Volcker

But then in 1979, the tide began to turn when Paul Volcker took over the U. S. Federal Reserve and waged war against inflation.

Obama described the group, to be led by former Federal Reserve chairman Paul Volcker as "additional eyes and ears" .

Volcker, an occasional adviser to President Barack Obama as Chairman of the President's Economic Recovery Advisory Board, said the U.

Morgan Stanley's bottom line would also be eviscerated, with 40% of its investment banking revenue impacted by a strong Volcker Rule.

Using his control over the money supply, Volcker purposely plunged us into a deep recession, which is the only certain remedy.

Volcker pointed out that this situation is by no means in patients infected with the virus itself the result of shortcomings.

But neither has taken steps to seriously prepare for a strong Volcker Rule where their market-making activities could be seriously impacted.

Mr. Volcker, chairman of the White House Economic Recovery Advisory Board, could easily be promoted to a more dominant role.

Joe Biden, the vice-president and an old friend of Mr Volcker's, became a strong advocate of his ideas.

Mr Volcker replied that he would be glad to discuss the request with his successor.

Even Ronald Reagan, a supposed hawk, tried to pressure Mr Volcker into a less restrictive stance.

"The profits these firms make are so out of proportion with any contribution they make to the economy, " Volcker told me not long ago.

Mr Obama is being advised by Paul Volcker, a former chairman of the Fed and a fan of this approach.

Paul Volcker just announced that he is stepping down from his position as Chairman of President Obama's Economic Recovery Advisory Board.

In the case of the Volcker recession, the initial increase in interest rates was directly induced by Fed policy.

We've had the same establishment in charge since at least 1987, when Paul Volcker stood down as Fed chairman.

Little less important was the role of Paul Volcker, then chairman of the Federal Reserve, in crushing inflation.

If the final version of Volcker prevents banks from investing as much capital in hedge funds, start-ups may have fewer potential backers.

While the specifics of the Volcker Rule are still being debated, the long-term impact on the firms' bottom line could be quite damaging.

Mr Volcker took charge at a time of double digit inflation.

And Mister Obama announced the creation of a President's Economic Recovery Advisory Board. Paul Volcker will lead the new board.

InDecember, Mr Volcker complained that the reforms proposed so far hadbeen "like a dimple. "

Most would never fall afoul of the Volcker rule if it somehow applied to them.

The Volcker rule may have looked like a reaction to the Democrats' loss of a once-safe Senate seat in Massachusetts.

A FORMER chairman of the Federal Reserve, Paul Volcker, once compared financial markets to a sea that was prone to occasional storms.

Under the so-called "Volcker rule" , riskier proprietary trading operations would be separated from more traditional banking.

It is hardly surprising that Mr Volcker reached such a damning conclusion.

Volcker allows banks to invest up to 3% of their Tier-1 capital in prop trading, hedge funds and private equity.

And long before September's events, Paul Volcker gave financiers their D grade along with a devastating critique.

Moreover, the critics point out, the activities affected by the Volcker rule were not major contributors to the crisis.

Even Obama adviser and former Fed chief Paul Volcker has argued that the two functions should be separated again.

Paul Volcker dispelled that notion, breaking the back of inflation by pushing the federal funds rate up to 19 per cent in 1981.

On Thrusday, Mr Volcker, chairman of the Economic Recovery Advisory Board, came in from the cold in a spectacular fashion.

But members such as Paul Volcker, a former Fed chairman, want to see a balance struck between financial innovation and economic stability.

However much Mr Volcker was reviled, it was clear what he needed to do.

Speaking first, Volcker said any failure to deal with corruption would undercut development.

W. Michael Blumenthal was one of five former Treasury secretaries who signed a letter this week endorsing the Volcker rule.

Mr Volcker famously said that the most useful financial innovation of the past 30 years was the automated teller machine.

Though some movement is afoot in Congress to make this change, Volcker's arguments are largely falling on deaf ears in Washington.

The Cole inquiry is seen in Australia as the most thorough investigation of Mr Volcker's allegations by any country.

For a world in the depths of crisis and despair, another "Volcker moment" may well be at hand.

Many argue that Mr Greenspan, who succeeded Mr Volcker, created the conditions for both bubbles and subsequent collapse.

