Word: beene
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Dates: during 1970-1979
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Previous chairmen had decidedly political leanings: Arthur Burns, appointed by Nixon, was known as a Republican, and Miller had been active in Democratic affairs as a businessman. Volcker, who is a Democrat, is resolutely nonpartisan. Observes Brimmer: "He's simply not going to tilt for or against the White...
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...
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...
ALAN GREENSPAN: "The Fed had no alternative," says the former chief economic adviser to President Ford. "The new reserve requirements are significant because they will increase the cost of Eurodollars, which have been one of the major sources of funds flowing into the United States," pumping up credit availability and...
OTTO ECKSTEIN: "The Federal Reserve is taking a tremendous gamble with the economy, that they will succeed in licking inflation without creating another recession as deep as 1974," says Eckstein, a master of computerized forecasting who runs his own company. "They are finally jamming on the brakes, having done too...