Paul Volcker Superstar

The Fed chairman must cool off money growth without halting the recovery

The cameras rolled beneath the television lights, and nearly 200 standing onlookers strained to get a view. The object of all the attention was towering (6ft. 7½-in.) Paul Volcker, who was discussing the outlook for money growth and interest rates before a congressional committee that held hearings on his reappointment as Federal Reserve Board chairman. The rumpled, cigar-puffing Volcker has become the staid financial community's first superstar. So great was the interest in his remarks that the 3½-hour session had to...