Volcker's father, as city manager of Teaneck, New Jersey during the Great Depression, professionalized the police and fire departments through meticulous budgeting, disclosure, and a fanatic commitment to not spending more than necessary while ensuring professional operations, resulting in no crime in the town.

factualpending

Speaker

Paul Volcker

Evidence Quote

My father, he took over as city manager of this bankrupt town in 1930... he was a fanatic for disclosure... he professionalized the police department and the fire department

Source

Paul Volcker & Ray Dalio | State of the US Economy & GovernmentPrinciples by Ray Dalio
Created: 8/11/2026, 1:16:44 AM

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