Word: banke
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Dates: during 1960-1969
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...booming. In late 1965, when the President wanted an easy-money policy, the Fed seemed to go out of its way to tighten things up. But ever since business turned sluggish last winter, the President and the Reserve Board have been working in tandem. The Federal Reserve sliced required bank reserves to make money more available. The Administration pushed the reinstatement of the 7% investment credit on corporate capital spending, pumped money into a drooping mortgage market, stepped up highway and other construction spending, including $1.14 billion more released last week. Federal Reserve Chairman William McChesney Martin and his governors...
...Reserve Board chairman the week before. A more logical explanation was that this time the Fed, which is often a leader in money matters, was simply a follower. It was reacting to an earlier drop from 6% to 51% in the prime rate-the interest rate that commercial banks charge blue-chip customers. The Board's decision was less a tribute to Lyndon than an acknowledgment of sorts to Chase Manhattan Bank President David Rockefeller, the first banker to lower the prime rate, and the man who held fast to his decision despite opposition from competitors...
...that, last week's move was mostly psychological; in spite of the new rate, few member banks are likely to rush to the Federal Reserve's discount windows for loans. At the moment, they have all the money they need. A record rate of consumer saving and a decline in demand tor loans have pushed bank reserves to a four-year high. Bank deposits have increased 20% at an annual rate since the beginning of the year, while loans have dropped by $1.9 billion or 1.4%. Certificates of deposit, which hit a high of $18.6 billion during...
...familiar figure in Manhattan nightspots in the '30s. When he was named chairman of the New York Stock Exchange in 1938, President Roosevelt told him: "Your job is the worst in the world-next to mine." After leaving the exchange, Martin served as president of the Export-Import Bank, then as Assistant Secretary of the Treasury. He was named chairman of the Fed in 1951 by Harry Truman-no fiscal conservative...
Many Israelis complain that the slowdown has been too abrupt. Last month 7,000 jobless marched through Tel Aviv shouting "unemployment is no solution" and demanding "bread and work." Even Bank of Israel economists are charging that the country is "in a state of paralysis." Defending mitun, Sapir points out that his policies have cut the growth of consumer spending by more than half, narrowed the balance of payments deficit by 14% to $450 million. "Had we gone on for three more years as before," he insists, "we would have ended up in a catastrophe...