Word: volckerism
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...Federal Reserve Board over the years has jumped back and forth capriciously from tightening the nation's money supply in an effort to slow inflation, to running the printing presses full blast when the economy seemed in need of a lift. But its new chairman, Paul Volcker, seems committed to a more consistent and tougher policy. Last week the Fed lifted its discount rate, the amount that it charges for loans to commercial banks, from 10% to a record 10½%, suggesting that even in the face of a business slowdown the board is at last determined to halt the excessive...
...practice, this policy means a dedication to high interest rates, even as the clouds of a recession loom. Said Volcker last week: "I don't think recessions in and of themselves are ever a great thing, but I don't think you just inflate yourself out of a recession either." Twice this spring, at Federal Reserve System policy meetings, Volcker voted in the minority, against Chairman Miller, in favor of raising interest rates. By appointing him, Carter appears to be giving a sign that he will not dilute his anti-inflationary policies in order to stop an election...
...least three people turned down the top Fed job: David Rockefeller of the Chase Manhattan Bank, A.W. Clausen of Bank of America and Robert Roosa of Brown Brothers Harriman & Co. investment bankers. The final choice came down to Volcker and Bruce MacLaury, president of Brookings. When Carter phoned Volcker last Tuesday, the banker's main concern was to make sure that he and the President agreed on the independent role of the Federal Reserve. "I am satisfied on the basis of my conversations with the President that he has a good understanding of the problems," Volcker said later...
...Volcker, who was graduated summa cum laude from Princeton and took his master's degree in political economy at Harvard, is an avid deep-sea fisherman. Before his two children grew up and he moved with his wife to a co-op on Manhattan's Upper East Side, he was a dedicated gardener at his New Jersey home, and he once tried growing grapes to produce his own wine. His report on Château Volcker grand cru: "It came out like shellac." He is from a middle-class family-his father was city manager of Teaneck...
...nearly 30 years. Not since the Korean War price explosion of 1950-51 has double-digit inflation gripped the economy so relentlessly for a full half year. But no sooner had Jimmy Carter named his new economic team of Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker than the grim news was out: living costs had spurted up yet again in June, and at just about the same breathless clip at which they have been rising since January...