Word: volckerism
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...Paul Volcker: The former Federal Reserve chairman, famous for taming inflation, is the odds-on favorite. Volcker's selection (especially in combination with Alice Rivlin, the leading contender for Budget Director) would calm financial markets worried about Clinton's commitment to reduce the deficit. But transition insiders are concerned that Volcker may be "too stubborn. We'd get great press by appointing him," says a Clinton aide, "but living with him for four years could be hell. On the other hand, if he can do to the deficit what he did to inflation, they can call off the '96 election...
...Lloyd Bentsen: The Texan, who chairs the Senate Finance Committee, wants the post, but Clinton may conclude he can better help by staying put. "He'd send the same signals as Volcker," says a Clinton adviser, "but we haven't worked with him and he may be out of synch with what we want...
...from Little Rock is that Clinton has kicked back this and other lists asking for "more names, different names." That's "his pattern," says a Clinton aide, "but he often returns to the original list, as he did with Al Gore." That is why the smart money is on Volcker, Rivlin and Reich, a trio that would satisfy Clinton's desire for a "Wow!" response from the financial community. "All he knows for sure at this point," said this Clinton aide last Friday, "is that whomever he selects had better play well with others. Only collegiality will get results...
...could it be?" wonders former Federal Reserve Chairman Paul Volcker. "It's another complete reversal of a previous Bush position." In the late '80s, Volcker's bipartisan Commission on the Public Service found the disparity between private sector and government compensation so large that many key federal jobs were either filled by mediocrities or not filled at all. Bush moved quickly to right matters. In his first speech after assuming office, the President told a group of senior employees that "government service is the highest and noblest calling . . . You work hard, you sacrifice, you deserve to be recognized, rewarded...
Former Federal Reserve Chairman Paul Volcker told the New York Times, "I ) think you can say that the Latin-American debt crisis is no longer a crisis...