Word: board
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Other key points made by the ten-member board...
...income, thus prolonging the recession. Otto Eckstein, chief of Data Resources Inc., the economic analysis firm, favors putting a strict limit of 7 million bbl. per day on petroleum imports, which now average about 8 million bbl. daily; mandatory limits would probably result in gasoline rationing. Okun and other board members would increase Government financing of efforts to develop alternative energy sources. A multibillion-dollar effort would not only pay off in increased fuel supplies, but also bolster the nation's bargaining clout with OPEC; the cartel would recognize that its monopoly could not last forever. In any event...
Generally, board members believe that there is little more the Government can or should do to change the course of the economy for the rest of the year. Any further fiddling with broad policy now would probably worsen either inflation or recession-or both. Says Greenspan: "If inflation is public enemy No. 1, we would be well served by a do-nothing Congress." Murray Weidenbaum of Washington University in St. Louis urges repeal of many Inflationary federal regulations. "My advice is: 'Don't just stand there, undo something.' " But Heller figures that all the Government...
Most of the TIME economists are satisfied with the Federal Reserve Board's middle-of-the-way monetary policy. One exception is David Grove, who argues that a much tighter money policy and a deep recession are needed to wring inflation out of the system. As the recession deepens, Okun would prefer that the Fed ease off and promote some expansion of money supply, which has been fairly tight over the last six months. Warns Okun: "Keeping to that policy in a recession is like wearing an overcoat in summer...
...other members are all but certain that Congress will seek to lower personal and corporate taxes next year by $15 to $30 billion. Though the President's anti-inflation wage-price guidelines have had only marginal success in holding down settlements for big unions, the majority of the board members would preserve them because they have kept wages of nonunion workers lower than they might have been...