Truthmatters
Diamond Member
- May 10, 2007
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- #61
You do realize that what was done under Carter helped the economy recover at the expense of his second term right?
Paul Volcker - Wikipedia, the free encyclopedia
Are you actually implying Carter was a good President? And actually helped the Economy?![]()
Just when you think a winger has said the dumbest things possible, WHAMMO, TM comes out with an even bigger whopper
Chairman of the Federal Reserve
Paul Volcker, a Democrat,[5] was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.[6]
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.[7]
The federal funds rate, which had averaged 11.2% in 1979, was raised by Volcker to a peak of 20% in June 1981. The prime rate rose to 21.5% in '81 as well.[8]
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.[9]
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. .[
Ronny sure seemed to like him enough to keep him on.
He didnt deregulate like ronny wanted him to after the stagflation was beaten though so he dumped him.
When was the savings and loan debacle?
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