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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (32733)5/19/2005 9:28:23 AM
From: critical_mass  Read Replies (1) of 110194
 
i'm no fan of greenspan, but is he really that much worse than any other recent fed chairman?

on this forum, it is common to see remarks filled with nostalgia for the days of volcker.

while volcker crushed inflation, he might have crushed some legitimate businesses in the process. while he did what was politically unpopular in keeping rates high, he might not have been following the best course of action. he forced parts of society to endure economic pain, some that might have necessary, but that does not mean he was an effective chairman.

looking at the fluctuations in short term rates and money supply growth and the complete lack of coordination between the reagan administration's tax cuts and volcker's tight money policy, it seems that volcker did not necessarily have a firm grip on operations.

perhaps volcker was a one trick pony comparable to a surgeon that prefers to operate on patients without using anesthetic.
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