No worries, you gave up on this line of analysis long ago, my friend. That's why you missed the Sept-Oct crash so badly.
> I'll try this tack. Why *financial* power? Why not capitalist power?
> Fortune 500 CEOs were just as happy with Volcker as Wall Streeters
> were... There was no finance/industry split.
Hey, devoting massive amounts of income to debt repayment and deindustrialising huge swaths of the Rust Belt weren't such easy tasks for manufacturing fractions of capital during the Volcker years. The turn to finance turned GM into a basket case, desperate for profit flows from GMAC - until the real estate crunch. Abd the ag and energy fractions weren't happy either. It's been a long time since I read Greider's book on this, but doesn't he make all this clear?
But so, Doug, none of the rest of the critique of Volcker I laid out is objectionable?