Paul Volcker

RECENT NEWS
Wall Street Journal  Dec 11  Comment 
Paul Volcker is best known for taming inflation in the 1980s and, later in his career, a rule named after him, but what is less well known is the former Fed chairman’s penchant for investing in banks around the world.
MarketWatch  Nov 26  Comment 
A rule limiting proprietary trading isn’t that tough on Goldman Sachs and Morgan Stanley, S&P says in upgrading the debt of the two banks.
Forbes  Sep 24  Comment 
In that respect Indians can be glad that Narendra Modi has Raghuram Rajan in the same way that Ronald Reagan had Paul Volcker.
SeekingAlpha  Aug 27  Comment 
By John M. Mason: Next Wednesday, September 3, Janet Yellen will have been the chairwoman of the Board of Governors of the Federal Reserve System for seven months. This is her "Fed" now and we can make an early check on how she is doing. As...
SeekingAlpha  Aug 21  Comment 
By Valtteri Ahti: The year's number one event in the macro calendar is today as the world's central bankers convene in Jackson Hole, Wyoming to decide on how to take over the world. Or at least when the US should raise interest rates by 25 bps....
Clusterstock  Aug 13  Comment 
(Reuters) - Banks are lobbying U.S. policy makers for a delay of up to seven years from a provision requiring them to sell investments in private-equity and venture-capital funds, the Wall Street Journal reported, citing people familiar with the...




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Image:PaulVolcker.jpg Paul Adolph Volcker was Federal Reserve Chairman under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). He is currently chairman of the newly formed Economic Recovery Advisory Board under President Barack Obama[1].

Volcker is credited to have lifted the US economy out of a decade stagflation that sported such negative highlights as 21% interest rates, solid two-digit-inflation and unemployment rates topping 10% after he took over the job from his predecessor G. William Miller.

Latest developments in 2010

After a 22-year semi-retirement Volcker was appointed as head of Economic Recovery Advisory Board under President Barack Obama in early 2009. Volcker, always a staunch advocate of balanced budgets, who told the world as early as 2006 that the USA's deficit spending is unsustainable, landed a surprise victory when US President Barack Obama largely followed his proposals in January 2010 that will (as of January 2009) ban proprietary trading for banks receivinf federal money and essential re-introduce the Glass-Steagall Act that separated investment banks and such taking deposits from 1933 to 1999. It is coming as a surprise that Volcker outgunned Wall Street-pal Treasury Secretary Timothy Geithner who had opted for more lax deals for his Wall Street friends. Whether this means Obama moves from Wall Street to Main Street is up to your mind.

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