Word: volckerism
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Dates: during 1970-1979
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When he boldly 'tackled the twin problems of runaway inflation at home and a hemorrhaging dollar abroad by tightening credit and raising interest rates a month ago, Federal Reserve Chairman Paul Volcker was almost universally hailed. The road down from 13% inflation would be long and difficult, but it was also imperative; and Volcker's policy was acclaimed as necessary. Now the costs of the descent are beginning to become evident...
Despite the distress, Volcker's interest rate policy continues to win support from bankers, businessmen and politicians. The U.S. League of Savings Associations unanimously approved the Fed's actions, and the group's chief economist, Ken Thygerson, admits that it "was necessary to deal a lethal blow to speculation in the housing market." Ben Heineman, president of Northwest Industries, calls the program a "sensible way of checking inflation." Even Senate Banking Chairman William Proxmire, normally the central bank's most vociferous critic, endorses the program, saying it has had an important "psychological effect." The battle against...
...central problem is that few people believe Big Business or Gigantic Government. Volcker of the Fed and Shapiro of Du Pont plus others meet in a posh resort in Hot Springs to speak of "easy money" and "the sooner we suffer the pain, the sooner we will be through it all." It would be more believable if it came from a motel in Davenport, Iowa...
Paul "Green Giant" Volcker for President in '80 on a bold, anti-inflation platform that defends the dollar abroad, puts a nonpartisan squeeze on runaway Government spending at home, and effectively controls the excessive flow of money and plastic money into the U.S. economy...
...Since (Federal Reserve Board chairman) Paul Volcker told us all that we'd have to reduce our standard of living, we're only giving out one piece of candy this year," Galbraith explained. "With Kennedy, though, we'll be back to two," he added...