Surviving Black Monday

In one day, the stock market plummeted 22 percent shortly after the author became Chairman of the Federal Reserve

I’d scrutinized the economy every working day for decades and had visited the Fed scores of times. Nevertheless, when I was appointed chairman in August 1987, I knew I’d have a lot to learn. That was reinforced the minute I walked in the door. The first person to greet me was Dennis Buckley, a security agent who would stay with me throughout my tenure. He addressed me as “Mr. Chairman.”

Without thinking, I said, “Don’t be silly. Everybody calls me Alan.”

He gently explained that calling the chairman by his first name was just not the way things were done at the Fed. Read more »