Word: ackley
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Concluded Ackley: "It's a good prosperity with good balance. There has been no sign of excess in inventory stockpiling or in corporate investment. The economy does not seem to have any bottlenecks. Confidence is high in the consumer and businessman...
...foreseeable future of the U.S. economy, Chicago Banker Tilford C. Gaines was exultant. "The only words I can use," he said, "are 'excellent,' 'buoyant' and 'ebullient.' " Asked to write a pair of memos to Lyndon Johnson on the state of the economy, Gardner Ackley, chairman of the President's Council of Economic Advisers, had trouble finding any dark spots, replied mostly in superlatives...
...first quarter of 1965, the gross national product was up by $14.5 billion over the last quarter of 1964. This was one of the biggest quarterly gains in U.S. history, and was in line with Ackley's earlier estimate of a record G.N.P. of $660 billion...
...caution came from Raymond J. Saulnier, who had been President Eisenhower's chief economist; pointing to a rapidly lengthening work week and "incipient inflation," he said that the economy shows signs of "overheating," and he warned, "Don't push your luck too far." To which Gardner Ackley, President Johnson's chief economist, replied: "We have our fingers crossed...
Another party is yet to be heard from. Both the Justice Department and Presidential Economic Adviser Gardner Ackley are eager to test the legality of "conglomerate mergers," in which large corporations with different product lines join to the possible disadvantage of small competitors. The American-Consolidated agreement seems large enough and important enough to be one that Washington might examine...