Word: volckerism
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Dates: during 1980-1989
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...Chairman Paul Volcker roiled the markets further when he appeared on Wednesday before Congress. The dollar may have fallen far enough, he argued, in seeming contradiction to Baker. Responding to the apparent rift in the Administration, traders bid the dollar down...
...reception last winter in Washington honored 40 high-ranking presidential appointees with the Harvard connection. Among them: Federal Reserve Chairman Paul Volcker and five Cabinet members. Absent from the party were Chief Justice Nominee William Rehnquist (M.A., '50) and three of the Supreme Court's Associate Justices, all veterans of the Harvard Law School, where Oliver Wendell Holmes Jr. and Felix Frankfurter learned their torts, and where a pragmatic innovation called the case-study system changed legal education in America. Says Alumnus Richard Darman, Deputy Secretary of the Treasury: "I cannot imagine the influence has ever been higher than...
...economic front, the Mexican President took pains to acknowledge Washington's assistance last month in securing for Mexico a $12 billion loan package from the International Monetary Fund. The eleventh-hour breakthrough in the negotiations, helped by Treasury Secretary James Baker and Federal Reserve Chairman Paul Volcker, saved Mexico from defaulting on its nearly $100 billion foreign debt, the largest in Latin America except for Brazil...
...trade deficit does not soon diminish, some economists fear, its effects could help push the U.S. into a recession. In testimony before the House Banking Committee, Federal Reserve Chairman Paul Volcker said that the trade deficit had placed the economy in "difficult and dangerous" circumstances. It has undoubtedly caused much of the recent slowdown in growth: the economy expanded at a 1.1% annual rate between April and June, down from a 3.8% rate the previous quarter. The Commerce Department reported last week that the index of leading economic indicators, a barometer of future growth, increased by a modest...
...bound to improve "in the near future." But outside the Reagan Administration, some of Washington's policymakers were less confident. Fretted Republican Jake Garn of Utah, chairman of the Senate Banking Committee: "There's more than the normal level of uncertainty in the economy." Federal Reserve Chairman Paul Volcker warned that the current expansion is in "growing jeopardy" unless the U.S. can curb its burgeoning trade deficit, which reached a record $148.5 billion last year...