CNBC
Paul Volcker, who as chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan helped tame inflation with 22% interest rates that also crunched American manufacturing, farming, and real estate but led the way to two decades of expansion, has died. He was 92. He died on Sunday, according to The New York Times and The Washington Post.
Years after the Great Recession, Volcker headed President Barack Obama’s Economic Recovery Advisory Board and pushed to create a namesake regulation, the Volcker rule, which sought to rein in commercial banks by prohibiting them from making the risky investments that helped spark the 2007 financial collapse. More
Met him once at Fed Atlanta. He was like 6 foot 8.
Government-caused problems. Perhaps Volcker helped given the circumstances, but without government controlling the economy through the Fed there wouldn’t have been rampant inflation in the 80s, and without government subsidizing business in the 2000s companies wouldn’t have taken on such risk.
Why is that whenever someone dies, they automatically become a freakin’ hero?
The Fed is the most evil institution we have…and it’s not even part of the Federal Government – it’s a private cartel of banks. “Tamed inflation” my ass. The Federal Reserve creates boom and bust cycles by printing fake money not related to anything tangible, and they started doing it immediately to finance WWI, leading to the Great Depression.
The Federal Reserve (and global monetary system) is a Ponzi Scheme and will collapse under it’s own criminal weight, and soon.
We should take that opportunity to re-link the dollar with gold so government can’t just print print print. We should also insist that the Treasury Dept live up to it’s Constitutional responsibility…in other words, NO CENTRAL BANK, NO GLOBAL BANK.
If Govt could only spend what it taxes you’d see spending go down right quick…along with the size and power of govt.
Hero? Sorry Paul, wolf in sheeps clothing.
I remember that. Loans with 10, 12 , 15% interest and more. Remember all the home re-financing that came along later? Hero my ass. Another Carter flop.
“helped tame inflation with 22% interest rates”
At 22%, he did more than ‘tame’, he killed it.
I still remember my 1st mortgage, 15.5%.
When I was a kid, they put people in jail for charging 10%.
He was the best of the worst.
psst!
the fed was responsible for the inflation to start with
Shouldn’t we say he “Passed the Buck”?
I could have used an asshole like him in 1933.