RIP Paul Volcker, 1927-2019
Posted on 12/09/2019
Volcker passed away at his home on December 9, 2019 at the age of 92.
Paul Adolph Volcker Jr. (Paul Volcker) was a U.S. economist. He was Chairman of the Federal Reserve under U.S. presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. Alan Greenspan succeeded Volcker as Federal Reserve Chairman.
At this height, Volcker towered 6’7’’ and was born in Cape May, New Jersey on September 5, 1927.
Volcker was known for using shockingly-high interest rates as a way to combat inflation. The move turned the U.S. housing market into chaos for buyers and sellers of homes. The 30-year mortgage rate spiked into the high teens in late 1981. In 1981, the federal funds rate was consistently 20% or higher for roughly half the year. The Consumer Price Index (CPI) went from 14.85% in March 1980 to 2.5% by July 1983.
Keywords: Federal Reserve System.
