Word: volckerism
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Dates: during 1980-1989
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Some powerful voices have called on Congress for budgetary speed. Federal Reserve Chairman Paul Volcker warned that so long as $200 billion deficits are not reduced, the U.S. economic expansion is "living on borrowed money and time." He made it clear to the Senate Banking Committee Wednesday that the Fed will not increase the nation's money supply rapidly enough to make it easy for the Government to borrow enough to cover the deficits. Quite the contrary, said Volcker, the board is already reining back on an expansion of the money supply it began last fall to pull the economy...
...Government's voracious appetite for funds has kept U.S. interest rates at steep levels. That has enticed foreigners to invest huge sums of money in the U.S., which has driven up the value of the dollar. Among the leading advocates of this theory are Federal Reserve Chairman Paul Volcker and Harvard Professor Martin Feldstein, who was chairman of Reagan's Council of Economic Advisers until he resigned last summer. Their views are widely shared in Western Europe. Wrote former West German Chancellor Helmut Schmidt in the newspaper Die Zeit last week: "The astounding recovery of (Reagan's) economy over...
...Government officials are trying to be reassuring. Federal Reserve Chairman Paul Volcker told Congress last week that agricultural banks have historically been "quite profitable, so fortunately they have a certain financial cushion of liquidity and capital to draw on." Still, 25 of the 79 U.S. banks that failed last year had at least 25% of their loans out to farmers. Volcker admitted that the farm-bank failure toll will be higher this year. Some 325 institutions on the FDIC's list of 889 problem banks are agricultural lenders...
Federal Reserve Chairman Paul Volcker contended last week in a cover letter accompanying a 189-page report that such federal regulations are no longer needed. If they exist at all, he wrote, they should be set by the securities industry. Buying stocks on credit, his study concluded, "has become much less important . . . than it was in the early 1930s." In 1928 nearly 10% of all stocks were bought on margin; last year only 1.4% were bought that...
Still, it is Regan's emergence that seems certain to keep Washington astir with fresh uncertainties, intrigues and potential clashes. While Treasury Secretary, Regan seemed to relish a good brawl. He butted heads with Volcker and with Martin Feldstein, former chairman of the Council of Economic Advisers. After seriously considering efforts to kill the council, the President decided last week against such a drastic move. It is clear, however, that Regan will not take kindly to any economic advice that runs counter to his own beliefs. He had, for example, disputed Budget Director David Stockman's gloomy economic estimates. Stockman...