Word: ackley
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Still Uncertain. Speculation about the possibility of another crisis in September immediately became a key to economic activity in the months ahead. "The effect of the settlement," says Gardner Ackley, chairman of the President's Council of Economic Advisers, "depends upon how steel users read it. The steel situation is still one of the biggest uncertainties on the horizon." If users continue to fear a strike-or fear that a steel price increase will follow any final settlement-they will keep stockpiling, thus postponing any sharp cutbacks in steel buying and production at least until September. If they...
Because of the inevitability of some slack-off in steel-and because a growing number of economists see signs that the nation's 50-month-long expansion has finished its most buoyant ascent-Ackley and his aides are quietly trying to balance the widespread business optimism with some hard-eyed realism. Said Ackley: "We will not be led into the mistake of assuming that continuing gains at the recent rate are assured for the second half of the year." In the months ahead, Ackley feels, the automobile and steel industries cannot be counted on to supply further great gains...
...businessmen or economists di agreed with Ackley's prognosis. Ford Motor Co. Chairman Henry Ford II predicted that the auto industry would sell "at least" 9,000,000 new cars this year, making 1965 the third consecutive record-setting year in Detroit's history. Corporation giants were falling all over themselves in making plans for capital investment in 1965. "I've never seen people so optimistic," said Robert H. Stewart III, president of Dallas' First National Bank. Declared John Brooks, board chairman of Santa Monica's Lear Siegler, Inc., manufacturers of aerospace products, air conditioners...
...spotlight in the payments-balancing act, and that he too vigorously defends the business establishment. Unlike the last several Commerce Secretaries, Connor has become a major adviser to the President, so far has helped to beat down Martin's pressures for tougher, direct controls on capital exports. - Gardner Ackley, 49, the President's chief economist, has yet to achieve the influence that Walter Heller had, but he is a quiet technician with a penchant for anonymity that pleases Johnson. Ackley is a potent force because he has the President's ear, confers with him daily...
...money team has its weaknesses, of course, but it is versatile and well balanced. Johnson will rely on Joe Fowler and Jack Connor to sell his policies to the nation's businessmen, Bill Martin and Fred Deming to deal with the international moneymen, and Ackley to pick the brains of the nation's economists. In the coming skirmishes over money policy, these few men are destined to wield more and more power...