Word: boarding
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Dates: during 1960-1969
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...elders, the lawyers expanded their activities whenever they were able to. How could Navajos get a square deal in tribal courts, they asked, when tradition banned lawyers? The war dance really began when the lawyers helped organize a recall election to oust a reservation community's school board...
...delivered at his desk-pounding best by Texas Democrat Wright Patman two weeks ago, was an expected but more than usually hyperbolic condemnation of William McChesney Martin. At each of his 18 yearly appearances before congressional committees, Martin has been routinely scourged for his chairmanship of the Federal Reserve Board, which Populist Patman blames for tight money and high interest rates. This year Patman has plenty of company. More critics than ever, ranging from academe to the new Administration, are taking aim at the nation's central bank...
Radical and Erratic. Bankers have been baffled by what many call the Federal Reserve's erratic and clumsy attempts at monetary "fine tuning." Even some of the Federal Reserve System's twelve regional banks have been resisting the board. Last week the New York Federal Reserve Bank reported that its officers had disagreed with board policy all through 1968, usually favoring even higher interest rates than the board voted. Some White House economists and many bankers argue that the board's autonomy must be ended...
...nation's money supply should be expanded within a fairly steady range of 2% to 6% a year-just enough to match the "normal" pace of economic expansion (TIME, Jan. 10). To go above or below these limits, he says, is to invite inflation or deflation. The board in recent years has shifted radically and rapidly from tight money to easy money and back again, sometimes increasing the money supply at an annual rate...
...Even the board's apologists admit that, since about 1965, it has repeatedly overreacted to political considerations. It is widely agreed that the board let the money supply shoot up much too fast late in 1965, contract too sharply in mid-1966 and then rise too rapidly in 1967 and 1968. The great rises of the past two years have fueled inflation, which the board is now trying earnestly to stop. Since December, the money supply has not grown at all, and bankers cannot meet the increasing demand for loans. Martin's foes were jubilant when...