Word: yorke
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Dates: during 1970-1979
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Shucking academe for the real thing, Volcker signed on as an economist with the New York branch of the Federal Reserve. After five years, Volcker jumped into private enterprise at the Chase Manhattan Bank. Five more years and he became chief financial analyst at the U.S. Treasury in Washington, D.C., a remarkable achievement...
...experience strengthened his view that the Federal Reserve had to take strong action to fight inflation and thus defend the dollar overseas. For a year, Volcker was a senior fellow at Princeton, but in 1975 he returned to the New York Fed as its president. In the past year Volcker voted at Federal Reserve meetings for tighter money and was consistently outvoted by his colleagues. Then he got the top job and, with the economy in dire trouble, finally won unanimous support for the measures that caused last week's furor...
...life as well as his public decisions, Volcker is a slow man with a buck. Instead of flying a regularly scheduled airline and getting a first-class seat so he can stretch his long legs, Volcker doggedly queues up to ride the cramped shuttle flight between Washington and New York, where his wife, who suffers from arthritis, still lives. A month ago, when the dollar was under attack, Volcker found himself marooned for six hours at New York's La Guardia Airport waiting for a place on the shuttle. Says one aide with a grin: "Perhaps he now realizes...
...bills to buying a house. Says Saul Klaman, president of the National Association of Mutual Savings Banks: "Those who need credit most will have the most difficulty getting it. That's the way it always is." As prices inevitably rise, says Charles Lehing, senior vice president of New York's Chemical Bank, the people who will have the most trouble will be those on fixed incomes. Adds Lehing: "Most of these people don't have enough disposable income to become eligible to borrow, and the costs of their necessities will go up. It gets pretty rough...
MORTGAGE LOANS: Interest rates averaged 11.15% in early September, and are heading higher. Many bankers predict that they may reach 14% by year's end. But in 24 states, including Illinois, New York and Texas, usury laws hold rates to 12% or less. Lenders there are likely either to cut back on making home-buying loans or attach tighter conditions to them. A typical instance: First Federal Savings & Loan Association of Chicago has just shortened the repayment period on all mortgage loans to 25 years from 29 years, and now requires a minimum 25% down payment, vs. 20% formerly...