That was one mighty shrewd move Volcker made when he told banks to limit theirrnloan growth to a 6%-to-9% range and to make blamed sure these loans werern"noninflationary" By not defining the term, by not issuing an arm's-length worth ofrnspecific no-nos, he put the responsibility (or the onus, as the case may be) on the bankers.rnVolcker thinks most bankers know the difference and understand the directive's intention. In casernhe has overestimated bankers' perspicacity in this regard, our Federal unReserved Pope Paulrnwill be hearing-on a regular, mandatory basis-bank-loan confessions. Woe betide anyrnsinners among our ever-poorer money changers.
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