On Aug. 14, 1979, a week after he took office as chairman of the Federal Reserve, Paul Volcker led his first meeting of the Federal Open Market Committee. â??Economic policy,â? he said, â??has a kind of crisis of credibility.â? As a result, â??dramatic actionâ? to combat inflation would not receive public support â??without more of a crisis atmosphere.â? He did not have to wait long. . .
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