[lbo-talk] Why did Stiglitz endorse Volcker?

[michael perelman]

I also used the Eisenstat quote on p. 41 of The Pathology of the U.S. 
Economy Revisited.  Patrick just tells the story from Africa.  Doug has 
mentioned  Volcker's contribution to the US working class.  And then the 
squeeze on Mexico became so severe that it threated to take down the US 
financial system.

W. M. Martin said he wanted to take away the punch bowl.  Volcker was 
willing to take away the dinner.

Admittedly, he is not a Greenspan-like ideologue, but certainly not an 
admirable figure either.

Patrick Bond wrote:
Explained Carter’s domestic policy
> advisor Stuart Eizenstat,
> 
> Volcker was selected because he was the candidate of Wall Street. This 
> was their price, in effect. What was known about him? That he was able 
> and bright. And it was also known that he was conservative. What wasn’t 
> known was that he was going to impose some very dramatic changes.
> 

-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901