Paul Volcker


Paul Volcker was the Chairman of the Federal Reserve under Presidents Carter and Reagan from 1979 to 1987, and the Chairman of the Economic Recovery Advisory Board under President Obama during 2009 and 2010. (August 2013)

  • The Next Four Years: Avoiding a Standoff

    November 6, 2012

    Americans have long been eager consumers and home owners. But there is no doubt we collectively overdid it during the years leading up to the financial and economic crisis of 2008. The personal savings rate dropped close to zero. Mortgage indebtedness grew to new (and ultimately unsustainable) heights. All that occurred as real income for average American households rose little if at all. That’s not supposed to happen in a growing, productive economy. High consumption maintained at the expense of saving and increasing indebtedness simply could not be sustained in the face of the stalled income of the “99 percent.”