal Government is good at some things and bad at others. The thing it is perhaps best at is collecting taxes, but it's bad at dispensing services...
...Education Association will back revenue sharing only if it is assured that half of the new money will go to support public schools. Governors and mayors, eager as they are for revenue sharing, roar with anger at any thought of cutbacks in existing programs of aid for specific purposes. Volcker and other Administration leaders disclaim any such intention but add that "we are definitely talking about a change in emphasis and direction" of federal help for the future. Nixon, however, will have to calm the fears of cutbacks in special-purpose grants if his revenue-sharing plan...
Second-echelon aides had more specific suggestions. Treasury Under Secretary Paul Volcker suggested a voluntary wage-price freeze. Treasury Under Secretary Charls Walker*backed Senator Jacob Javits' original plan to have some group identify and spotlight major inflationary wage-and-price hikes before they take place, but did not feel it was a job for the CEA. Trying to reconcile all this, Speechwriter William Safire wrote ten drafts before a reluctant consensus was reached...