Word: carterized
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Dates: during 1980-1989
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Greenspan has strong credentials for the Federal Reserve post. Well regarded in Washington for more than a decade, he measures up to Volcker in many ways and has the edge over the incumbent in one respect. He is not a holdover from the Carter Administration...
...chairman declared all-out war against inflation within weeks of his appointment by President Carter. Just two months after Volcker took office, the Federal Reserve announced that it would seek to halt price increases at their source by curbing the growth of the money supply. Previously the Federal Reserve had eased tight-money policies when interest rates climbed too high, but Volcker vowed to stay firm until inflation had been wrung out of the economy. One result: the prime rate reached an unheard-of 21½% in December...
Like any other person in public life, Volcker has his detractors. He has been faulted for going along with Carter's disastrous fling with credit controls in early 1980 and for sometimes permitting the money supply to swing wildly. Asserts Nobel Laureate Milton Friedman, who maintains that steady and predictable money growth is the key to economic health: "There has been more volatility in the money supply in the past three years than in any previous three-year period...
...when some religious leaders expressed their concern about trends in genetic experimentation, President Carter asked a special commission on biomedical ethics to study human engineering. The now disbanded body last November recommended that scientists be allowed to continue, research on eliminating genetic disorders, but only under the "close scrutiny" of federal monitors...
...brother William, 65, who was a national security aide to Presidents Kennedy and Johnson. William Bundy is retiring, and last week a successor in his image was named: William Hyland, 53, one of the nation's foremost Sovietologists and a national security adviser to Presidents Nixon, Ford and Carter...