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Mon Dec 9, 2019, 10:56 PM

The strongest reason to mourn Volcker: He was willing to be unpopular

There are many reasons to admire Paul A. Volcker, the former Federal Reserve chair who died Sunday.

He was notoriously frugal; throughout his time as chair, when he flew the shuttle each week between New York and Washington, he folded his gigantic 6-foot-7-inch frame into a tiny coach seat, once joking to an incredulous senator sitting in first class that he was on the hunt for something cheaper.

The impetus for this frugality was yet another testament to his character: Accepting the chairmanship required a huge pay cut. His wife, who stayed behind in New York because of health complications, had to take in a boarder to make ends meet, according to a biography by economist William L. Silber.

And of course, as Fed chair, Volcker reined in runaway inflation, which at its peak reached double-digits and which previous Fed chairs had suggested there was no way to tame.

https://www.washingtonpost.com/opinions/paul-volckers-greatest-legacy-fighting-to-restore-trust-in-government/2019/12/09/75505448-1ace-11ea-b4c1-fd0d91b60d9e_story.html

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Reply The strongest reason to mourn Volcker: He was willing to be unpopular (Original post)
Zorro Dec 9 OP
Hoyt Dec 9 #1
eilen Dec 10 #2
CaptYossarian Dec 10 #3
Haggis for Breakfast Dec 10 #4

Response to Zorro (Original post)

Mon Dec 9, 2019, 11:06 PM

1. I suppose he'll be associated with Reagan, but Carter appointed him.

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Response to Zorro (Original post)

Tue Dec 10, 2019, 06:15 AM

2. Obama invited him to be Fed Chairman.

He declined. I think he had enough but he will always be inmortalized d/t "the Volcker Rule."

The Volcker Rule prohibits banks from using customer deposits for their own profit. They can't own, invest in, or sponsor hedge funds, private equity funds, or other trading operations for their use. The rule is section 619 of the Dodd-Frank Wall Street Reform Act of 2010.

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Response to Zorro (Original post)

Tue Dec 10, 2019, 07:42 AM

3. Didn't he raise interest rates during a recession (an absolute no-no)?

That led to Carter's vulnerability. Then the crooked Reagan negotiated weapons for our 52 hostages. This sealed Carter's fate as a one-term president.

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Response to Zorro (Original post)

Tue Dec 10, 2019, 09:33 PM

4. Paul Volcker was not afraid to stand up presidents, either.

He was no political toady to anyone. Sadly, we now have a government that looks like Toad Hall (All apologies to Kenneth Grahame.)

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