Word: volckerism
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Half an hour before Ronald Reagan was scheduled to discuss the nation's money supply with Federal Reserve Chairman Paul Volcker, the President's top aides came into the Oval Office to give a last-minute briefing. While Treasury Secretary Donald Regan and White House Chief of Staff James Baker watched approvingly, Richard Darman went over a typed page containing concise answers to six questions that he expected Volcker to pose. Reagan paid close attention to Darman's script...
...economy is going up, why do so many people feel so down about it? Why is the stock market sliding? Why is Federal Reserve Chairman Paul Volcker warning of a "clear and present danger"? Why is Congress in an uproar over the President's economic policy? Why, after little more than a year of recovery, is the dread word recession even being occasionally heard from the President's economic advisers...
...very least, Government deficits of such unprecedented magnitude threaten to boost interest rates, reignite inflation, discourage capital investment and hinder growth. At worst, the budget imbalance could stop the recovery cold. Warns Volcker: "If left unattended, the deficits will accumulate until they undercut all that has been achieved with so much effort and so much pain...
...deficits force the seven governors on the board to choose between two extremely unpleasant choices: 1) they can hold down money growth, let interest rates rise and risk a recession; 2) they can expand the money supply enough to accommodate the deficits and possibly rekindle inflationary pressures. Chairman Volcker and several other board members have signaled their determination not to give up the progress that has been made against rising prices. Says one governor: "The Fed is going to stick it out." But another governor thinks that the board would have to back down in a crunch. Says...
...Gang of Three against deficits-Feldstein, Volcker and Stockman-argue that the red ink damages...