puts her finger on something that’s been nagging us, as well:
Volcker is a very, very smart man. It is probably heresy, but I wonder if the endowments, like steel gonads, needed to crush inflation with 20% short term rates, are the same endowments that make you good at battling collapsing credit markets. The man and the moment have to combine correctly–Churchill was very good at battling Hitler, and very bad at peacetime tasks like running the Bank of England, or post-war Britain.
Update: Felix thinks Oprah might’ve been a better choice for the job.
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