Word: bankes
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Dates: during 1970-1979
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Shucking academe for the real thing, Volcker signed on as an economist with the New York branch of the Federal Reserve. After five years, Volcker jumped into private enterprise at the Chase Manhattan Bank. Five more years and he became chief financial analyst at the U.S. Treasury in Washington, D.C., a remarkable achievement...
BERYL SPRINKEL: "I'm delighted," says Sprinkel, executive vice president of Chicago's Harris Bank. "The Fed's actions greatly increase the odds of getting inflation under control in the longer run." Sprinkel has long argued that the old policy of trying to control the money supply by fine-tuning key interest rates often forced the board to pump more funds into the economy than it wanted to, thus aggravating inflation. "Now that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going...
DAVID GROVE: "I applaud," says Grove, a private consultant and senior economic adviser to Marine Midland Bank. "A slow and gradual approach to curbing inflation would not be very effective. I prefer a quick and dirty approach, and the Fed's actions are very much along that line. They will give the domestic public and foreigners the sense that we really are going to come to grips with inflation." Grove concedes that a dramatic and determined" credit squeeze would depress business activity and push up the unemployment rate. He also thinks the stock market had good reason to flop...
...Federal Reserve's dramatic tightening of credit will in time hurt every consumer who wants-or needs-to borrow for any purpose, from paying medical bills to buying a house. Says Saul Klaman, president of the National Association of Mutual Savings Banks: "Those who need credit most will have the most difficulty getting it. That's the way it always is." As prices inevitably rise, says Charles Lehing, senior vice president of New York's Chemical Bank, the people who will have the most trouble will be those on fixed incomes. Adds Lehing: "Most of these people...
...worthwhile purpose," as the bankers say, have long been as high as the law allows-13.38% in New York on a three-year car loan. But bankers will tighten standards for receiving such loans; some say they will scrutinize a borrower's "relationship" with the bank. Translation: if you don't already have a savings or checking account there, don't bother asking for a loan. Bright spot: student loans will continue to be available, and at interest rates as low as 7%. Bankers figure that cutting back on student loans would be terrible public relations...