Volcker by William L. Silber
The Triumph of Persistence

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Volcker’s achievement shines through this book almost despite Silber’s attempts to underscore it: the editorial interjections from the author don’t make him seem particularly reliable.
-NY Times

Synopsis

Over the course of nearly half a century, five American presidents-three Democrats and two Republicans-have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse. After the 2008 financial meltdown, the nation turned again to Volcker to restore trust in a shaky financial system: President Obama would name his centerpiece Wall Street regulation the Volcker Rule. Volcker's career demonstrated that a determined central banker can prevail over economic turmoil-so long as he can resist relentless political pressure. His resolve and independent thinking-sorely tested by Richard Nixon, Jimmy Carter, and Ronald Reagan-laid the foundation for a generation of economic stability. Indeed, William L. Silber argues, it was only Volcker's toughness on monetary policy that "forced Reagan to be Reagan" and to rein in America's deficit.

Noted scholar and finance expert Silber draws on hours of candid personal interviews and complete access to Volcker's personal papers to render dramatic behind-the-scenes accounts from Volcker's career at the Treasury Department and the Federal Reserve: secret negotiations with European ministers; confrontations with the White House; crisis conferences with Wall Street titans, and even tense boardroom rebellions within the Fed itself. Filled with frank commentary from Volcker himself-including why he was personally irked with the "Volcker Rule" label-this will be the definitive account of Volcker's indispensable role in American economic history.
 

About William L. Silber

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William L. Silber is one of America's most respected experts on finance and banking. He is currently Marcus Nadler Professor of Finance and Economics and Director of the Glucksman Institute for Research in Securities Markets at the Stern School of Business, NYU. His many books include When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy. He is co-author of the standard textbook Money, Banking and Financial Markets and, with Lawrence Ritter, of the classic Money.
 
Published September 4, 2012 by Bloomsbury Press. 464 pages
Genres: Biographies & Memoirs, Business & Economics, History, Political & Social Sciences. Non-fiction
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Critic reviews for Volcker
All: 2 | Positive: 1 | Negative: 1

NY Times

Below average
Reviewed by Felix Salmon on Oct 19 2012

Volcker’s achievement shines through this book almost despite Silber’s attempts to underscore it: the editorial interjections from the author don’t make him seem particularly reliable.

Read Full Review of Volcker: The Triumph of Persi... | See more reviews from NY Times

WSJ online

Good
Reviewed by John B Taylor on Sep 07 2012

..."Volcker: The Triumph of Persistence"...comes at the perfect time, for Paul Volcker is one of those rare Washington figures who know how to think shrewdly about the economy and also how to make broad intentions into hard political realities.

Read Full Review of Volcker: The Triumph of Persi... | See more reviews from WSJ online

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