Word: boarding
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Dates: during 1960-1969
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Mixed Quality. Criticism of the board seems to increase with the arrival of each new "Administration. In 1961, because the incoming Kennedy Administration feared that the Federal Reserve might not go along with plans to stimulate the then-sluggish economy, some New Frontiersmen spread the fiction that it was a "tradition" for the Federal Reserve chairman to offer to resign. Martin never took the hint. Today's Federal Reserve governors are mostly Democratic appointees and, for the first time in many years, the board stands to the left of the Administration. But President Nixon has pointedly asked Martin...
...Washington's most astute politicians and a master at wringing consensus from the diverse personalities among the seven Federal Reserve governors and twelve presidents. No one doubts Martin's courage. When politicians were unwilling to raise taxes to slow inflation and narrow federal budget deficits, the board did the job by restricting money. Then Martin calmly absorbed the resulting criticism, most notably after the "credit crunch" of 1966. To blame the Federal Reserve for that, says Arthur Okun, who was Lyndon Johnson's chief economist, is "like scolding a driver who just avoided hitting a jaywalking child...
...Little Steadiness. The issue comes down to the question of whether or not the board's independence should be curtailed. Paul McCracken, Chairman of the President's Council of Economic Advisers, would prefer much less short-term monetary tinkering by the board. Like many others, he feels that the board would do better to pay more attention to developing long-term policies for steady economic growth. McCracken would also like to see the Reserve coordinate its policy more closely with the White House. He would probably not go as far as some former Johnson economists, who argue that...
...populace to destroy their free will. Reality begins to blur as the mad engineer invites the writer to sit down at an enormous electronic chessboard on which the townspeople are the pieces and the prize is the wife's fate. Writer and engineer grapple over the game board as lives are changed, ruined and revived. Or are they? The writer's story becomes the film's own plot; illusion and reality are inextricably and ever so modishly mixed. With the bad guy getting killed, the baby getting born, and the wife regaining her voice, there is even...
...Paris Match, Madame Demy has an unerring instinct for the stylishly avantgarde. She photographed Les Créatures as if it were a Vogue layout, and edited it elliptically. She even tinted the fantasy scenes to avoid confusion: red for those influenced by the mad engineer at his game board, a benign pink for the writer-hero. The trouble is that she seems to take the hero's fantasy as seriously as he does. As in her other films (Cleo from 5 to 7, Le Bonheur), she mistakes pulp for pith and winds up only with pretension...