University Daily Kansan / Wednesday, September 2, 1987
11
Nation/World
Book about ex-Fed director explores private, public life
The Associated Press
WASHINGTON — Paul A. Volcker Jr. was the world's most powerful banker, but in his personal life he pinched pennies ruthlessly, railing at high restaurant prices and carting his laundry to his daughter's house in a suitcase, according to a new book about the retired Federal Reserve Board chairman.
Volcker is also a passionate Monopoly player who delights in winning, showing no mercy on family members, writes journalist William R. Neikirk in a biography of Volcker due to be published later this month.
"You'd think your father would let you win one in a while," the book quotes Volcker's daughter, Jiance as she recalls.
The volume. "Volcker: Portrait of the Money Man," is the first to appear on the widely respected Fed chairman James F. Buchanan.
Volker has read the book and does not plan to comment on it, said Joseph R. Coyne, a spokesman for the Federal Reserve and longtime assistant to Volker.
Neikirk, an economics writer for the Chicago Tribune, interviewed Volcker and his family members, and his successor at the Fed, Alan Greenspan, for the biography *The Fed: A Life*, who became known as the nation's No. 1 Unflation fighter.
But Volcker, who served as Fed chairman for eight years, in a discussion with the author downplayed his own role in breaking the inflation that had soared to 13.3 percent in 1979 when he was appointed by then President Jimmy Carter.
Instead, he credited President Reagan's refusal to back down during the air controller's strike in 1981 asaving an almost equally important psychological
impact as the Fed's tight monetary policies, which sent interest rates soaring but also helped bring inflation down to under 4 percent by 1982.
Reagan's decision to fire the controllers rather than accept their salary demands "definitely helped to hold down wages. That had as much to do with braking inflationary expectations as his tight money, the Fed chief said." Neikirk wrote.
for reversing the initiation of the 1903-04 Volcker, a nominal Democrat, was first appointed by Carter and then reappointed to a second four-year term as Fed chief by Reagan in 1983.
other said, Neneki Greenspan, the current Fed chairman, gave Volcker broad credit to a substantial extent in the book for reversing the inflation of the 1970s.
But Volcker was by no means Carter's first choice, the book contends.
In fact, when Volker, then president of the New York Federal Reserve Bank and well-known in banking circles, was first mentioned to Carter, the president's response reportedly was, "Who's Paul Volker?"
Carter's first two choices for the Fed job were David Rockefeller, then president of Chase Manhattan Bank, and A.W. Clausen, president of Bank of America, both of whom turned it down, the book says.
The book depicts Volcker in near-continual battle with Donald T. Regan, the former Treasury secretary and later Reagan's chief of staff.
later Reagan's cute son, Stuart And, in the final days of his chairmanship, Volcker would have agreed to accept another four-year term if Reagan had personally sought to dissuade him from retiring, the book contends. But no such direct appeal was made.
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Thursday, Sept. 10th, 4 pm. filmmaker Gene Bernofsky with his films "Group," "Dropcity," "Glamour," "Lawrence of America," and "Postmatter" ($4.00)
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Tuesday, Sept. 8, 2nd and 4 pm: Robert Frank films "Pull My Daisy" and "This Song for Jack," and Antony Bach film "Towers Open Fire" ($3.50) Wednesday, Sept. 9, 2nd; p: Robert Frank film "Me and My Brother" ($3.50)
Wednesday, Sept. 9th, 4 pm: Bruce Conner films "Cosmic Ray," "Permian Strata," "Mongoloid," "A Movie," "Take the 5:10 to Dreamland," "Valse Triste," and "Crossroads" ($3.50)
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Browsing Room, 4th Level:
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Thursday, Sept. 10th, 1 p.m; talk by John Moritz of Tansy Press about poetry published in Lawrence in the 1960s-1970s
Tuesday, Sept. 8th, 2 pm; readings by Andrew Brown, Carolyn
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Pine Room:
Wednesday, Sept. 9th, 2 pm; readings by Tom Averill, B.H. "Pete/Fairchild, Bruce Bond, Mike Salnell, Michael Johnson Thursday, Sept. 10th, 2 pm; readings by Jim Thomas, Tom Tromp, Kevin Keith, Kevin Dehmin, Bolt Holm, John Remziker
Friday, September 17th, p: 25; readings by Philip Miler, Michael Amani, Denise Low, Repha Buckman, Kylar Kilapier Wolfe
Friday, Sept. 11th, 2 pm; readings by James Gunn and guests Brad Denton, John Kessel
Friday, Sept. 11th, 11 am; filmmaker Stan Brakhage speaks
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Woodruff Auditorium:
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Wednesday, Sept. 9th, 3 pm: Andriet Codrescu speaks to the English Department and guests
"Club Babaton Wash" (rear entrance, Hoch Auditrium):
Tuesday, Fep. 8th-11th, t 9 am; 1 pm to am: make-mike readings and performances by students and guests; organized by students Maker Mader, Alison Dishinger, Bill Haog, Volmitt
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