Word: volckerism
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What's more, the notion that tying the dollar to gold is needed to keep inflation low is simply false, mainstream economists say, and makes Forbes' passion almost inexplicable. Ever since Fed chairman Paul Volcker, whom Forbes calls an "obtuse man," wrung double-digit inflation out of the economy in the early 1980s, yearly price increases have averaged 3% to 3.5%. Yet despite this climate, Forbes called on the Treasury Department last year to issue bonds that were indexed to inflation to eliminate this unacceptable risk to principal...
...balancing the budget, the Speaker offered a one-word response: "Intuition.'' (This was a sharp contrast to his reasoned response to the same question by Time last September, when he explained that he'd settled on that time frame after consulting with former Federal Reserve chairman Paul Volcker, banker Pete Peterson and others.) Then he devoted much of the remaining time to fuming about his mistreatment aboard Air Force One. "This is petty," Gingrich allowed. "I'm going to say up front it's petty ...but I think it's human." He pumped a final bullet into his foot...
Nevertheless, it must be frustrating for any President to watch the Fed playing party pooper. That's why Clinton deserves great credit for supporting Alan Greenspan -- just as Ronald Reagan's best economic deed was standing by without protest as Fed chairman Paul Volcker wrung inflation out of the economy in the early 1980s. Clinton's fortitude is even more admirable, since Greenspan is trying to avoid a future bout of inflation, not cure a current one. And according to Woodward, Clinton's political advisers all think Greenspan is the devil incarnate, so Clinton gets extra points for resisting them...
Greenspan succeeded Paul Volcker as Fed chairman in 1987. Experts give him high marks for providing ample credit to the financial community and thereby helping overcome disasters ranging from the crash of '87 to the near collapse of the banking industry when it was saddled in the late 1980s with bad real estate loans. Notwithstanding his bookish appearance, Greenspan has long been a fixture on the Washington cocktail circuit, where he has squired such high- profile and politically connected companions as ABC newswoman Barbara Walters and NBC correspondent Andrea Mitchell...
...revolving door between Washington and Wall Street is nothing new. Cold war mandarins, such as Averell Harriman and Robert Lovett, shuttled back to their banks between stints of public service, and more recently such former officials as Peter Peterson, William Simon and Paul Volcker have become renowned in the investment world. But all these men were financiers by trade and training. Now a fledgling but fast-growing investment group has discovered that global dealmaking these days is as much about cashing in on connections as it is about cash calculations. Rather than seeking big names with proven financial acumen...