Word: volckerism
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Dates: during 1980-1989
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...eight years, as chairman of the Federal Reserve Board, Paul Volcker was perhaps the second most powerful man in Washington. There were no doubt times, as he squeezed the money supply and cost people jobs in his battle against double-digit inflation, when he was also one of the most unpopular. Volcker, 61, devoted more than three decades to public service; his first appointment after leaving Government in 1987 was as unpaid chairman of the National Commission on the Public Service, a private group trying to improve the lot of the nation's civil servants. Now, as chairman...
Another key reason for the rising interest rates is the federal budget deficit, which is expected to total $137 billion in fiscal 1990. Paul Volcker, the former Fed chairman and now a Wall Street financier, warned a congressional commission last week that unless the Government reduces its huge borrowing needs, "there is the risk of a real financial disturbance. It would bring about the kind of recession that would be the most difficult to handle." One way in which the deficit has triggered higher rates is by undermining foreign confidence in the dollar, which plunged more than 3% against...
Since last summer, when Paul Volcker resigned as Chairman of the Federal Reserve Board, admirers and critics alike have wondered what he would do next. Would Volcker, 60, make millions with one of the investment houses vying for his services? Or would he pursue his professed interest in teaching...
...answer: yes and yes. A 1949 graduate of Princeton's Woodrow Wilson School of Public and International Affairs, he will return as a professor of international economic policy. He will also become chairman of the Manhattan- based James D. Wolfensohn investment firm. Volcker picked Princeton because the school emphasizes broad economic issues. Wolfensohn's allure: the firm is small enough to let Volcker have a major influence, and the job is expected to pay more than $1 million a year. Volcker's annual salary as head...
Greider is especially tough on Paul Volcker, chairman from 1979 until this year, for bringing inflation down much too fast. Under Volcker, writes Greider, the "Federal Reserve was determined to drive the rate of inflation lower and lower, regardless of other consequences." The consequences, in Greider's opinion, were an unnecessarily severe recession in the early 1980s, a huge trade deficit and the debt burdens that still plague the economy...