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9781608190706

Volcker The Triumph of Persistence

by
  • ISBN13:

    9781608190706

  • ISBN10:

    1608190706

  • Format: Hardcover
  • Copyright: 2012-09-04
  • Publisher: Bloomsbury Press

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Summary

Over the course of nearly half a century, five American presidentsthree Democrats and two Republicanshave relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse. After the 2008 financial meltdown, the nation turned again to Volcker to restore trust in a shaky financial system: President Obama would name his centerpiece Wall Street regulation the Volcker Rule. Volcker's career demonstrated that a determined central banker can prevail over economic turmoilso long as he can resist relentless political pressure. His resolve and independent thinkingsorely tested by Richard Nixon, Jimmy Carter, and Ronald Reaganlaid the foundation for a generation of economic stability. Indeed, William L. Silber argues, it was only Volcker's toughness on monetary policy that "forced Reagan to be Reagan" and to rein in America's deficit. Noted scholar and finance expert Silber draws on hours of candid personal interviews and complete access to Volcker's personal papers to render dramatic behind-the-scenes accounts from Volcker's career at the Treasury Department and the Federal Reserve: secret negotiations with European ministers; confrontations with the White House; crisis conferences with Wall Street titans, and even tense boardroom rebellions within the Fed itself. Filled with frank commentary from Volcker himselfincluding why he was personally irked with the "Volcker Rule" labelthis will be the definitive account of Volcker's indispensable role in American economic history.

Author Biography

William L. Silber is one of America's most respected experts on finance and banking. He is currently Marcus Nadler Professor of Finance and Economics and Director of the Glucksman Institute for Research in Securities Markets at the Stern School of Business, NYU. His many books include When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy. He is co-author of the standard textbook Money, Banking and Financial Markets and, with Lawrence Ritter, of the classic Money.

Table of Contents

"William Silber weaves a subtle link between the three crises that tested Paul Volcker: gold in 1971, inflation in 1979, and sub-prime mortgages in 2007. He tells the story of Volcker’s success in a lively and authoritative style, but unless America heeds the lessons for fiscal responsibility that Silber draws from Volcker’s record, the crisis that lies ahead could make those past upheavals seem tame by comparison. Every member of Congress and concerned citizen should read this book."—Nouriel Roubini, Chairman, Roubini Global Economics and author of Crisis Economics: A Crash Course in the Future of Finance

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