Word: volckerism
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Dates: during 1980-1989
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...Federal Reserve chairman, the new U.S. money czar, a few moments to plug in his computer terminal and sharpen his pencils before the first crisis. To a remarkable degree, everything was going Alan Greenspan's way, as the nominee prepared for the Herculean job of succeeding the retiring Paul Volcker. The Dow Jones industrial stock average zoomed to a new peak of 2572.07. The dollar, which had spent much of the past two years in a free fall, seemed to be holding its own. After hearings that Wisconsin Democrat William Proxmire described as a "love feast," the 20 members...
...Volcker's eventual decision to leave must have been at least partly motivated by the financial sacrifices he and his wife Barbara have made during his tenure. When Volcker originally took the post, he accepted a pay cut from $110,000 to $60,000. His salary has since increased to $89,500, but that is still less than many of today's M.B.A.s earn by their late 20s. The Volckers struggled at times to support both a one-bedroom Washington residence for the Fed chairman and the family's larger Manhattan apartment. At one point Volcker's wife, who suffers...
...Volcker no doubt has dozens of job offers. He could easily earn $1 million a year at a Wall Street investment house, or perhaps much more if he started his own consulting firm. But some think he may resist the big money and go into academia instead, possibly teaching at Harvard or Princeton while picking up hefty consulting fees on the side. If he does join a university, his classes should be popular on campus. This is one professor who will have plenty of true-life adventures to illustrate on the chalkboard...
Ronald Reagan is getting on. Air Force One is ready for retirement. Economic summits in Venice are old hat -- Jimmy Carter was there for one seven years ago. The dollar is tired and limp, and Paul Volcker about to become a memory. Congress is slower, windier and crankier. Even the 17-year locusts sound unhappy to have emerged again along Washington's troubled streets...
Nervousness swept through world financial markets as President Reagan announced Paul Volcker was stepping down as Federal Reserve Board chairman. For eight years, the central banker has literally and figuratively towered over his peers. His soft- spoken successor will face increasing political pressure as the 1988 presidential election draws near. See ECONOMY & BUSINESS...