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Paul Volcker

 
Britannica Concise Encyclopedia:

Paul Adolph Volcker

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(born Sept. 5, 1927, Cape May, N.J., U.S.) U.S. economist. He worked as an economist for the Chase Manhattan Bank (1957 – 61; 1965 – 68). As an undersecretary at the U.S. Treasury Department (1969 – 74), Volcker was the chief architect of the U.S.'s abandonment of the gold-exchange standard and the devaluations of the U.S. dollar (1971, 1973). After serving as president of the Federal Reserve Bank (1975 – 79), he was appointed head of the Federal Reserve System in 1979 by Pres. Jimmy Carter and served until 1987. To end a period of very high inflation, he slowed the growth of the money supply and allowed interest rates to rise, causing a recession (1982 – 83) but dramatically reducing inflation.

For more information on Paul Adolph Volcker, visit Britannica.com.

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Gale Encyclopedia of Biography:

Paul Volcker

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As chairman of the Federal Reserve Board during one of the most turbulent periods in U.S. monetary history, Paul Volcker (born 1927) helped lower double-digit inflation rates in the early 1980s and ushered in an era of financial deregulation and innovation.

Paul Adolf Volcker was born in Cape May, NJ, on September 5, 1927. His father was city manager of Teaneck, NJ, and turned the town from bankruptcy to solvency. After graduating summa cum laude from Princeton University in 1949, Volcker attended Harvard University's Graduate School of Public Administration, earning a masters degree in political economy and government in 1951. The following year he did postgraduate work at the London School of Economics as a Rotary fellow. During summers Volcker worked at the Federal Reserve Bank of New York, and in 1952 he joined the staff there as a full-time economist.

Volcker left the Federal Reserve Bank of New York in 1957 to become a financial economist with Chase Manhattan Bank. In 1962 he joined the U.S. Treasury Department as director of financial analysis, and in 1963 he became deputy under secretary for monetary affairs. Volcker returned to Chase Manhattan Bank as vice-president and director of planning in 1965. In 1969 he was appointed under secretary of the U.S. Treasury for monetary affairs and remained there until 1974, engaging in international negotiations on the introduction of floating exchange rates. The following year he became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University. In 1975 Volcker became the president of the Federal Reserve Bank of New York, the most important bank in the Federal Reserve System.

Economic Leader

During the more than 30 years Volcker worked in and out of the federal government he developed an expertise in monetary economics and served under three presidents. The cigar-chomping Volcker, admired for his dedication and commitment by friends and foes alike, appeared implacable and unflappable with his six-foot-seven inch frame. In 1979 he was nominated by President Jimmy Carter to fill the most powerful economic seat in government - chairman of the Federal Reserve Board (the Fed). An act of Congress in 1913 had established the independent Central Bank to create money, regulate its value, and maintain the stability of the financial system through 12 regional banks. When Volcker took over in August of 1979, inflation was running over 13 percent a year, the value of the dollar was falling, and financial markets were concerned about renewed inflation. Volcker's appointment to a four-year term as chairman calmed those fears and was greeted with acclaim in the financial community. As Volcker recalled in a 1989 Time magazine interview: "The [Carter] Administration had got deeply concerned. They said to me they were scared of this exploding inflation and were willing to stand still for stronger measures than would ordinarily be the case. And that is a great advantage. If you can walk into a situation that is felt to be so severely out of kilter, you have greater freedom of action."

The chairman of the Fed also oversees the 12-member Federal Open Market Committee (FOMC), which decides the conduct of U.S. monetary policy. During 1979 and 1980 the FOMC, under Volcker's leadership, sought to reign in double-digit inflation by setting strict money supply growth targets. This direction was in opposition to past policies that sought to control interest rates at the expense of higher money supply growth rates. The result of the switch in policy was a substantial rise in interest rates, with the prime rate peaking at 21.5 percent in December 1980. With higher interest rates, the economy fell into the worst recession in 40 years, causing unemployment to reach 10.7 percent in 1982. During this period, Volcker was widely criticized. The cover of a building trade publication carried a "WANTED" poster of Volcker and his Fed colleagues, accusing them of "premeditated and cold-blooded murder of millions of small businesses." The economic crisis led the FOMC to abandon strict adherence to monetary targets in 1982, but not before the rate of inflation had fallen to below four percent.

