Word: volckerism
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Some observers are suggesting that the Administration needs a staff shake- up. The financial community especially misses Paul Volcker, who resigned last June as chairman of the Federal Reserve Board. But most feel that personnel changes would simply generate more uncertainty. They cite Jimmy Carter's mass Cabinet firing as proof that housecleaning usually does not work. "What we need now is stability," says Cheney...
Greenspan's lot may be even tougher than Volcker's was. The new chairman must fend off a recession by keeping interest rates low, but he will come under excruciating pressure to raise them again if the dollar needs rescuing. Any little upward nudge in interest rates, however, is likely to send the stock market into the tank again. When the Fed's open market committee met last week for the first time since the crash, some economists hoped the group might rescind September's discount-rate increase. But no such announcement came. One reason may be that the committee...
...Paul Volcker, former chairman of the Federal Reserve Board, has joined with Edmund Muskie, Elliot Richardson, Harvard President Derek Bok and others to form a National Commission on the Public Service. The commission's hope is to develop leadership for the public sector. A member of the group is John Brademas, a Congressman for 22 years and now president of New York University. Says Brademas: "Leadership can be summed up in two words -- intelligence and integrity, or to use two synonyms, competence and character. We don't see those characteristics in Government today. Reagan and his Administration have established...
Greenspan's first goal is to reassure the financial world that he will be as politically independent-minded as Volcker was. During Greenspan's confirmation hearing July 21, a questioner asked the conservative nominee whether he might succumb to "muscle" from the White House to stimulate the economy with an easy-money policy as the 1988 elections drew near. Greenspan responded that he "obviously would reject" any such pressure and declared the Fed's political independence to be "terribly critical." He has little choice, moneymen say. "His life will be very difficult if he is perceived as someone who will...
...Greenspan's closeness to the Reagan Administration could give him more influence over fiscal policymaking than Volcker possessed. Says Henry Kaufman, chief economist for the Salomon Brothers investment house: "Alan has a greater intimacy with people in the Administration and can argue his thoughts with them...