But there are big economic problems behind the financial system too, and they're going to take longer to work outObama taking pragmatic economic view Mar 13, 2009
The one thing we all share is a sense of urgencyObama creates non-Beltway economic panel Feb 06, 2009
The issue posed by the present crisis is crystal clear: How can we restore strong, competitive, innovative financial markets to support global economic growth without once again risking a breakdown in market functioningGroup of 30 unveils bank regulation plans Jan 15, 2009
It is the United States as a whole that became addicted to spending and consuming beyond its capacity to produceVolcker: U.S. 'addicted to spending' Dec 08, 2008
There has been, and remains, a strong public interest in providing a safety net ... for commercial banks carrying out essential services. There is not, however, a similar rationale for public funds -- taxpayer funds -- protecting and supporting essentially proprietary and speculative activitiesEconomic Outlook: The new rule Feb 03, 2010
Paul Adolph Volcker, Jr. (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and early 1980s. He was the Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011.
Volcker was born in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker. His grandparents were all German immigrants. Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School.
Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.