Word: volckerism
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Federal Reserve Chairman Paul Volcker. He took away not only the punch bowl but also the hors d'oeuvres...
...come down a quarter of a point from its height of 15¾%. There is a feeling on Wall Street that rates have peaked. This has energized the Dow Jones stock market average, which rose eleven points last week, to close at 822, its best performance since the Volcker rally turned into the Volcker rout after...
Despite the distress, Volcker's interest rate policy continues to win support from bankers, businessmen and politicians. The U.S. League of Savings Associations unanimously approved the Fed's actions, and the group's chief economist, Ken Thygerson, admits that it "was necessary to deal a lethal blow to speculation in the housing market." Ben Heineman, president of Northwest Industries, calls the program a "sensible way of checking inflation." Even Senate Banking Chairman William Proxmire, normally the central bank's most vociferous critic, endorses the program, saying it has had an important "psychological effect." The battle against...
...Volcker's policy continues to earn raves abroad. The dollar's decline, which had precipitated the action, has been at least temporarily checked. Despite nervousness in world financial markets caused by events in Iran, the dollar has been strong for the past month. Typically, one Frankfurt banker says with a sigh of relief: "For the first time I can confidently see a stable rate for the dollar." Silver, platinum and copper markets, which had soared like comets in early October, have returned to some calm...
...Volckerism continues to drive up the cost of money and tighten credit much further, the cheering will increasingly be mixed with catcalls. House Majority Leader Jim Wright of Texas is already bitterly denouncing the Federal Reserve for "pouring gasoline on a fire in a misguided effort to put it out." He argues that high interest itself is a cause of inflation because it increases the cost of buying a new home or constructing a new plant. Builders Union President Robert Georgine warned that President Carter's pledge to his workers to "not fight inflation with your jobs" would...