Posted on 12/09/2019 6:39:55 AM PST by Borges
Paul Volcker, the former chairman of the Federal Reserve under Presidents Carter and Reagan who later played a role in the Obama administration's response to the financial crisis of 2009, has died at the age of 92.
Multiple media outlets reported that Volcker, who raised interest rates as the Fed's chief to combat inflation, had died.
In the Obama years, Volcker reemerged to tout a rule, eventually called the Volcker rule, that put tougher constraints on big banks.
I wonder what he meant by that.
Well, there you go.
The guy was another big goon.
Nothing.
Multiple media outlets reported that Volcker, who raised interest rates as the Fed’s chief to combat inflation, had died.
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Volcker was a big time Democrat who raised interest rates to cause a really bad recession.
Reagan cured inflation with supply side economics.
He was a major factor in pulling the economy out of the mess that Ford and Carter had left it in.
No he raised interest rates so the federal reserve would make more money. Thats what they do. Create dollars out of thin air and lend them to us at interest.
Volcker raised interest rates to finally put an end to run a way inflation. Yes, there was pain that induced a 2 year recession while he was raising them and Reagan’s favorable ratings were dropping but Reagan supported them with one great line. “it was like being given the gift of horse manure at Christmas hoping there was a pony under there somewhere.” By 1983 Reagan got his pony and the economy took off. Yes, his reduction in marginal tax rates also supercharged the economy
The guy was another big goon.
...
Yep. He was a Democrat and his most famous accomplishment was causing a really bad recession.
Volcker raised interest rates to finally put an end to run a way inflation.
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Nope. Reagan put an end to high inflation with supply side economics.
It’s discouraging to see FReepers giving credit to a Democrat (Volcker) when it isn’t earned, but really a myth created by the Fake News media.
Reagan renominated Volcker in 1983.
RIP.
It’s only money, and you can’t take it with you. If you could, it would burn.
Reagan renominated Volcker in 1983.
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It doesn’t matter who was nominated. All Fed Chairmen pretty much act the same way. They all promote the incorrect theory that economic growth and wage increases cause inflation.
Every where there is high inflation you’ll find a lot of government debt combined with damage to the supply side of the economy. Zimbabwe and Venezuela are recent examples.
Significant in the United States during the 70’s that hurt the supply side of the economy was oil industry regulation and price controls.
Volcker was a hero for single-handedly subduing high inflation. We never again had double digit inflation since then and will not have it again for many decades.
Because the supply exceeds demand due to increase in manufacturing capacity in Asia by orders of magnitude, compared to what it was during 1970’s.
No...he raised interest rates to restrict the money supply, because inflation was crazy out of control in the Ford and Carter years. It was nasty medicine, but necessary.
Yup...which is why the full-court press was engaged against Stephen Moore
Thank you chuckee
NINE IGNORANT POSTS
before someone got it right
Paul Volcker did the right thing
I think some posting here weren’t alive nor old enough to remember
I was in E school at the time when business school professors were conservative
They applauded Volcker
Sometimes I just shake my head here...
Amen and thanks to you both
Well done
Volcker cure crazy oil prices driven inflation
It was tough but essential
He did not cause the 19% bank lending rates
He ended them
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