Word: volckerism
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Dates: during 1980-1989
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That economic strengthening, in turn, has helped convince a number of politicians and businessmen that Volcker deserves renomination. Inflation, for example, continues its downward drift. In March, producer prices fell .1%, while industrial production rose for the third straight month. Unemployment is holding high at above 10%, but it is down from the 10.8% peak in December. Last week the Commerce Department reported that retail sales posted a .3% rise in March, the first increase since November. Detroit's carmakers are expected to report total first-quarter profits of $930 million, vs. losses of $77 million during the same...
Meanwhile on Wall Street, the Dow Jones industrials closed last week at a record 1,171.34, a 46.63 jump for the week. It was Volcker who helped launch the latest running of the bull market with a statement that interest rates would not remain high. He also told the House Banking Committee last week that he expected interest rates to come down and the economy to continue recovering...
...improving economic news provides Reagan with an excellent reason to reappoint Volcker. But in a White House that highly values its chosen team players, Volcker is clearly not a Reagan man. The two men had never met before Reagan became President, and have had only half a dozen meetings since then, never alone...
...Volcker has been transmitting mixed signals as to whether he wants to stay in the job. He is being cordial and responsive to critics. When Congressman Jack Kemp and six Representatives and Senators last month criticized Volcker's support of greater U.S. participation in the International Monetary Fund, the chairman's response was a polite, thoughtful and detailed letter explaining that the $8.5 billion increase was justified in view of international banking troubles...
...same time, Volcker has repeatedly refused to say whether he would accept reappointment to another term. At last week's House Banking Committee hearing, New York Democrat John LaFalce asked him pointblank: "Are you seeking reappointment?" Replied Volcker: "I don't want to get into that...