Word: volckerism
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...shares each. Among the hardest-hit blue-chip stocks were 3M, which fell 7 1/4, to 126 3/4; Du Pont, which dropped 4, to 95; and Philip Morris, down 1 1/2, to 81. Some traders attributed the rout to the news of a statement by Federal Reserve Chairman Paul Volcker that a legislative stalemate on banking deregulation could endanger the U.S. banking system...
...their financial systems, the playing field for the international investor is not always a level one. Last week Britain and the U.S. took a major step toward smoothing the surface. The two countries proposed a uniform set of rules to govern banks' capital reserves. Federal Reserve Board Chairman Paul Volcker called the pact a "breakthrough...
...bull market has a father and protector, the honor can be claimed by Federal Reserve Chairman Paul Volcker. When the Dow hit a trough of 776.92 in August 1982 and the economy seemed hopelessly trapped in a recession, Volcker and his colleagues at the Fed were convinced that interest rates had to come down. No sooner had they loosened monetary policy than investors came storming back into the market. And as interest rates kept falling, the bulls kept buying. By November 1983 the Dow had reached a high of 1287.20. For the next year, the index more or less stagnated...
When the bulls made yet another return at year's end, they owed thanks once again to the Fed. "There is a lot of fresh money in the marketplace," said one happy Wall Street broker last week -- and Volcker's current policies get much of the credit for its presence. For months, the economy's relatively sluggish growth has stirred fears of recession, and that in turn has spurred the Fed to allow the money supply to expand rapidly. Interest rates have thus continued to fall, and investors seeking a healthy return have turned back to stocks. Says Sam Nakagama...
...winner hit the wire: Bank of France Governor Michel Camdessus, 53. When he takes over next month as chief of the IMF, which provides short-term emergency loans to troubled nations, Camdessus will become perhaps the second most powerful moneyman in the world, after Federal Reserve Chairman Paul Volcker...