Excerpt from The Balanced Monetary Policy Act of 1983: Thursday, June 9, 1983; House of Representatives, Subcommittee on Domestic Monetary Policy, Committee on Banking, Finance and Urban Affairs; Washington, D. C
If this presages another upward spiral in interest rates, I very much fear, Mr. Chairman, that it will spell the very absolute end of the little tentative recovery that all of us have hoped we were seeing set in motion. It is certainly clear that we cannot have a robust economic recovery with high interest rates.
In my opinion, the deep recession through which we have been going in the last couple of years did not have to happen. I think it was a man-made recession. I attribute the recession more than an other one thing to the decision by Mr. Volcker, in October of 197 that he no longer would pursue the historic policy of the Federal Reserve Board to monitor two items.
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