Word: volckerism
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When he boldly 'tackled the twin problems of runaway inflation at home and a hemorrhaging dollar abroad by tightening credit and raising interest rates a month ago, Federal Reserve Chairman Paul Volcker was almost universally hailed. The road down from 13% inflation would be long and difficult, but it was also imperative; and Volcker's policy was acclaimed as necessary. Now the costs of the descent are beginning to become evident...
...central problem is that few people believe Big Business or Gigantic Government. Volcker of the Fed and Shapiro of Du Pont plus others meet in a posh resort in Hot Springs to speak of "easy money" and "the sooner we suffer the pain, the sooner we will be through it all." It would be more believable if it came from a motel in Davenport, Iowa...
Paul "Green Giant" Volcker for President in '80 on a bold, anti-inflation platform that defends the dollar abroad, puts a nonpartisan squeeze on runaway Government spending at home, and effectively controls the excessive flow of money and plastic money into the U.S. economy...
...Since (Federal Reserve Board chairman) Paul Volcker told us all that we'd have to reduce our standard of living, we're only giving out one piece of candy this year," Galbraith explained. "With Kennedy, though, we'll be back to two," he added...
Carter Administration officials are remarkably untalkative about the record rates, evidently in hopes that the developing downturn will become known as the Volcker Recession rather than as a product of Jimmynomics. Indeed, voters do seem concerned about the climbing cost of money. One night last week, when Volcker arrived at Washington's Kennedy Center for a preview showing of Tom Stoppard's play Night and Day, a woman approached him and said plaintively, "Please, don't let interest rates stay high for too long." Replied the Federal Reserve chairman, as he removed the cellophane from...