Word: volckerism
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Silence from the White House about a successor and noncommittal answers from Volcker have naturally led to speculation about another, successor. The most frequently mentioned candidate is Alan Greenspan, 57, former chairman of the Council of Economic Advisers, consultant to the Reagan White House and most recently head of the commission on Social Security reform.* Greenspan supports Volcker's reappointment, saying, "I think he has done a fine job and deserves it." But Greenspan has lots of support in the White House because of past service to the Administration. Says one admirer: "He's an independent...
Another candidate who pops up frequently is Preston Martin, 59, vice chairman of the Federal Reserve, whose economic views are close to Volcker's. Though Martin is a Californian and a friend of the Reagan White House, his chances seem slimmer than they once did. His critics are starting to come out, a sure sign of weakening support. Says one: "Martin just isn't impressive...
...Wall Street and in the business community generally, Volcker is clearly the preferred candidate. Says Walter Shipley, president of New York's Chemical Bank: "He has done a marvelous job. The best thing that could happen would be his reappointment." Western European businessmen and finance ministers agree. They respect Volcker for warning of the growing problem of international debt and for his tough anti-inflation stand. Former Federal Reserve Chairman Arthur Burns, who is now serving as Ambassador to West Germany, recently visited Vice President George Bush to make a plea to keep Volcker on the job. Burns based...
...possible that Paul Volcker has had his fill of running American money policy and may now want to make a little more money himself. The $69,800 he earns annually as Fed chairman pales in comparison with the $500,000 or so he could command in the private sector. Not that megabucks or family problems have ever swayed him. "With him," says a friend, "the job is the thing, and people like that don't change." While Volcker's term as a member of the Federal Reserve Board runs until 1992 and he could remain even under another...
...Volcker's wife Barbara seems to think her husband's Washington career will end soon. Last week at the Harvard Club, where Volcker got an award, it was suggested to her that it would be a relief for her to have her husband back in August. Said she: "Yes, it certainly will be." There was a pause. "But of course," she quickly added, "I'm only talking out loud." -By John S. DeMott. Reported by David Beckwith/Washington and Frederick Ungeheuer/New York...