4 ms·
Volcker was appointed by Carter, not Reagan.
by anonuser123456 4y ago
Volcker was appointed by Carter, not Reagan.
- Kon-Peki 4y agoReagan stacked the Fed with loyalists and forced Volcker to resign.
- refurb 4y agoHow does the President “force” someone to resign when they are in charge of selecting the person for that role?
- kaesar14 4y agoThe Fed Chair cannot be removed by the President once installed. He was pressured by other means.
- refurb 4y agoThey have to be renominated every 4 year term. He served out his 2nd term and was not renominated. Not arguing that it wasn’t political, it clearly is even based on the Biden nomination.
- refurb 4y agoHe was first appointed to the treasury by Nixon in ‘73 and was instrumental in ending the gold standard. Then appointed by Carter in ‘79 to the Federal Reserve. But most of his interest rate tightening happened under Reagan with a peak tightening in ‘81 with fed funds rate at 20%.
- everybodyknows 4y agoVolcker has recounted an incident in which he more or less walked out of a White House meeting with Reagan and James Baker, after Baker tried to order him to lower the discount rate. https://www.businessinsider.com/ronald-reagan-fed-chair-volcker-trump-2018-10?op=1 https://www.businessinsider.com/ronald-reagan-fed-chair-volc... Volcker also recalled telling Carter during his interview for the job that yes, he could stop inflation -- but then Carter would not be re-elected. Carter's reply was "Do it anyway."
- worker_person 4y agoThat was how stagflation was ended. Its probably what is needed this time around.