The hard-line actions of the FOMC drew criticism from those who felt the price exacted to cure inflation was too high. The crisis raised questions in Congress about whether the "independence" of the Fed should be rescinded. Nevertheless, Volcker was reappointed by President Reagan in August 1983 to a second four-year term as Federal Reserve chairman and was confirmed by the Senate in an 84-16 vote.

From Villain to Hero

Volcker studiously avoided taking rigid ideological positions with regard to monetary policy, preferring a more flexible and discretionary approach. In addition to fighting inflation, Volcker presided over the Central Bank in an era in which control of the money supply was greatly complicated due to the deregulation of the financial industry in 1980. This resulted in large-scale shifts in deposits between different types of accounts, causing unpredictable changes in the rate of growth of money.

Volcker also successfully defended the Fed's oversight powers in banking regulation that were threatened by proposals to streamline the regulatory process. He argued that in order to fulfill the Fed's role of "lender of last resort" to financially troubled banks, the Fed must maintain day-today regulation over those banks, along with the U.S. comptroller of the currency. At the end of his second term in 1987 Volcker became a consultant to various financial institutions, including the World Bank.

"For eight years, as chairman of the Federal Reserve Board, Paul Volcker was perhaps the second most powerful man in Washington," noted Lawrence Malkin in Time (January 23, 1989). "There were no doubt times, as he squeezed the money supply and cost people jobs in his battle against double-digit inflation, when he was also one of the most unpopular." Volcker's moves had tremendous impact on the nation's economy and were watched worldwide. "He is the most revered economic leader of his era," Stephen Koepp noted in Time on June 15, 1987. "He had profound impact on a $4.3 trillion economy but lived in a tiny $500-a-month apartment furnished with castoffs. He ran his agency in a notably serene and straightforward style, and still his mystique grew so potent that his every move sent global financial markets into spasmodic guessing games about what he was thinking." After he had tamed the inflation rate and turned the economy around in the mid-1980s, he became a sort of folk hero.

Volcker, who took a substantial cut in salary to head the Fed, received numerous awards, including One of Ten Outstanding Young Men in Federal Service (1969) and the Alexander Hamilton Award for his efforts at implementation of flexible exchange rates while at the Treasury Department during the early 1970s. He received honorary degrees from a number of institutions, including Notre Dame, Princeton, Dartmouth, New York University, Fairleigh Dickinson, Bryant College, Adelphi, and Lamar University.

Volcker's first job after leaving government in 1987 was as unpaid chairman of the National Commission on the Public Service, a private group working on behalf of the nation's civil servants. He soon became chairman of the New York investment banking firm James D. Wolfensohn, earning a large salary for the first time in his life, and continued to be a respected commentator on the nation's financial affairs in the 1990s.

Further Reading

Some of Volcker's lectures on the workings of the economy are found in Paul Volcker, The Rediscovery of the Business Cycle (1978). For further details on the operation of the Fed, see U.S. Board of Governors, The Federal Reserve System: Purposes and Functions (7th edition, 1984); Maxwell Newton, The Fed (1983); and Paul De Rosa and Gary H. Stern, In the Name of Money (1981). For a good historical look at the Fed's role in the fight against inflation in the early 1980s see Lawrence S. Ritter and William L. Silber, Principles of Money, Banking, and Financial Markets (5th edition, 1985) and William Melton, Inside the Fed Making Monetary Policy (1985). In 1992, Volcker and Toyoo Gyohten published Changing Fortunes: The World's Money and the Threat to American Leadership (1992), based on a series of lectures they gave at Princeton's Woodrow Wilson School.

