Paul Volcker Visit to Campus in October Was Precursor of What He’s Telling World Bankers

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A Georgetown College student greeting committee walked-and-talked with Mr. Volcker on the way to the private reception

 

From left: Dani Fuentes (President’s Ambassador and native of Temuco, Chile); Carolyn Allen (Global Scholar from Manchester, KY), Ashlee Gordon (President’s Ambassador and Bishop Legacy Scholar from Dallas), Volcker, Julia Smith (Global Scholar from Rineyville, KY (Hardin County), Ashley Hashampour (the College’s “pioneer” Global Scholar), and ’09 graduate Melinda Moyo, who had just been hired the day before as a client analyst with Fellon McCord Energy Casualty & Management. Hidden was Sean Rodgers, a President’s Ambassador from Frankfort.

(Photo by Paul Atkinson/Rockledge Photography)

A Dec. 15 story on Bloomberg.com referred to former Fed Reserve Chairman Paul Volcker’s visit in October with Georgetown College students as a preview to his recent five-country, eight-week tour during which he warned bankers and regulators that they have not come close to dealing with the worst economic crisis in 70 years.

President Bill Crouch brought Volcker, a Trustee Fellow of Georgetown College, to speak to the campus community in Hill Chapel on Oct. 22 and to meet with a number of area bankers at a private reception.

The renowned economist advised Georgetown students to “work hard and polish your skills so you can beat the competition in this economy.” Then, he said what he’s been saying to national leaders and all of America since he was asked to be the first Chair of the Obama administration’s Economic Recovery Advisory Board last year after the presidential election: “People need a push to change their habits.” And, “we can’t live on borrowed money from foreign countries forever.”

That afternoon, Mr. Volcker was the featured guest at the 2009 Round Table at Shaker Village – the annual brainstorming conference of many of Kentucky’s top CEOs. Those state leaders heard more of the same – “save more, spend less.” Volcker, the 1st Chair of the Obama administration’s Economic Recovery Advisory Board, was Chairman of the Federal Reserve during both the Carter and Reagan administrations.



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