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To: BWAC who wrote (49141)9/2/2003 8:52:43 PM
From: E.J. Neitz Jr  Respond to of 53068
 
Paul Volker steped in as Chairman of the Federal Reserve and followed an easy money chairman in the early 80's.
Volker, at first slowly raised interest rates, slowly undoing the work of his predacessor. By the time he was finished, home mortgages had risen to the 16% level, with some CD's around 14%. Amazing times.