| | '''Paul A. Volcker''' (September 5, 1927 – December 8, 2019) was a [[globalist]] [[economist]], former Chair of the [[Federal Reserve]] under presidents [[Jimmy Carter|Carter]] and [[Ronald Reagan|Reagan]], and Chairman of the President's Economic Recovery Advisory Board for the [[Obama Administration]] as the "Economic Czar."<ref>[http://glennbeck.blogs.foxnews.com/2009/06/09/rise-of-the-czars/ Rise of the Czars], FOXNews.com, June 9th, 2009.</ref> A favorite of [[Dem]]s, Volcker was appointed again in January 2009 to [[President Obama]] from the outset of his presidency.<ref name=GB>[http://www.glennbeck.com/content/articles/article/198/29391/ List of Obama's Czars], GlennBeck.com, August 21, 2009.</ref> | | '''Paul A. Volcker''' (September 5, 1927 – December 8, 2019) was a [[globalist]] [[economist]], former Chair of the [[Federal Reserve]] under presidents [[Jimmy Carter|Carter]] and [[Ronald Reagan|Reagan]], and Chairman of the President's Economic Recovery Advisory Board for the [[Obama Administration]] as the "Economic Czar."<ref>[http://glennbeck.blogs.foxnews.com/2009/06/09/rise-of-the-czars/ Rise of the Czars], FOXNews.com, June 9th, 2009.</ref> A favorite of [[Dem]]s, Volcker was appointed again in January 2009 to [[President Obama]] from the outset of his presidency.<ref name=GB>[http://www.glennbeck.com/content/articles/article/198/29391/ List of Obama's Czars], GlennBeck.com, August 21, 2009.</ref> |
| − | During his time as Federal Reserve chairman (1979-1987), Volcker imposed sky-high interest rates under the theory it would rein in the [[inflation]] caused by President [[Jimmy Carter]] and the energy crisis of the 1970s. Volcker continued to ratchet up interest rates with doubtful benefit during the first two years of Reagan's presidency, causing losses in the [[midterm election]] to the [[Republican Party]] in 1982 to the glee of [[Democrat]]s. When the effect of Reagan's tax cuts kicked in, the economy improved and inflation ultimately subsided, and Reagan himself was reelected in an historic landslide in 1984. | + | During his time as Federal Reserve chairman (1979-1987), Volcker imposed sky-high [[interest rate]]s under the theory it would rein in the [[inflation]] caused by President [[Jimmy Carter]] and the energy crisis of the 1970s. Volcker continued to ratchet up interest rates with doubtful benefit during the first two years of Reagan's presidency, causing losses in the [[midterm election]] to the [[Republican Party]] in 1982 to the glee of [[Democrat]]s. When the effect of Reagan's tax cuts kicked in, the economy improved and inflation ultimately subsided, and Reagan himself was reelected in an historic landslide in 1984. |
| | In one of Reagan's appointment mistakes, he reappointed Volcker for a second term as Fed Chairman on August 6, 1983, and Volcker remained in power until August 11, 1987, when Reagan replaced him with the brighter and more [[conservative]] [[Alan Greenspan]]. | | In one of Reagan's appointment mistakes, he reappointed Volcker for a second term as Fed Chairman on August 6, 1983, and Volcker remained in power until August 11, 1987, when Reagan replaced him with the brighter and more [[conservative]] [[Alan Greenspan]]. |