Volcker by William L. Silber Read Free Book Online

Photographs and Cartoons

    The Magnificent Seven: members of the Federal Reserve Board as of October 6, 1979—the date that the Fed met, under Volcker’s leadership, and committed to bold steps to battle inflation. Seated, from left: Henry Wallich, Paul Volcker, Frederick Schultz, Philip Coldwell. Standing, from left: Emmett Rice, Nancy Teeters, Charles Partee. (Photograph by Black Star Photo)

    A young Brooklyn Dodgers fan from Teaneck, New Jersey. (Undated photograph from Volcker’s personal collection)

    Preparing for congressional testimony? Volcker demonstrates bullfighting technique during a visit to Madrid in September 1973 while under secretary of the Treasury. (Photograph from Volcker’s personal collection)

    Volcker indulges in his two favorite activities while on vacation: He used a public telephone while on a fishing trip to accept the presidency of the Federal Reserve Bank of New York starting in 1975. (Photograph from Volcker’s personal collection)

    Judge A. Leon Higginbotham swears in Paul Volcker as chairman of the Federal Reserve Board, August 6, 1979. Barbara Volcker holds the Bible; Jimmy Carter prays. (White House photograph)

    Volcker thanks Pope John Paul II. Volcker had joked during a Fed telephone conference call on October 5, 1979, that he would request a papal blessing for the committee’s fateful meeting the following day. (Photograph from
L’Osservatore Romano)

    Smoke signals: Volcker testifies before Congress, February 19, 1980. (George Tames/
The New York Times
/Redux)

    â€œVery nice, but we’re going to stop printing this stuff.” Volcker (right) inspects new greenbacks at the U.S. Treasury’s Bureau of Engraving and Printing. As Fed chairman, he would labor mightily to convince Americans that the government was serious about restraining the money supply. (Photograph from Volcker’s personal collection)

    â€œWhen does the FOMC meeting start?” (Undated photograph from Volcker’s personal collection)

    Volcker and Ronald Reagan. Volcker came to the White House residence on Washington’s Birthday, 1982, for a conversation with the president. “I think we’ve broken ground for a new & better relationship,” Reagan wrote afterward in his diary. (White House photograph)

    An honorary degree, but no umbrella: Volcker receives an LL.D. from Yale, 1984. (Photograph by T. Charles Erickson, Yale University Office of Public Information, from Volcker’s personal collection)

    Harvard outperforms Yale, inviting Volcker to give its commencement speech in 1985 and providing the company of an appreciative Harvard president, Derek Bok. (Photograph from Volcker’s personal collection)

    The man who vanquished gold offers guidance to the Iron Lady. Prime Minister Margaret Thatcher visits the Federal Reserve in February 1985. (Paul Hosefros/
The New York Times
/Redux)

    Where does he keep the money? Fiat chairman Gianni Agnelli at a reception with Volcker during his tenure as Fed chairman. (Undated photograph from Volcker’s personal collection)

    Laughter in the Oval Office: Ronald Reagan’s team was relieved when the independent-minded Volcker stepped down as Fed chairman, to be replaced by Alan Greenspan. Left to right: Greenspan, Volcker, Vice President George H. W. Bush, Reagan, and Treasury Secretary James Baker. (White House photograph)

    Volcker checks the president’s notes: At a White House press conference, June 2, 1987, Reagan announces that Greenspan will replace Volcker. (White House photograph)

    Casting a long shadow: Volcker at the Federal Reserve building in Washington. (Photograph by Dennis Brack, via Black Star Photo)

    Discussing a full court press: With the U.S. economy in free fall, presidential candidate Barack Obama consults with Volcker at a meeting in Coral Gables, Florida, in September 2008. (AP Photo/Chris Carlson)

    Happy days are here again? Volcker returned to government service as