Columbia Encyclopedia:

Paul Adolph Volcker

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Volcker, Paul Adolph, 1927-, American economist, government official, and banker, b. Cape May, N.J. After working as an under secretary in the Treasury Department (1969-74) and as president of the New York Federal Reserve Bank (1975-79), he was appointed the chairman of the Board of Governors of the Federal Reserve System in 1979. He pursued a restrictive monetary policy to combat inflation but was forced by a stagnant economy and high unemployment to support increased monetary growth during the mid-1980s. Volcker was succeeded as Federal Reserve Board chairman by Alan Greenspan in 1987. He subsequently was successful as an investment banker, retiring in 1996.

In 1999 an official panel he headed that investigated Swiss banks' handling of the accounts of Holocaust victims issued a report that was critical of the banks but did not recommend any changes in a settlement reached in 1998 (see Holocaust). Volcker was chairman of the International Accounting Standards Committee Foundation from 2000 to 2006 and, in the wake of the Enron bankruptcy, headed (2002) an independent oversight board at Arthur Andersen, the accounting firm that was responsible for auditing Enron. He also chaired (2004-5) the UN's investigation into wrongdoing in the UN oil-for-food program for Iraq. In 2009 President Barack Obama appointed Volcker as the head of the new Economy Recovery Advisory Board. Volcker is the author, with Toyoo Gyohten, of Changing Fortunes: The World's Money and the Threat to American Leadership (1992).

Bibliography

See biography by J. B. Treaster (2004); study by W. Greider (1988).

Quotes By:

Paul Volcker

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Quotes:

"If you don't have some bad loans you are not in business."

Wikipedia on Answers.com:

Paul Volcker

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Paul Volcker
Chairperson of the President's Economic Recovery Advisory Board
In office
February 6, 2009 – February 23, 2011
President Barack Obama
Preceded by Position established
Succeeded by Jeffrey Immelt (Council on Jobs and Competitiveness)
12th Chairman of the Board of Governors of the Federal Reserve
In office
August 6, 1979 – August 11, 1987
President Jimmy Carter
Ronald Reagan
Preceded by William Miller
Succeeded by Alan Greenspan
President of the Federal Reserve Bank of New York
In office
May 2, 1975 – August 5, 1979
Preceded by Alfred Hayes
Succeeded by Anthony Solomon
Personal details
Born Paul Adolph Volcker, Jr.
September 5, 1927 (1927-09-05) (age 84)
Cape May, New Jersey, United States
Political party Democratic Party
Alma mater Princeton University
Harvard University
London School of Economics
Profession Economist

Paul Adolph Volcker, Jr.[1] (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and early 1980s. He was the Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009[2] until January 2011.[3]

Contents

Early life

Volcker was born in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker.[4][5] His grandparents were all German immigrants.[4] Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School[6] in 1945.

Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.

Volcker has received honorary degrees from several educational institutions including: Hamilton College (1980), University of Notre Dame, Princeton University, Dartmouth College, New York University, University of Delaware,[7] Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Fairfield University (1994), Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), Georgetown University (2007), Syracuse University (2008), Queen's University at Kingston in Canada (2009), and Amherst College (2011).[8]

Career

In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962, Robert Roosa, who had been his mentor at the Federal Reserve, hired him at the Treasury Department as director of financial analysis.[9] In 1963, he became deputy under-secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.

From 1969 to 1974, Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions leading to the U.S. suspension of gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to become the chairman of the Federal Reserve in August 1979.

In 1975, Mr. Volcker also became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University.

Chairman of the Federal Reserve

Paul Volcker, a Democrat,[10] was appointed Chairman of the Board of Governors for the Federal Reserve System in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.[11]

Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983.[12]

Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well.

