Obama, Greenspan, Powell, Recall ‘Tall Paul’ Volcker’s Legacy
‘Tall Paul’ Volcker Remembered as an Unflinching Public Servant
(Bloomberg) --
Tributes to former Federal Reserve Chairman Paul Volcker poured in Monday as the news spread that the legendary -- and legendarily tall -- inflation fighter died on Sunday in New York at the age of 92.
Former presidents, Treasury secretaries and prominent investors who knew him were quick to praise his sense of public duty and resolute purpose. Here’s what they remembered or tweeted:
Former President Barack Obama
“Paul Volcker believed not just in the power of markets, but in the corresponding power of the government’s duty to make sure that those markets work for everyone,” said Obama. “I’ll remember Paul for his consummate wisdom, untethered honesty, and a level of dignity that matched his towering stature. To me, he was the very definition of integrity, and I’m proud to have called him not just an adviser, but a friend.”
Former President Jimmy Carter
“Paul was as stubborn as he was tall, and although some of his policies as Fed chairman were politically costly, they were the right thing to do. His strong and intelligent guidance helped to curb petroleum-driven inflation, easing a strain on all Americans’ budgets. We are grateful for his service to our country.” (Carter appointed Volcker Fed chair in 1979.)
Jerome Powell
“I am deeply saddened by the passing of Paul Volcker. He believed there was no higher calling than public service. His life exemplified the highest ideals -- integrity, courage, and a commitment to do what was best for all Americans. His contributions to the nation left a lasting legacy,” said Fed Chairman Jerome Powell. “My colleagues and I at the Federal Reserve mourn this loss and send our condolences to his family.”
Alan Greenspan
“Paul Volcker was the most effective chairman in the history of the Federal Reserve,” said Alan Greenspan, who succeeded him as Fed chairman in 1987.
Richard Clarida
“Paul Volcker was and always will be a personal hero of mine. An autographed photo of him hangs in my Fed office,” said Fed Vice Chairman Richard Clarida. “He was a role model for anyone aspiring to service and set the highest standard for integrity, courage and leadership as a central banker. He was truly one the giants of modern economic policy.”
Mark Carney
“Paul Volcker was a towering figure among the central bankers of his generation. The integrity and independence he showed in his battle against inflation helped lead the United States -- and with it, the world -- through some of the most testing times of the modern era,” said Governor of the Bank of England Mark Carney.
Christine Lagarde
“It is with great sadness that I learned of the passing of my friend, former Federal Reserve Chairman Paul Volcker,” European Central Bank President Christine Lagarde said in a tweet. “I offer the deepest condolences to his family. May he rest in peace.”
Lawrence Summers
“Paul Volcker was a role model for every financial official who followed him. No one else had a defining impact on American financial policy over 5 decades in the way Paul Volcker did,” said former U.S. Treasury Secretary Lawrence Summers.
Bill Gross
“Volcker was the Central Banker of the 20th century -- a monetary mensch with cigar to match,” said longtime investor Bill Gross. “He was the figurative and literal Churchill of his time and investors and the economy could not have been more fortunate to have had him.”
Ray Dalio
“I watched him break the back of inflation which was the most profound, important shift in changing the direction of the world economy and required incredible courage,” said Ray Dalio, founder of investment management firm Bridgewater Associates. “In this era, can we have a hero? We’re in an era in which there are no heroes. And he is a great hero.”
Barney Frank
“It’s a terrible loss. He lived a great life. He performed a very valuable service well after most people’s useful life,” said Barney Frank, the former Democratic congressman from Massachusetts, who worked with Volcker on post-crisis reforms.
“He looked so forbidding with his height and what not, but he was a very funny, a great companion. He had a great outlook on life and an ability to laugh at things. For all his prestige, he was a very low key guy.”
Jon Corzine
“He was about as imposing and powerful a figure -- and I’ve met presidents and everyone else -- that I’ve ever been in the presence of. He could be funny, but he could be tough. And we needed that as a nation. And he delivered,” said Jon Corzine, the former U.S. senator from New Jersey, who worked most closely with Volcker in the late 1980s while working at Goldman Sachs.
--With assistance from Justin Sink, Elizabeth Dexheimer, Scott Lanman and Fergal O'Brien.
To contact the reporters on this story: Craig Torres in Washington at ctorres3@bloomberg.net;Christopher Condon in Washington at ccondon4@bloomberg.net;Jenny Surane in New York at jsurane4@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Alister Bull
©2019 Bloomberg L.P.