Word: volckerism
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...issue was also starting to weigh heavily on Volcker, who felt the waiting had gone on too long. Early last week he went so far as to request a private meeting with Reagan. In a session just after a White House show by Entertainer Mary, Martin, Volcker told the President that he wanted to stay on and that uncertainty about the top job at the Fed was becoming unhealthy for financial markets. The next day, in part because of rumors that Volcker was on his way out, investors drove the Dow Jones industrial average down 19 points. The following...
...delicacy of the recovery and worries about the problems in international finance caused by huge debts in developing countries have been adding strength to the notion of keeping Paul Volcker on the job. In the financial community Volcker is regarded as something of a demigod because he brought down inflation, strengthened the dollar and set the stage for the euphoric bull market in stocks that began last August. Nearly 80% of 702 executives polled by the investment firm A.G. Becker Paribas gave their vote of confidence to Volcker, with Alan Greenspan a distant second at 5.8%. Monetarist Milton Friedman...
Only a few weeks ago, Volcker was given little chance of reappointment. A nominal Democrat and a Carter Administration appointee, he had never enjoyed close relations with the President or other White House officials. Treasury Secretary Donald Regan has been the strongest critic of Volcker within the Administration, arguing that the Fed chairman was not arguing that the Fed chairman was not "irreplaceable." Regan did not think much more of Greenspan. At one point, in desperation, he said, "If they appoint Greenspan, they'll have to find themselves another Treasury Secretary." The Treasury Secretary put forward the name...
...White House staff began to weigh the advantages of having its own man at the Federal Reserve against the domestic and international uncertainty that could be caused by switching, the pendulum swung toward Volcker. Secretary Regan did an about-face and last week praised the Federal Reserve chairman publicly, saying, "I think he's done a very good job over a period of years. There were some hits and misses, but overall I think he's done well." Even Preston Martin conceded at week's end that Volcker's reappointment was "highly likely...
Greenspan has strong credentials for the Federal Reserve post. Well regarded in Washington for more than a decade, he measures up to Volcker in many ways and has the edge over the incumbent in one respect. He is not a holdover from the Carter Administration...