Volcker's Fed elicited the strongest political attacks and most widespread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.[13]

Nobel laureate Joseph Stiglitz said about him in an interview:

Paul Volcker, the previous Fed Chairman known for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate de-regulator.[14]

Congressman Ron Paul, well known as a harsh critic of the Federal Reserve, has offered qualified praise of Volcker:

Being in Congress in the late 1970s and early 1980s and serving on the House Banking Committee, I met and got to question several Federal Reserve chairmen: Arthur Burns, G. William Miller and Paul Volcker. Of the three, I had the most interaction with Volcker. He was more personable and smarter than the others, including the more recent board chairmen Alan Greenspan and Ben Bernanke.[15]

Congressman Ron Paul also said in a 2011 presidential debate that "If I had to name a Federal Reserve chairman that did a little bit of good, that would be Paul Volcker."

Post-Fed

After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co., a corporate advisory and investment firm in New York, run by James D. Wolfensohn, who later became president of the World Bank.

In 1996, he took up the chair of the Independent Committee of Eminent Persons (Volcker Commission) to look into the dormant accounts of Jewish victims of the Holocaust lying in Swiss banks. This included a “massive accounting of Swiss bank records.” In the midst of a contentious process (the committee was formed by three Jewish representatives and three representatives of Swiss banks) he was able to bring about an agreement among the parties for a settlement of $1.25 billion.[16]

In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarising its research, Volcker criticized Kojo Annan, son of then-UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. He concluded in his March 2005 report that "there is no evidence that the selection of Cotecna in 1998 was subject to improper influence of the Secretary General in the bidding or selection process".[17] However, while Volcker did not implicate the Secretary General in the selection process, he did cast serious doubt on Kofi Annan, whose "management performance...fell short of the standards that the United Nations Organization should strive to maintain."[18] Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan.

As of October 2006, he is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan. He currently serves as Chairman of the Board of Trustees of the International House in Manhattan, NY. He was a founding member of the Trilateral Commission and is a long time member of the Bilderberg Group.

In January 2008, he endorsed Democratic Presidential Candidate Barack Obama for President.[19]

On April 8, 2008, he was the featured speaker at "The Economic Club of New York" and spoke about the issues and causes of the 2008 US recession, and critiqued the 2008 US financial system and the 2008 Federal Reserve policies.[20]

Volcker was an economic advisor to President Barack Obama,[21][22] heading the President's Economic Recovery Advisory Board.[23] During the financial crisis, Volcker has been extremely critical of banks, saying that their response to the financial crisis has been inadequate, and that more regulation of banks is called for.[24][25][26] Specifically Volcker has called for a breakup of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, private equity, and hedge fund investments.[27][28] Volcker left the board when its charter expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.[29]

On January 21, 2010, President Barack Obama proposed bank regulations which he dubbed "The Volcker Rule", in reference to Volcker's aggressive pursuit of these regulations.[30] Volcker appeared with the president at the announcement. The proposed rules would prevent commercial banks from owning and investing in hedge funds and private equity, and limit the trading they do for their own accounts.[31]

Volcker has been known to defy the stereotype of a Wall Street insider. A profile in The Week magazine for February 5, 2010, claimed that Volcker

doesn't even buy the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the ATM."[32]

On April 6, 2010 at the New-York Historical Society's Global Economic Panel, Volcker commented that the United States should consider adding a national sales tax similar to the Value Added Tax (VAT) imposed in European Countries, stating "If, at the end of the day, we need to raise taxes, we should raise taxes".[33]

World Justice Project

Paul Volcker serves as an Honorary Co-Chair for the World Justice Project. The World Justice Project works to lead a global, multidisciplinary effort to strengthen the rule of law for the development of communities of opportunity and equity.

