Former Federal Reserve Chairman Paul Volcker died at 92. He was suffering from prostate cancer, according to reports.
“The economic hero of post-World War II America I would have to say was Paul Volcker,” Robert Kavesh, a professor at New York University. “And that’s saying something.”
President Carter appointed Volcker as chairman of the Fed in 1979 amid a stagflation crisis, in which both high inflation an rising unemployment led to gas rationing, etc.Volcker constricted the nation’s money supply and allowed interest rates to rise to more than 18 percent on mortgages. Read More