Word: volckerism
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...though they garner little recognition, Martin, Wallich & Co. are some of the most important people in America. They help determine how fast consumer prices rise, how many jobs are available and how difficult it is to get a car loan or mortgage. Obscure but powerful, they are Chairman Paul Volcker's colleagues on the Federal Reserve system's board of governors...
Administration supply-siders, including Johnson, have often criticized Volcker's Federal Reserve for being too tight with the U.S. money supply and thus keeping interest rates too high. In addition, Martin and Seger, the two Reagan appointees to the Federal Reserve, have sometimes dissented from the board's decisions and called for less restrictive policies. The White House considered replacing Volcker, a Carter appointee, when his term as chairman expired in 1983, but then decided to reappoint him because of the respect he commands in the financial markets. Now, however, the openings at the Federal Reserve may give the Administration...
...glowing reports of an economic recovery over the past two years, this comment by former Boston Globe editor Thomas Winship seems to be a bit out of place. The majority of news about the American economy centers on the positive effects that supply-side policies and Paul Volcker's tinkering with the money supply have had on big business. What the public doesn't hear about is the bitter aftertaste the "recovery" has left with larger numbers of people in the country who are just now beginning to realize the sham of the so-called economic boom...
...largest increase ever. Led by the runaway buildup of federal borrowings, every sector of the economy contributed to the record gain. Business added the heaviest load of new obligations in more than a decade. Consumer debt took the greatest leap in five years. Warns Federal Reserve Chairman Paul Volcker: "Debt growth of this magnitude would appear to be much faster than is consistent with the long-run health of our economy and financial system...
Federal Reserve Chairman Volcker voiced new concern about corporate debt last month during congressional testimony concerning the Reagan Administration's tax program. He criticized part of the plan because it allowed interest payments to remain deductible. That, said Volcker, encourages companies to borrow instead of selling stock to raise funds...