In the seventies and eighties, the market dealt with Dr. Death (Henry Kaufman) as well as Dr. Doom (Al Wojnilower).

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The 1970s Fed Chairman Arthur Burns "really couldn't bring himself to forcefully respond to the inflation forces that were in train, " says economist Henry Kaufman.

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This week I checked back in with the Henry Kaufman Professor of Financial Institutions, and found him immensely well-informed about the troubles of each European nation.

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But Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions at Columbia University, said the committee believes alternative approaches can control the systemic risk the banks present without stifling innovation or driving it offshore.

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