Word: volckerism
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Still, no one expects that either junk bonds or hostile takeovers will disappear in the wake of the Federal Reserve's new regulation. Wily Wall Streeters will undoubtedly soon discover new ways to finance their deals. Even Fed Chairman Paul Volcker predicts that corporate raiders will uncover "innumerable devices" to circumvent the new policy. When that happens, the central bank could decide to take further action...
...machine first started to crank up in 1982, when oil prices began to fall. Cheaper energy helped pop the inflation bubble, which in turn enabled Federal Reserve Chairman Paul Volcker and his counterparts in other countries to let interest rates decline. That development sparked a long-running bull market on stock exchanges from Wall Street to Tokyo. And when oil prices went into a steep decline over the past three months, the boom machine shifted into high gear. Says James Sweeney, director of the Center for Economic Policy Research at Stanford University: "We see a significant number of happy events...
Meanwhile, the man running the U.N.'s probe of the scandal-ridden program scrambled last week to protect some of his findings from Congress. Former Federal Reserve Chairman Paul Volcker demanded that investigators on Capitol Hill return boxes of evidence they received from one of his employees who quit last month, associates say, angry because a Volcker report had underplayed criticism of U.N. Secretary-General Kofi Annan. Concerned about leaks, Volcker said the documents included names of confidential sources "whose lives quite literally would be at risk if information about their cooperation became known...
...long ago, of course, Greenspan was the one trusted oracle who Wall Street and Washington believed could steer through such choppy waters. After taking over from inflation slayer Paul Volcker in 1987, Greenspan greatly expanded the role and influence of the Fed Chairman, whose principal job is to oversee monetary policy. His economic mission creep included commenting on everything from tax cuts and the housing market to entitlement programs. In 1996 he warned investors of "irrational exuberance," only to turn around and exacerbate the stock market bubble, his critics allege, by becoming a cheerleader for the New Economy. Many...
Even though the U.S. economy is trudging along at a slow 3% annual growth rate, investors see plenty of reasons for putting their money on the line. They feel particularly buoyed by declining interest rates. Federal Reserve Chairman Paul Volcker hinted last month that the central bank will continue to apply downward pressure on rates in order to keep the economy moving. Volcker seemed to confirm that policy last week, when he stated that the Fed's open-market committee will keep a relatively loose rein on the money supply, a strategy that should keep plenty of cash available...