Word: volckers
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...Federal Reserve chairman, Paul Volcker, is a man to be much admired [March 8], for he is one of the few in Government willing to bear the responsibility for long-term economic recovery. Volcker realizes that stopgap increases in the money supply offer no solution. It took the U.S. 40 years to reach this dire economic situation. We cannot expect instant and painless recovery...
...Volcker deserves respect and admiration, not anger and blame. It is refreshing to see someone in Government who does not base his policy decisions on how soon he will be up for reappointment or reelection...
While visiting the Chase Manhattan Bank in 1958, I was introduced to Paul Volcker, a young economist who sat alone in a small spartan office. Chief Economist John Wilson told me that Volcker's job was to pretend he was the Federal Reserve Bank and predict what the Fed was about to do. In two decades, Volcker progressed from thinking what the Fed would do, to what it should do. He does it well...
...portray Paul Volcker as firm, dedicated, unyielding and irrevocably committed to a policy of tight money, regardless of the difficulties and hardships that are imposed on a large segment of our population. Volcker's approach can also be called intransigent and obstinate, which are synonymous with fanatic. In the course of history, fanaticism has never resulted in anything other than distress, frustration and misery...
...Federal Reserve Board in general, and Paul A. volcker, its chairman, see the Federal Reserve as the only anti-inflation game in town," Samuelson said...