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“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.”
Only because @Ted’s MIA. Otherwise this would have gone up on the board seconds after Volker’s last breath.
I recall Volker’s tenure and the decades preceding. Nixon tried (temporary) wage and price controls to halt runaway inflation. Gerald and Betty Ford promoted the “WIN PIN” (Whip Inflation Now). No-nonsense Volker, by contrast, exacted maximum pain with those 20% interest rates.
WIN Pins cost $1.00 when introduced. A check of eBay shows most selling for $5 and up today.
I'm adding Paul Volcker's cigar to my list of things I hated about the 70's. Some of us batted that nutty subject around a while back. It's sad to see a symbol of an age die, even though I have no regret for that age.
Comments
I recall Volker’s tenure and the decades preceding. Nixon tried (temporary) wage and price controls to halt runaway inflation. Gerald and Betty Ford promoted the “WIN PIN” (Whip Inflation Now). No-nonsense Volker, by contrast, exacted maximum pain with those 20% interest rates.
WIN Pins cost $1.00 when introduced. A check of eBay shows most selling for $5 and up today.