Word: volckerism
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Dates: during 1980-1989
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...Reed protested the terms of the final deal. Mexico successfully rescheduled $44 billion of old debts at bargain rates and got $6 billion in fresh cash that helped, in part, to make the interest payments. Reed finally went along after he was prodded by Federal Reserve Board Chairman Paul Volcker, among others. Citicorp nearly balked again this year when banks renegotiated $13.2 billion in loans with the Philippines and $30 billion with Argentina...
...Prime Minister said he had ordered the Finance Minister and the Bank of Japan to continue lowering interest rates to boost the Japanese economy and enable firms and consumers to buy more foreign products. The disclosure dovetailed neatly with congressional testimony last week by Federal Reserve Chairman Paul Volcker, who said the U.S. central bank was moving to push American interest rates higher. At week's end major U.S. banks raised their prime rate from 7 3/4% to 8%. Taken together, the U.S. and Japanese actions will make it more attractive for investors to hold dollars and less attractive...
...joint interest-rate moves reflected a quiet effort to coordinate U.S. and Japanese economic policies. Though some Administration officials were initially surprised by Nakasone's announcement, the White House later acknowledged that Treasury Secretary James Baker had discussed a combined policy with the Japanese and that Volcker knew about...
...fashioned bank methods are losing that contest. Increasingly, a chorus of experts, including Federal Reserve Board Chairman Paul Volcker, seem to agree that without changes in banking rules that go back half a century, more and more of those institutions will be pressed to the financial wall. Many, indeed, are already there. In general, banking profitability has been deteriorating for the past 15 years, and an estimated 25% of the country's 14,000 banks are losing money this year. U.S. banks, says Paul Baastad, an analyst at the San Francisco brokerage of S.G. Warburg & Co., are under "tremendous pressure...
...protect the public from irresponsible banks like those that invested depositors' savings in highly speculative securities prior to the Great Crash of 1929. As a result, the separation of commercial and investment-banking functions by Glass-Steagall still has tremendous populist appeal. But in official Washington, as Fed Chairman Volcker put it in Senate testimony last January, opposition to giving commercial banks access to the investment-banking area "is almost entirely limited to investment houses now with the field to themselves...