Word: brimmer
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...Narrow Path. Burns and the other governors-Lawyer James L. Robertson, Banker William Sherrill, Economists George Mitchell, J. Dewey Daane, Sherman Maisel and Andrew Brimmer-seem in general agreement on broad policy. All are determined to avoid the erratic swings of the late Martin years, when the FOMC sometimes shifted within a few months from actually shrinking the nation's money supply to expanding it at an annual rate of as much as 10%. They agree that, in Burns' words, the Federal Reserve must "tread a narrow path"-dribbling out just enough money to keep the economy from...
...Andrew Brimmer, a governor of the Federal Reserve System and a former Assistant Secretary of Commerce, offered his view in a paper presented to the American Economic Association. He argued that black-owned businesses tend to be small, precariously financed beauty parlors, food stores, and other personal-service or retail establishments catering to a poor market. Most of them owe their existence largely to residential segregation, said Brimmer. Negroes have dim prospects of founding businesses that can compete with white-owned establishments for a broader market, he said, and even in serving Negroes they will have increasing trouble competing with...
...Self-employment is a rather rapidly declining factor in our modern economy," Brimmer said. "For the great majority of the Negro population it offers a low and rather risky payoff." If many more Negro-owned businesses are formed, warned Brimmer, they "would certainly be more prone to failure than already established firms, and their failures would leave a lasting burden on the individuals starting these firms. Moreover, he argued, "the pursuit of black capitalism may retard the Negro's economic advancement" by distracting attention from programs that would really help blacks and discouraging Negroes from "full participation...
...current inflation, but many others have held low-paying jobs all along. There is little solid information on how they have fared. Sketchy federal surveys indicate that wages of variety-store clerks and cleaning women in Atlanta and Philadelphia have risen faster than consumer prices in recent years. Andrew Brimmer, a member of the Federal Reserve Board, suspects that more complete figures-which no one collects-would disclose that the wages of many other poor workers have fallen behind...
Andrew F. Brimmer, LL.D., member of the board of governors of the Federal Reserve System...