"MY" FED Story
Paul Volcker talked to Charlie Rose last night. Google it, if you missed the conversation. http://www.charlierose.com/guest/view/239 During the time I studied at the Peter Drucker Institute, Claremont, CA, for my AEMBA, (1985-87), Volcker was FED Chairman and worked "miracles" to save our economy from the doldrums of the 70's. I think Volcker was the secret to whatever success Ronnie had as President. My Money and Banking class taught me more about the FED and its operations (and the real definition of MONEY) than I have found anywhere else. Peter's account of the "shocks" to our economy, from the days of Nixon, are also the best I've heard or read anywhere else.
In 1969, my new boss was an Air Force Major who arrived from the Washington, D.C., area. He told me I had better take a look at buying my first house, because "something strange" was going on. I took his advice, and bought my first house in 1971. The roller-coaster ride began at that point, and ran upward until early 2001, when Greenspan began lowering interest rates. At that time, I got off the "ride" and did not get back on until 2010.
If you don't know what the FED is all about, and how our economy, (and the entire world economy, for that fact) relies on Bernanke's skills; you can get a good start by catching this interview. Much older, now, Volcker is still "sharp as a tack". He skillfully avoided the traps Charlie set for him.
Stay Vigilant! Watch yur' Money!
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