Word: volckerism
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Tough audiences are nothing new in Las Vegas. Even so, when Federal Reserve Chairman Paul A. Volcker stepped to the microphone at the Las Vegas Hilton last week to address a standing-room-only crowd of 3,000 delegates to the National Association of Home Builders, the mood was distinctly chilly. In the past two years, sky-high and gyrating interest rates have pitched the American housing industry into its worst sales slump since 1946. Now a rising chorus of critics in the Administration and Congress has begun blaming Volcker for housing's plight and for the recession that...
...reply, Volcker has begun to counterattack with the argument that the Reagan Administration is as much to blame as anyone for the nation's worrisome economic situation. Volcker charges that by letting the deficit run up toward $100 billion, the White House has all but abandoned its fight against inflation. This has left the struggle to be waged singlehanded by the Federal Reserve, and that, Volcker feels, is asking too much of the American central bank. It is those Ozymandian budget deficits that are soaking up private capital, driving up interest rates and draining the economy of productive investment...
Only the harshest political partisans are pinning principal responsibility for these pains and risks on Reagan. Most economists view the recession as primarily the result of the tight-money policy adopted by Paul Volcker, chairman of the Federal Reserve Board, before Reagan took office-though they note Reagan has supported that policy. Some also see the slump as a delayed effect of the vacillating economic strategy of Reagan's predecessor. "I call it a Reagan-Volcker-Carter recession," says Economist Walter Heller, chairman of the Council of Economic Advisers in the 1960s...
...Francisco, both Regan and Federal Reserve Chairman Paul Volcker addressed the annual convention of the American Bankers Association. Regan made his now familiar pitch for the Fed to live up to its stated policies, adding that "I'm not saying anything publicly that I have not said for weeks in private." But Volcker pointedly rejected Regan's advice and stated flatly that he would not start pumping additional money into the economy. Volcker also denied that Regan had privately asked him to boost the money supply. Aside from their policy differences, there is little love lost between...
...squabble between Regan and Volcker is merely symptomatic of the disagreements that have been simmering for months among Reagan's economic advisers. From the beginning, critics of the Administration have complained that Reaganomics is riddled with contradictions. They predicted that the President's twin offensives, stimulating the economy by slashing taxes and braking inflation through tight money, would result in continued high interest rates and sluggish growth. The supply-siders and monetarists in the Administration kept an uneasy peace as the White House marshaled its forces to push Reagan's economic program through Congress last summer...