Word: volckerism
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Nikko could hardly have picked a more knowledgeable man for the job. The 60-year-old Axilrod has been at the Federal Reserve since 1952 and for the past seven years has been Chairman Paul Volcker's right...
...successes, both objective and subjective, outweigh his failures. He has presided over one of the longest economic recoveries in recent history, now in its 43rd month, which has been attended by an end to both inflation and the wage-price spiral. Some argue that it was Fed Chairman Paul Volcker's policies that conquered inflation. But Reagan was the catalyst for the recovery. Nine million new jobs have been created during the Reagan | Administration. It was Reagan who, in the aftermath of Jimmy Carter's "malaise" and all that had come before, revived some exuberance of purpose, of entrepreneurship, patriotism...
...will succeed Paul Volcker as chairman of the Federal Reserve Board when his term expires next year? A new front runner may have emerged last week when the President nominated Manuel Johnson, 37, a Fed member for only three months, to be vice chairman of the board, replacing Preston Martin, who resigned in April. Reagan also named a new board member: Bank of America Economist H. Robert Heller...
Some Wall Streeters speculate that Heller might join forces with Johnson and the two other Reagan appointees to form a new majority in favor of faster money growth and lower interest rates. That could undermine the leadership of Volcker, who fears that stimulative policies could rekindle inflation. Heller, though, was playing the diplomat. Said he: "I have a lot of respect for the chairman...
...first the skirmish prompted a bit of anxiety among moneymen, especially when Seger declared that the board was no longer Volcker's "one-man show." Financiers feared that the Reagan appointees might lower the Federal Reserve's guard against inflation and bend too much to the Administration's eagerness to expand the economy. Said Norman Robertson, chief economist at Pittsburgh's Mellon Bank: "Any pretense of the Fed being nonpolitical is now gone...