Personal life

Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. They had two children, Janice, a nurse and a Georgetown University graduate,[34] and James, a research assistant and a New York University graduate[35] who was born with cerebral palsy, as well as four grandchildren.[9][36][37] Over Thanksgiving, 2009, he became engaged to marry Anke Dening, a long-time assistant.[38] They eloped in February 2010.[39]

Volcker is an avid fly-fisherman,[40] having recounted, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip."[41][42] Volcker is also known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m),[43][44] standing exactly a foot (30 cm) taller than his wife when they first met.[9]

Works

  • Changing Fortunes, Paul Volcker and Toyoo Gyohten, Crown, May 26, 1992, ISBN 978-1586487522
  • Forbes Great Minds Of Business, Fred Smith, Peter Lynch, Andrew Grove, Paul Volcker (Author), Pleasant Rowland, John Wiley and Paul A. Volcker, Simon and Schuster Audio, October 1, 1997, ISBN 978-0671577223
  • Good Intentions Corrupted: The Oil for Food Scandal And the Threat to the U.N., Paul Volcker, Jeffrey A. Meyer and Mark G. Califano, Public Affairs Gorgias Press, August 28, 2006, ISBN 978-1586484729

See also

References

  1. ^ Rebello, Kathy (1987-06-03). "Inflation fighter: 'A time to leave'". USA TODAY. http://pqasb.pqarchiver.com/USAToday/access/55688796.html?dids=55688796:55688796&FMT=ABS&FMTS=ABS:FT&type=current&date=Jun+03%2C+1987&author=Kathy+Rebello&pub=USA+TODAY+(pre-1997+Fulltext)&desc=Inflation+fighter%3A+%60A+time+to+leave'&pqatl=google. 
  2. ^ "Obama Announces Economic Advisory Board". Whitehouse.gov. http://www.whitehouse.gov/the_press_office/ObamaAnnouncesEconomicAdvisoryBoard/. Retrieved 2011-03-12. 
  3. ^ "Obama Names Volcker to Head New Economic Panel" [1], Accessed November 26, 2008.
  4. ^ a b [2]
  5. ^ http://www.teaneck.org/virtualvillage/Manager/volcker2.html
  6. ^ Treaster, Joseph B. "Paul Volcker: The Making of a Financial Legend", Accessed July 6, 2007."Donald W. Maloney, another Teaneck High School graduate, entered Princeton along with Volcker. Although they had been in the same homeroom at Teaneck High for several years and had been high achievers, they had not been especially close."
  7. ^ "Honorary Degrees / UD Alumni Relations". Udconnection.com. http://www.udconnection.com/Awards/University/Honorary-Degrees. Retrieved 2011-03-12. 
  8. ^ https://www.amherst.edu/aboutamherst/news/news_releases/2011/05/node/311439
  9. ^ a b c Joseph B. Treaster, Paul Volcker: the making of a financial legend Google Books. John Wiley & Sons, Inc., Hoboken, New Jersey (2004). ISBN 0-471-42812-4 Retrieved May 21, 2011
  10. ^ Robert D. Hershey, Jr. "Volcker Out after 8 Years as Federal Reserve Chief; Reagan Chooses Greenspan" The New York Times (June 3, 1987). Retrieved May 21, 2011
  11. ^ "Paul A. Volcker - Council on Foreign Relations". Cfr.org. http://www.cfr.org/bios/451/paul_a_volcker.html. Retrieved 2011-03-12. 
  12. ^ "To Treat the Fed as Volcker Did". The New York Times. 2008-12-04. http://www.nytimes.com/2008/11/05/business/05views.html. Retrieved 2010-02-01. 
  13. ^ Shull, Bernard. 2005. The Fourth Branch: The Federal Reserve's Unlikely Rise To Power And Influence. Praeger/Greenwood. ISBN 1567206247. p. 142.
  14. ^ Gardels, Nathan. Stiglitz: The Fall of Wall Street Is to Market Fundamentalism What the Fall of the Berlin Wall Was to , The Huffington Post, September 16, 2008. Accessed September 27, 2009.
