Word: volckerism
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Theoretically the first among equals on the Federal Reserve system's seven-man Board of Governors, the 57-year-old Volcker's strong will and effective policies have won him near-absolute power...
...Paul Volcker has been the outstanding economic figure of this decade," says Professor of Economics Martin S. Feldstein '61, former chairman of Reagan's Council of Economic Advisers. "It's very hard to think of somebody else who could do the job that Paul has done...
...Jersey native's career in finance began at the Federal Reserve Bank of New York after his graduation from Princeton University. Volcker worked at the bank from 1949 to 1957, taking time out to study in London and earn his master's degree at Harvard's Graduate School of Public Administration, now the Kennedy School...
...Chase Manhettan Bank lured Volcker away from the Fed, setting the pattern for the economist's pinball path to the top. In the years that followed, Volcker moved between high posts at the Chase Bank, the Treasury Department...
...kind of man you could give a job to and just forget about it yourself knowing that it would be well done," recalls retired Chase Vice President John D. Wilson, who recruited a young Volcker 28 years...