No. 2 in Washington

Paul Volcker's rumpled suits and inexpensive Antonio y Cleopatra cigars have been Washington landmarks since 1979, when President Carter named him Federal Reserve Board chairman and gave him an urgent mandate to fight inflation. Volcker, 55, has carried that out with a zeal that has made him conspicuous in a town that bends easily before political winds. Says Jake Garn, chairman of the Senate Banking Committee: "Sometimes he seems to be the only person in the country capable of sticking to an economic policy." More than a few observers call Volcker the second...

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