Word: arthur
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Dates: during 1970-1979
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...money supply and to keep dollars at home. In private debates and public remarks, Miller has pleaded with the White House, of which he is independent, to launch a determined anti-inflationary policy of its own. Neither his actions nor his words differed greatly from those of his predecessor, Arthur Burns. But while Burns' pontificating only annoyed the White House, Miller's unpretentious yet urgent advocacy has had a marked effect...
...reputation for social concern. Though his dedicated inflation fighting satisfies the most conservative Republicans, Miller is a registered Democrat who worries greatly about unemployment; in the past he supported the abortive presidential bid of Liberal Hubert Humphrey. So it was not surprising that when Carter had had enough of Arthur Burns' professorial nagging, a search team headed by Vice President Walter Mondale put Miller on a short list of potential successors at the Fed. Carter, aware that dumping the conservative Burns might frighten bankers and industrialists who already mistrusted the President's economic judgment, was looking for a progressive corporate...
...risk that Arthur Burns would approve. Carter, a low-interest populist, probably hoped for a policy change to easier money when he appointed Miller, but he must know better by now. Both Miller's target and some of his rhetoric are so close to Burns' as to make many moneymen contend that, for all the differences in personality and style, Miller is a bred-in-the-bone central banker after all. Says Charls Walker, former Deputy Secretary of the Treasury: "I lost about $100 in bets that Burns would be reappointed. I'm thinking of asking for my money back...
...board in Washington is the final authority. A succession of forceful chairmen-Marriner Eccles (1936-48), William McChesney Martin (1951-70), Arthur Burns (1970-78) and now Miller-have caused the other governors to fade into public obscurity, but they still have influence. Next to Miller on the current board, J. (for John) Charles Partee, a former head of the Fed staff and wise student of the economy, has the most clout. Henry Wallich, a former Yale professor, is the board's contact man with foreign central banks. A refugee from Germany, he lived through insane inflation there...
Herb Pomeroy Big Band--guess what they play? A free Summerthing presentation, Saturday on Boston Common at 8. And, as an extra bonus, a dance demonstration by the Arthur Murray Studios. This could be the sleeper of the weekend. Or just the sleeper...