The Triumph of Persistence
On Sale: September 4, 2012
Hardcover / e-Book
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Over the course of nearly half a century, five American
presidents-three Democrats and two Republicans-have relied
on the financial acumen, and the integrity, of Paul A.
Volcker. During his tenure as chairman of the Federal
Reserve Board, when he battled the Great Inflation of the
1970s, Volcker did nothing less than restore the reputation
of an American financial system on the verge of collapse.
After the 2008 financial meltdown, the nation turned again
to Volcker to restore trust in a shaky financial system:
President Obama would name his centerpiece Wall Street
regulation the Volcker Rule. Volcker's career demonstrated
that a determined central banker can prevail over economic
turmoil-so long as he can resist relentless political pressure.
His resolve and independent thinking-sorely tested by
Richard Nixon, Jimmy Carter, and Ronald Reagan-laid the
foundation for a generation of economic stability. Indeed,
William L. Silber argues, it was only Volcker's toughness on
monetary policy that "forced Reagan to be Reagan" and to
rein in America's deficit.
Noted scholar and finance expert Silber draws on hours of
candid personal interviews and complete access to Volcker's
personal papers to render dramatic behind-the-scenes
accounts from Volcker's career at the Treasury Department
and the Federal Reserve: secret negotiations with European
ministers; confrontations with the White House; crisis
conferences with Wall Street titans, and even tense
boardroom rebellions within the Fed itself. Filled with
frank commentary from Volcker himself-including why he was
personally irked with the "Volcker Rule" label-this will be
the definitive account of Volcker's indispensable role in
American economic history.
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