Word: volckerism
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...their inventories in line with sales and stop cutting back; the 10% cut in income tax rates scheduled for July 1 will put more buying power in consumers' pockets. "The probabilities are very strongly on the side of a recovery later this year," Federal Reserve Board Chairman Paul Volcker told the Senate Banking Committee last week. But he replied to Senators' questions about the possibility of a depression by conceding, "There are risks...
...Volcker stood near the zenith of a brilliant career in international banking and, as president of the Federal Reserve Bank of New York, commanded a salary of $110,000 yearly. Upon accepting Jimmy Carter's appointment in July of 1979 to become chairman of the Fed, Volcker moved to Washington, took a 45% pay cut, to $60,000 yearly, and for the past 31 months has seen his family's finances deteriorate right along with those of much of the rest of the suffering American public...
...some, such sacrifices may seem to be tantamount to self-imposed asceticism in an individual of Volcker's position and influence. But Volcker is far less concerned about his finances than he is about the perilous straits of the economy as a whole. Says New York Investment Banker Edwin Yeo, a longtime Volcker friend: "In this age of cynicism, it seems inexplicable, but he is really trying to get something done. He sees inflation as the ultimate hardship for this society, and he is willing to put himself on the line. As for himself, he is just not interested...
...Volcker, 54, was first exposed to the arcane world of central banking more than 30 years ago, when he spent a summer vacation from Harvard's Graduate School of Public Administration working as a research assistant for the Federal Reserve Bank of New York. After taking his M. A. he returned to the New York Fed as a money market researcher, and soon developed a reputation as a brilliant thinker and long-term planner. In 1957 Volcker came to the attention of Chase Manhattan Bank's chief economist, John Wilson, who hired him away from the Fed, thereby...
...jobs in Government, Paul Volcker's post as Federal Reserve Board Chairman is perhaps the most complex, controversial and least understood. Charged with controlling the U.S. money supply, Volcker is caught between crit ics who say he is being unconscionably tight, those who fear he is being irresponsibly loose and those who complain that he swings from one extreme to the other...