Word: volckerism
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Greenspan would have to move quickly to establish his independence, and Volcker would continue his practice of staying at arm's length from Presidents...
Moreover, Greenspan, like Volcker, is expected to be independent of the White House, which might want the chairman to do its bidding until the presidential election is over. Both would resist pressures to politicize the Federal Reserve...
Within the Reagan Administration there was little open opposition to Greenspan, but there did not seem to be much reason to change from Volcker. At week's end support was shifting heavily to Volcker. Budget Director David Stock man joined Martin Feldstein, chairman of the Council of Economic Advisers, in backing Volcker. Vice President George Bush and Presidential Advisers Michael Deaver and Jim Baker threw their weight behind Volcker, while Presidential Counsellor Edwin Meese remained opposed to him. At the moment, the decision is in the President's hands...
There were reports of a neat compro mise: Volcker would be reappointed to a four-year term with the understanding that he would step down in January 1985. That would allow whoever is President to name his own man to the Federal Reserve at the beginning of his term. In the past, Volcker himself has said that he believes the two most important jobs in Washington should have concurrent terms...
...verge of a financial crisis when Paul A. Volcker became The U.S. was on the verge of a financial crisis when Paul A. Volcker became Federal Reserve Board chairman in August 1979. Inflation was roaring ahead at an annual rate of 13%, and the dollar was sinking on international money markets. Worldwide confidence in the Government's ability to manage the American economy had seldom been lower. Today inflation has slowed to less than 4%, and the dollar has become the world's strongest currency. Many experts attribute that remarkable turnaround largely to Volcker. Says Harvard Economist Otto...