  15. ^ Chan, Sewell (2010-12-11) The Fed? Ron Paul's Not a Fan, New York Times
  16. ^ Treaster (2004), p. x.
  17. ^ Independent Inquiry Committee into the United Nations Oil-for-Food Programme - Second Interim Report (29 March 2005) p.77
  18. ^ Traub, James. 2006. The Best Intentions: Kofi Annan and the UN in the Era of American Power. Picardor/New York. p. 420.
  19. ^ Calmes, Jackie (2008-01-31). "Volcker Joins List of Obama Backers". Washington Wire (The Wall Street Journal). http://blogs.wsj.com/washwire/2008/01/31/volcker-joins-list-of-obama-backers/. Retrieved 2008-07-18. 
  20. ^ The Economic Club of New York: 8 April 2008 Transcript 101st Year, 395th Meeting, (8 April 2008) p.2, and pp.5-8
  21. ^ "Kudlow, Lawrence, "Where's Bernanke's Inner Volcker?" ''Townhall.com'' (June 27, 2008)". Townhall.com. http://www.townhall.com/Columnists/LawrenceKudlow/2008/06/27/wheres_bernankes_inner_volcker?page=full&comments=true. Retrieved 2011-03-12. 
  22. ^ Transcript of Third Presidential Debate, October 15, 2008. http://elections.nytimes.com/2008/president/debates/transcripts/third-presidential-debate.html
  23. ^ ""President-elect Barack Obama establishes President’s Economic Recovery Advisory Board" ''change.gov''". Change.gov. 2008-11-26. http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/. Retrieved 2011-03-12. 
  24. ^ Werdigier, Julia (2009-12-08). "Volcker Criticizes Calls to Limit Bank Regulation". The New York Times. http://dealbook.blogs.nytimes.com/2009/12/08/volcker-criticizes-calls-to-limit-financial-regulation/. Retrieved 2010-01-03. 
  25. ^ Murray, Alan (2009-12-14). "Paul Volcker: Think More Boldly". The Wall Street Journal. http://online.wsj.com/article/SB10001424052748704825504574586330960597134.html. Retrieved 2010-01-31. 
  26. ^ Rose, Charlie (2009-12-30). "Paul Volcker: The Lion Lets Loose". Business Week. http://www.businessweek.com/magazine/content/10_02/b4162011026995.htm. Retrieved 2010-01-31. 
  27. ^ Johnson, Simon (2009-12-17). "Paul Volcker Finds a Hammer". The New York Times. http://economix.blogs.nytimes.com/2009/12/17/paul-volcker-finds-a-hammer/. Retrieved 2010-01-03. 
  28. ^ McGrane, Victoria (2010-01-04). "'Big is bad' catches on in Congress". The Politico. http://www.politico.com/news/stories/0110/31148.html. Retrieved 2010-01-04. 
  29. ^ Onaran, Yalman (2010-01-06). "Volcker Sidelined as Obama Reshapes Economic Advisory Panel". Bloomberg. http://www.bloomberg.com/news/2011-01-06/volcker-sidelined-as-obama-reshapes-economic-panel-for-business-outreach.html. Retrieved 2010-01-06. 
  30. ^ David Cho, and Binyamin Appelbaum (January 22). "Obama's 'Volcker Rule' shifts power away from Geithner". The Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2010/01/21/AR2010012104935.html. Retrieved 13 February 2010. 
  31. ^ Conway, Brendan (2010-01-26). "'Volcker Plan' Bank Units Worth Tens Of Billions". Dow Jones & Company. http://online.wsj.com/article/BT-CO-20100126-712362.html?mod=WSJ_latestheadlines. Retrieved 2010-01-27. [dead link]
  32. ^ "Spotlight" in The Week, 2010 February 5 (Volume 10 Issue 449), p. 38.
  33. ^ By GEOFF EARLE in Washington and TONY DAVENPORT in NY (2010-04-07). "Bam man pitching national sales tax". Nypost.com. http://www.nypost.com/p/news/national/bam_man_pitching_national_sales_TyKWnlkz2W09rQuHKPJx4J. Retrieved 2011-03-12. 
