Word: volckerism
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Dates: during 1980-1989
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Preparations for the federal bailout, the swiftest and most complete on record, began shortly after rumors started circulating about Continental on May 10. Details were hashed out in meetings and phone calls between Federal Reserve Chairman Paul Volcker, FDIC Chairman William Isaac and Comptroller of the Currency C. Todd Conover. "This is a very historic thing," said one New York banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose...
...repay their debts. Reason: the rates they pay generally fluctuate with the prime. Among those hardest hit by the rising interest costs have been Latin American and other developing nations, which owe a staggering $810 billion to Western lenders. To keep the borrowers from defaulting, some moneymen, including Chairman Volcker, have suggested that banks consider placing a cap on the interest on their Third World loans...
...Administration sees it, the rise in the prime was the result of the tight monetary policy being pursued by Feder al Reserve Chairman Paul Volcker. The Administration has long been unhappy with Federal Reserve policy, saying in private that the Fed should allow the money supply to grow more rapidly and thus help the recovery. Reagan aides had sharply criticized the Fed earlier in the Administration, but in recent months the attacks had stopped...
While Feldstein is leaving Government, Federal Reserve Chairman Volcker, the other leading opponent of the deficits, remains. He was reappointed in August 1983 to a new four-year term, and is expected to stay in his job at least until 1985. Volcker is accustomed to seeing the Federal Reserve become a political target in an election year. During the 1980 presidential campaign, Jimmy Carter attacked Fed policies as "ill advised" and grumbled about the "strictly monetary approach to making decisions...
...every move. The policymaking Open Market Committee is due to meet early this week to review the state of the economy and set interest-rate guidelines, and many moneymen fear that it will tighten up rates because of the first quarter's strong growth. Federal Reserve Chairman Paul Volcker conceded last week that the economy is facing a "critical period...