{"id":890,"date":"2009-11-06T15:05:36","date_gmt":"2009-11-06T20:05:36","guid":{"rendered":"http:\/\/www.vanderbilt.edu\/magazines\/vanderbilt-business\/?p=890"},"modified":"2015-07-07T20:19:05","modified_gmt":"2015-07-07T20:19:05","slug":"volcker-and-kohn-discuss-economic-crisis","status":"publish","type":"post","link":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/volcker-and-kohn-discuss-economic-crisis\/","title":{"rendered":"Volcker and Kohn discuss economic crisis"},"content":{"rendered":"<p>Leading economic thinkers, including President Obama\u2019s Senior Economic Advisor Paul Volcker and Vice Chairman of the Federal Reserve Donald Kohn, came together this spring at the Owen School to talk about the current financial crisis for the 22nd annual Financial Markets Research Center Conference.<\/p>\n<figure id=\"attachment_973\" aria-describedby=\"caption-attachment-973\" style=\"width: 600px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/magazine.owen.vanderbilt.edu\/wp-content\/uploads\/sites\/15\/legacy\/2009\/11\/Volcker.jpg\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-973\" title=\"\" src=\"https:\/\/magazine.owen.vanderbilt.edu\/wp-content\/uploads\/sites\/15\/legacy\/2009\/11\/Volcker.jpg\" alt=\"Volcker (back row, center) and other economic and political heavyweights came to Owen for the 22nd annual Financial Markets Research Center Conference. \" width=\"600\" height=\"400\" \/><\/a><figcaption id=\"caption-attachment-973\" class=\"wp-caption-text\">Volcker (back row, center) and other economic and political heavyweights came to Owen for the 22nd annual Financial Markets Research Center Conference.<\/figcaption><\/figure>\n<p>In his remarks, Volcker, who was Chairman of the U.S. Federal Reserve from 1979 to 1987, said that the United States\u2019 economic recovery would be a \u201clong slog\u201d but that the rate of decline should slow. He added that the country was not in another depression, but \u201cin a great recession for sure.\u201d He also talked about the outlook for the Federal Reserve\u2019s role as a regulator of financial markets and accounting standards. (You can watch Volcker\u2019s full speech at <a href=\"http:\/\/www.youtube.com\/Vanderbilt\" target=\"_blank\">www.youtube.com\/Vanderbilt<\/a>.)<\/p>\n<p>Kohn said that the federal government\u2019s heavy financial bailout of banks and other businesses would help the stock market and was \u201cnecessary, safe and effective.\u201d Kohn also talked about the impact of the central bank\u2019s emergency lending programs on taxpayers, credit market capital allocation, the stress tests of U.S. banks and the outlook for the U.S. economy.<\/p>\n<p>Kohn and Volcker had a lively back-and-forth following Kohn\u2019s speech when Volcker questioned statements he made about a 2 percent inflation rate being appropriate for the economy in the long term. (The exchange and Kohn\u2019s full speech are on Vanderbilt\u2019s YouTube page.)<\/p>\n<p>Volcker, Kohn and dozens of current and former members of the Federal Reserve, along with other economic and political heavyweights, came to Owen to honor Dewey Daane, Frank K. Houston Professor of Finance, Emeritus, and former Governor of the Federal Reserve Board, for his 90th birthday. Many of the economic leaders have lectured in Daane\u2019s seminar on monetary and fiscal policy. The seminar has been in continuous operation since Daane joined the Owen faculty in 1974.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading economic thinkers, including President Obama\u2019s Senior Economic Advisor Paul Volcker and Vice Chairman of the Federal Reserve Donald Kohn, came together this spring at the Owen School to talk about the current financial crisis for the 22nd annual Financial Markets Research Center Conference. In his remarks, Volcker, who was Chairman of the U.S. Federal [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66,8],"tags":[30],"class_list":["post-890","post","type-post","status-publish","format-standard","hentry","category-departments","category-inside-owen","tag-fall2009"],"_links":{"self":[{"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/posts\/890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/users\/341"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/comments?post=890"}],"version-history":[{"count":1,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/posts\/890\/revisions"}],"predecessor-version":[{"id":8912,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/posts\/890\/revisions\/8912"}],"wp:attachment":[{"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/media?parent=890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/categories?post=890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.owen.vanderbilt.edu\/vanderbiltbusiness\/wp-json\/wp\/v2\/tags?post=890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}