StockJockey writes about Paul Volcker, citing an LA Times article. Paul grew up during the Depression, and values integrity and keeping spending in line with income. A picture is worth 8 trillion words… 
Paul Volcker Hates Punch Bowls
Courtesy of StockJockey, at 1440 Wall Street.
If you are under 35 years old you have your health, but don’t know jack sh*t about Paul Volcker.
Read this, and learn something, young guns….
His career has spanned half a century. He began working at the New York Fed in the 1950s, and five years later went to Chase Manhattan Bank, where he became a lifelong confidant of the Rockefeller family. By the early 1960s, President Kennedy brought Volcker into the Treasury Department in his first government job at the policy-making level. LA Times
He later held top appointments under Presidents Johnson, Nixon, Carter and Reagan.
In recent years, he has led investigations into how Swiss bankers handled the accounts of Holocaust victims, the United Nations’ troubled food-for-oil program and the accounting scandal surrounding the collapse of Enron Corp. He also chairs the Group of Thirty, a who’s who of world economists that examines complex public policy issues. It met over the weekend to discuss an upcoming report on the overhaul of financial regulations.
Volcker grew up during the Depression, raised by a father who taught him one lesson above everything else: Integrity is a person’s greatest asset, said Volcker’s sister, Virginia Streitfeld. She calls Volcker, who stands 6-foot-7, her “little brother.”
He is known for practicing what he preaches about the nation living within its means.
He travels with one business suit and lives in the same Manhattan apartment that he bought decades ago.
When he was Fed chief, he lived in a modest Maryland apartment and did his laundry on Saturdays at his daughter’s house nearby, recalled Marina v.N.Whitman, a University of Michigan economist who has known Volcker for decades.
“Paul is one of the most frugal guys on Earth,” Whitman said. “The advice he gives and the way he views the world are entirely consistent with his personal ethics and lifestyle.” LA Times
For a cliffnotes version of Volcker read on. But there is a new Sheriff in town, and the party is clearly over. Paying back this bill we are running up should be a bitch.
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Paul Volcker is back, and he warns of tough times ahead
LA Times