  34. ^ "Janice Volcker Is Married". The New York Times (The New York Times Company). 1981-09-20. http://query.nytimes.com/gst/fullpage.html?res=9E03E1D61739F933A1575AC0A967948260. Retrieved 2008-07-18. 
  35. ^ "WEDDINGS; Martha DeJong and James Volcker". The New York Times (The New York Times Company). 1993-08-01. http://query.nytimes.com/gst/fullpage.html?res=9F0CE1D81F31F932A3575BC0A965958260. Retrieved 2008-07-18. 
  36. ^ "Paid Notice: Deaths". The New York Times (The New York Times Company). 1998-06-16. http://query.nytimes.com/gst/fullpage.html?res=9807E7DD153DF935A25755C0A96E958260. Retrieved 2008-03-26. 
  37. ^ "Speakers Platform Speakers Bureau: Paul Volcker, Keynote Speaker On: Economics, Global Affairs, Finance / Tax". Speakers Platform. Archived from the original on 2008-02-23. http://web.archive.org/web/20080223095529/http://www.speaking.com/speakers/paulvolcker.html. Retrieved 2008-03-25. 
  38. ^ Loomis, Carol (2009-12-24). "Paul Volcker is Engaged!". CNN. http://money.cnn.com/2009/12/24/magazines/fortune/volcker_marriage.fortune/index.htm. Retrieved 2010-05-22. 
  39. ^ Caren Bohan and Kristina Cooke, Reuters accessdate=2010-03-12
  40. ^ Faber, Eberhard (1986-09-29). "Fishing with Volcker". Fortune Magazine (CNN): p. 4. http://money.cnn.com/magazines/fortune/fortune_archive/1986/09/29/68064/index.htm. Retrieved 2009-12-22. 
  41. ^ Lyons, Nick (1987-05-03). "Gone off fly-fishing". The New York Times (The New York Times Company). http://query.nytimes.com/gst/fullpage.html?res=9B0DE4D9103FF930A35756C0A961948260&sec=&spon=&pagewanted=all. Retrieved 2008-03-25. 
  42. ^ Russell, George (1987-06-15). "The New Mr. Dollar". Time Magazine (Time Inc.): p. 4. http://www.time.com/time/magazine/article/0,9171,964650-4,00.html. Retrieved 2008-03-19. 
  43. ^ Freeland, Chrystia (2008-04-11). Man in the News: Paul Volcker. Financial Times. Retrieved on 2008-11-27 from http://us.ft.com/ftgateway/superpage.ft?news_id=fto041120081500308382.
  44. ^ Cuff, Daniel F. (1987-09-03). "BUSINESS PEOPLE; Of Volcker's Laundry And Fiscal Restraint". The New York Times (The New York Times Company). http://query.nytimes.com/gst/fullpage.html?res=9B0DEFDB163AF930A3575AC0A961948260. Retrieved 2008-03-25. 

Further reading

  • Treaster, Joseph (2004). Paul Volcker: the making of a financial legend. Hoboken, N.J.: John Wiley Sons. ISBN 978-0-471-42812-1. 
  • Morris, Charles W. (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. PublicAffairs. ISBN 978-1-58648-752-2. 

External links

Political offices
Preceded by
Alfred Hayes		 President of the Federal Reserve Bank of New York
1975–1979		 Succeeded by
Anthony Solomon
Preceded by
William Miller		 Chairman of the Federal Reserve
1979–1987		 Succeeded by
Alan Greenspan
New office Chairperson of the President's Economic Recovery Advisory Board
2009–present		 Succeeded by
Jeffrey Immelt
as Chairperson of the Council on Jobs and Competitiveness
Hamlin • Harding • Crissinger • Young • Meyer • Black • Eccles • McCabe • Martin • Burns • Miller • Volcker • Greenspan • Bernanke
Seal of the United States Federal Reserve
Strong • Harrison • Sproul • Hayes • Volcker • Solomon • Corrigan • McDonough • Geithner • Dudley

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

 
 

 

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Britannica Concise Encyclopedia. Britannica Concise Encyclopedia. © 1994-2012 Encyclopædia Britannica, Inc. All rights reserved.  Read more
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