Paul Volcker: The Making of a Financial Legend PDF
Preview Paul Volcker: The Making of a Financial Legend
11245_Treaster_3p_ffirst.f.qxd3/10/0411:41AMPageiii PAUL VOLCKER THE MAKING OF A FINANCIAL LEGEND JOSEPH B. TREASTER John Wiley & Sons, Inc. 11245_Treaster_3p_ffirst.f.qxd 3/10/04 11:41AM Pagevi 11245_Treaster_3p_ffirst.f.qxd 3/10/04 11:41AM Pagei Additional Praise for Paul Volcker: The Making of a Financial Legend “As Joseph Treaster’s quite wonderful biography makes clear, Paul Volcker is a rare gift to the nation. Read this book and be reminded anew of the extraordinary integrity and intellectual firepower Volcker has made synonymous with his service to the Republic. You may not think you care about the role of the Federal Reserve, but after you readPaul Volcker: The Making of a Financial Legend, you will.’’ —Hodding Carter III, State Department Spokesman in the Carter Administration and currently President of the John S. and James L. Knight Foundation “I remember well when Paul Volcker became chairman of the Fed and vowed to break inflation. Not many believed him, but he did it, almost single-handedly. The story of this great financial strategist will help you understand today’s economy and what lies ahead.” —Jim Rogers, international investor and author of the bestselling books, Adventure Capitalist andInvestment Biker “Through five decades of competence and integrity in both the pub- lic and private sectors, Paul Volcker has gained the respect of the world’s financial leaders while never forgetting those in America who needed a helping hand. He has been the voice of calm in times of financial crisis and of innovation in times of opportunity. Above all he has been candid in a world where candor often takes second place to public relations and spin. Treaster’s compelling book about an extraordinary American is long overdue.’’ —Former Senator Bill Bradley 11245_Treaster_3p_ffirst.f.qxd3/10/0411:41AMPageii 11245_Treaster_3p_ffirst.f.qxd3/10/0411:41AMPageiii PAUL VOLCKER THE MAKING OF A FINANCIAL LEGEND JOSEPH B. TREASTER John Wiley & Sons, Inc. 11245_Treaster_3p_ffirst.f.qxd 3/10/04 11:41AM Pageiv Copyright © 2004 by Joseph B. Treaster. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, e-mail: [email protected]. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Treaster, Joseph B. Paul Volcker : the making of a financial legend / Joseph B. Treaster. p. cm. Includes bibliographical references and index. ISBN 0-471-42812-4 (cloth) 1. Volcker, Paul A. 2. Economists—United States—Biography. 3. Board of Governors of the Federal Reserve System (U.S.)—Officials and employees—Biography. 4. United States—Economic policy—1971–1981. 5. United States—Economic policy—1981–1993. I. Title. HB119.V6T74 2004 332.1'1'092—dc22 2004000250 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 11245_Treaster_3p_ffirst.f.qxd 3/10/04 11:41AM Pagev To Barbara and Chloe, my true loves 11245_Treaster_3p_ffirst.f.qxd 3/10/04 11:41AM Pagevi 11245_Treaster_3p_ftoc.f.qxd 3/12/04 10:48AM Pagevii Contents Foreword ix CHAPTER 1 A Finance Legend 1 CHAPTER 2 Seventy-Six 11 CHAPTER 3 The Power of the Fed 29 CHAPTER 4 Chairman 47 CHAPTER 5 Youth 71 CHAPTER 6 School Days 95 CHAPTER 7 Hardship 113 CHAPTER 8 Difficult Choices 139 CHAPTER 9 The Fallout 165 CHAPTER 10 Fly-Fishing 185 Epilogue 201 Bibliography 207 Notes 211 Acknowledgments 237 Index 239 vii
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