Word: volckerism
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...prime subject-probably the prime subject-of speculation among Washington politicians, Wall Street financiers and businessmen everywhere: Will Federal Reserve Board Chairman Paul A. Volcker, 55, one of the pivotal makers of U.S. economic policy, be reappointed to a new four-year term in August? Last week, for example, at a New York City luncheon for 20 top money managers held by Morgan Stanley & Co., the investment banking firm, Admiral Robert L.J. Long talked at length about the Soviet military threat. But at all the luncheon tables the topic of conversation was Volcker. At Manhattan's "21" Club, several...
Will Reagan reappoint Volcker or won't he? Does he really have a choice...
...OPEC deliberated, government officials around the world cheered the prospect of a moderate drop in oil prices. But they also pondered the possible dangers of an all-out oil price war. In the U.S., Federal Reserve Board Chairman Paul Volcker was concerned that a precipitous drop in prices might increase the already alarming U.S. budget deficit by cutting receipts from the windfall profits tax on oil. If that happened, he suggested, Congress should consider imposing...
...Volcker's prestige was in clear view last week as he briefed the Senate Banking Committee on Federal Reserve policies for 1983. Declared Wisconsin Democrat William Proxmire at the start of the 3½-hour session: "You're the key man. You're the one who'll decide what's going to happen to the U.S. economy-to the world economy-for the coming year." Volcker said the Federal Reserve plans to let the money supply grow only slightly less rapidly than it did in 1982. That should help hold interest rates low enough...
...remarks cheered Wall Streeters, who have been among Volcker's warmest backers. Many are willing to overlook the Federal Reserve's tolerance of occasional erratic swings in money growth because they support the chairman's long-term goal of stabilizing prices. Last week Edward Yardeni, senior vice president and chief economist of Prudential Bache Securities, put the Street's sentiments succinctly. "Under Volcker," said he, "the Fed has regained its credibility...