The Volcker Rule is aimed at the commercial banks, not the broker dealers.

The Volcker rules, passed as part of the Dodd-Frank reform package, will ban proprietary trading by all US banks starting in July 2012.

The Volcker rule, which puts limits on banks' ability to invest capital in alternative assets, could also help Blackstone.

The bill also introduces the so-called Volcker rule - named after the former Federal Reserve chairman Paul Volcker, who proposed it.

Many, including Paul Volcker, his predecessor at the Fed, have urged much tougher constraints on banks.

As inflation neared its peak of more than 13 percent, Jimmy Carter appointed Paul Volcker as chairman of the Federal Reserve Board.

And the Volcker panel's access to ministry files in post-war Iraq threw light on many deals that were meant to stay secret.

Romer also will join the President's Economic Recovery Advisory Board, which is chaired by former Fed Chairman Paul Volcker.

This had become a grand passion for Volcker, aliving legend renowned for crushing inflation 30 years before as Fed chairman.

The Working Group broadly endorsed all recommendations of the Volcker panel.

The so-called Volcker rule will limit banks' proprietary trading and investment in hedge funds and private equity.

President Reagan was furious but Volcker stuck to his guns.

To combat inflation, Paul Volcker, then the chairman of the Federal Reserve, jacked interest rates above 20 percent.

Mr. Volcker and the administration's many economic advisers are all fully aware of the inflationary dangers ahead.

To them, the double-digit unemployment that accompanied Mr Volcker's assault on inflation was proof enough that markets could malfunction.

Mr. Volcker is telling the banks that they must choose between banking and speculating.

NARRATOR: Reagan offered Volcker his moral support in the fight against inflation.

Volcker is to make all these patients as a doctor of HIV-resistant population.

McCulley's remarks followed a similar call by former Federal Reserve Chairman Paul Volcker at the same conference.

Paul Volcker, who assumed command of the Fed in 1979, when inflation was rampant, chose the opposite tactic.

The first, from Paul Volcker, is banning of proprietary trading by insured institutions.

The imminent imposition of the Volcker rule restricting proprietary trading threatens a big profit engine.

Greenspan became Fed chairman on Aug. 11, 1987, when he was picked by President Reagan to succeed Paul Volcker.

Administration officials, including Messers. Geithner and Volcker, denied there is a split.

Despite the political damage of Mr Volcker's policies, Reagan's support never wavered.

Mr Miller had done a lousy job fighting inflation at the Fed, where he was replaced by Paul Volcker.

The comments were made after Obama got an update from economic adviser Paul Volcker.

The Volcker rule will have some effects on the relationship between Wall Street and alternative investment companies.

In 1981 one Republican senator told Paul Volcker, the then chairman: "You're high on the hit parade for lynching. "

The Volcker rule could easily get mangled in the legislative process.

Volcker earned fame defusing inflation thirty years ago.

Banking regulators in America released a consultation document ahead of the implementation of the "Volcker rule" next year.

The second difference is that past critics had a point: Mr Volcker's tight monetary policy did tank the economy.

Then came the second oil shock in 1979 and the determined effort of the Federal Reserve under Paul Volcker to bring inflation under control.

Peter Clarke, the boss of Man, a large hedge fund, pooh-poohs the importance of the Volcker rule.

One of NIA's top 10 predictions for 2010 was, "Paul Volcker Resigns" .

As Mr Volcker noted, the programme gave Iraq a freeish hand in choosing its oil clients.

Recall the Texas oil patch, circa 1983, as Paul Volcker's Fed corrected the inflation of the 1970s.

First, what is Mr Volcker's "bright new financial system" ?

As The Economist went to press, it looked likely that a diluted version of the Volcker rule would pass.

Do you have the will as former Chairman Volcker did to tighten even if the economy is still weak?

Mr Volcker's recession bottomed out in 1982. Nothing like it was seen again until last year.

Volcker: We don't want those institutions--that is the lesson we've learned.

(The former Fed chair Paul Volcker has said, for instance, that the last valuable new product in banking was the A. T. M. )

On the first, there have been no significant political developments since the Volcker rule was announced;

Volcker to step down as head of White House panel

Federal Reserve Chairman Paul Volcker

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