Lawmakers - February 11, 1982 - Federal Reserve
Lawmakers - February 11, 1982 - Federal Reserve
Lawmakers - February 11, 1982 - Federal Reserve
Lawmakers - February 11, 1982 - Federal Reserve
Paul Duke intro report on criticism of Federal Reserve over high interest rates, testimony of Federal Reserve Chairman, Paul Volcker before Congress.
Lawmakers - February 11, 1982 - Federal Reserve
Exterior of Federal Reserve building.
Lawmakers - February 11, 1982 - Federal Reserve
Representative Fernand St. Germain (D - Rhode Island) in hearing of House Banking Committee, On Mondays, Wednesdays and Fridays, the Federal Reserve can do nothing right in the eyes of the administration. On Tuesdays and Thursdays the spokesmen trot out with olive branches and pronounce the Federal Reserve a full-fledged card carrying member of the supply-side squad.
Lawmakers - February 11, 1982 - Federal Reserve
General shots of a meeting of the House Banking Committee. Paul Volcker, Federal Reserve Chairman, testifying, Pumping up the money supply cannot be the answer to that problem. Excessive money and the inflation it breeds are the enemies of the real savings needed to finance investment. Without action to cut spending, or if that fails, to raise new revenue, we would face the prospect of deficits rising to unprecedented amounts whether measured in dollars in relation to the GNP or as a proportion of our limited savings and the supply of loanable funds.
Lawmakers - February 11, 1982 - Federal Reserve
Shot of a chart prepared by Federal Reserve, shows lines for interest climbing toward a hefty 16%, inflation falling to below 10%. Pull out to general shot of a meeting of the House Banking Committee.
Lawmakers - February 11, 1982 - Federal Reserve
Representative Mary Rose Oakar (D - Ohio), We re seeing our small farms go under. We re seeing our small businesses go under. We re seeing traditional jobs eroded. We re seeing an increase in divorce. We re seeing an increase in mental illness. We re seeing crime. We re seeing an increase in suicides. How long are the American People supposed to wait? Because some economists think that when you bring down the inflation rate by a percentage or two, you sacrifice 3 million more jobs. How long are the people supposed to wait?
Lawmakers - February 11, 1982 - Federal Reserve
Representative George Hansen (R - Idaho), says This persistence of high interest has now spanned two administrations and they re blaming you and your organization more than anyone else for this dilemma. Because so much depends on the Fed I m trying hard to defend you and the monetary policy you are trying to implement, but time is running out. And these people need help immediately.
Lawmakers - February 11, 1982 - Federal Reserve
Paul Volcker, Federal Reserve Chairman, testifying, Our analysis suggests that the probabilities are that a recovery will begin before the middle of the year; it could be some months before the middle of the year. I also stated I think there are some risks as there always are in any economic forecast. Closeup of Volcker s hands, he's smoking a cigar.
Lawmakers - February 11, 1982 - Federal Reserve
Representative Barney Frank (D - Massachusetts), says Things aren t working out as well for this administration as we had all hoped things would economically. And I think we re seeing a tendency towards scapegoat. And I think from time to time you become one of the scapegoats. And I m guessing is that we see occasionally when things go bad, when real investments aren t what they are projected to be, what they re supposed to be, somebody takes a whack at you, and I m wondering what that is Paul Volcker, Federal Reserve Chairman, I don t recall any time - just to answer your question directly - that they ve come to me and said you re being too tight or you re being too easy. Representative Barney Frank (D - Massachusetts), What s your reaction when we see from time to time as I m sure you ve seen, these newspaper comments that tend to blame the Federal Reserve Board that the economy isn t performing better on the part of the administration? Paul Volcker, Federal Reserve Chairman, Well, the Federal Reserve has been around for quite a long time and I think Congress in its wisdom provided a degree of independence and insulation perhaps recognizing that these, comments of this sort from an administration or from a Congress occasionally arise.