Word: ackley
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...John son had publicly expressed his "regret" over the board's 4-to-3 decision to raise the discount rate in order to counter in flationary trends (TIME, Dec. 10). As sembling his quadriad of top economic advisers - Treasury Secretary Fowler, Council of Economic Advisers Chair man Gardner Ackley, Budget Director Charles Schultze, and Martin himself-in Texas, Johnson discussed the state of the economy with them for two hours...
...appear in the economy. Johnson looked beyond aluminum to the steel industry, which many economists believed was getting up courage for a price rise, and realized that he would not be able to block any steel increase unless he did something about aluminum. Assured by Chief Economic Adviser Gardner Ackley that the aluminum industry's profits were high and that any price rise would be unjustified, he set out to force back the 10 price rise to 25? per Ib.-which still left the metal selling for 1? per Ib. below its 1960 peak...
Califano at the Texas White House that he was to run the aluminum show, thus enabling Lyndon Johnson to keep in the background. McNamara quickly moved into the limelight in front of Gardner Ackley, Treasury Secretary Henry Fowler and Commerce Secretary John Connor (who opposed the stockpile dumping as unworkable, confined his own action to a speech defending the Administration after the price hike had been rescinded). McNamara used roughly the same technique that the U.S. had used on the Russians during the Cuban missile crisis: turn the screw only half a notch at a time, then release...
...with the price rises (which left the metal selling for 10 per Ib. below its 1960 peak). That move, flagrantly ignoring Johnson's veiled warning, brought the Administration into the open. At a press conference in Wash ington, called at Johnson's specific command, Economic Adviser Gardner Ackley, Defense's McNamara and Treasury's Fowler declared that the alumi num price rises "have no justification under the wage-price guideposts and therefore are inflationary." Though he denied that the decision had anything to do with aluminum price rises, McNamara announced that the Government will sell...
This sturdy performance was backed both by the possibility of more defense spending for Viet Nam and by a growing confidence that the 55-month-old economic expansion will continue. Last week Gardner Ackley, chairman of the President's Council of Economic Advisers, forecast that the economy will continue expanding through 1966 and said that the top of the current advance is not yet in sight. The Government expects total output of goods and services to rise to $670 billion in 1965 up 6.6% from 1964. U.S. industry seems to share the optimism: the Commerce Department boosted its estimate...