Paul Volcker: The Making of a Financial Legend

Paul Volcker: The Making of a Financial Legend

Paul Volcker: The Making of a Financial Legend

Paul Volcker: The Making of a Financial Legend

Synopsis

As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker's reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker: The Making of a Financial Legend takes readers through the most compelling moments of this legend's life in private and public service. From his early days as a young Treasury Department official through his appointments to the New York Federal Reserve Bank, the Federal Reserve, and James D. Wolfensohn, Inc., this inspiring book captures the significant moments in Volcker life and explores the ethical, economic, and moral dilemmas he faced at every turn.

Excerpt

Without Paul Volcker's toughness and guts, we may never have broken the grip of rising inflation and declining productivity that plagued the United States during the 1970s. and we surely would not have been positioned to enjoy record economic growth in the 1990s. It would have been amazing to think in 1982, but now inflation barely registers as a concern in the United States. For that, Americans have to thank Paul Volcker.

At the start of the 1980s, America was suffering through its greatest economic crisis since I was a young boy during the Great Depression. in March of 1982, as Chairman of the American Stock Exchange, I put forward Wall Street's perspective on President Reagan's economic policies in an address at the National Press Club in Washington, buttressing my remarks with data from a poll of 400 leaders in the financial community. the results of the poll, conducted by the Exchange, were clear: Business leaders were losing enthusiasm for the president's economic plans, but they overwhelmingly supported Paul Volcker's stewardship of monetary policy at the Federal Reserve Board.

At the time, that was not an opinion shared by most Americans. As Joseph Treaster vividly describes in the following pages, Volcker was under intense pressure to reverse . . .

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