Paul Volcker's greatest legacy was breaking inflation with shockingly high interest rates, but he turned the housing market into a nightmare.
Paul Volcker used super high interest rates as a controversial way of subduing inflation, and he succeeded after two recessions.
Paul Volcker, Chairman Federal Reserve Board, speaking at Domestic Policy Subcommittee meeting in November, 1980.Paul Volcker's greatest legacy as Fed chief was, but he turned the housing market into a nightmare for both buyers and sellers. Volcker passed away at his home Sunday, at the age of 92. He was named Fed chairman in 1979 by President Jimmy Carter. He was reappointed by President Ronald Reagan in 1983 and served until 1987.
Ward McCarthy, chief financial economist at Jefferies, was one of those buyers. He remembers the challenge of trying to find a first home, as Volcker used controversial interest rate policies to stop inflation.
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