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      Fed Chair Jerome Powell

      'This Is Nuts': Critics React as Fed Chair Justifies Coming 'Pain' for Working Families

      "Fed Chair Powell is ready to throw workers under the bus to save the 'economy,'" said one expert. "But we are the economy."

      Jake Johnson
      Aug 26, 2022

      Federal Reserve Chair Jerome Powell said in a closely watched speech Friday that the U.S. central bank is ready to inflict "pain" on households as it continues to fight inflation, remarks that drew widespread backlash from experts who warned the Fed appears poised to spark a devastating recession and mass layoffs.

      "The Fed apparently won't stop raising rates until millions more are unemployed."

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      fed rate hikes
      Paul Volcker's Long Shadow

      Paul Volcker's Long Shadow

      Unfortunately for Volcker’s legacy and the well-being of the rest of us, his signature policies led to the devastation of the American working class in the 1980s and ultimately set the stage for the 2008 global financial crisis.

      Ellen Brown
      Dec 11, 2019

      Former Federal Reserve Chairman Alan Greenspan called Paul Volcker "the most effective chairman in the history of the Federal Reserve." But while Volcker, who passed away Dec. 8 at age 92, probably did have the greatest historical impact of any Fed chairman, his legacy is, at best, controversial.

      "He restored credibility to the Federal Reserve at a time it had been greatly diminished," wrote his biographer, William Silber. Volcker's policies led to what was called "the New Keynesian revolution," putting the Fed in charge of controlling the amount of money available to consumers and businesses by manipulating the federal funds rate (the interest rate at which banks borrow from each other). All this was because Volcker's "shock therapy" of the early 1980s - raising the federal funds rate to an unheard of 20% - was credited with reversing the stagflation of the 1970s. But did it? Or was something else going on?

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      Opinion

      Critics Slam Volcker Rule as 'Worst of All Worlds'

      Banking regulatory guidelines deemed 'Glass-Steagall lite'

      Lauren Mccauley
      Dec 10, 2013

      Financial regulators announced Tuesday that, after three and a half years of negotiations and billions spent by big banks in an attempt to carve out regulatory loopholes, Feds agreed upon a set of banking reform guidelines known as the "Volcker Rule."

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