Word: cheapmoney
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Dates: during 1950-1959
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...broad fiscal powers, said the subcommittee, chiefly because of the family rows between the U.S. Treasury Department and the Federal Reserve Board. The chief task of FRB should have been to restrict credit during the boom, by forcing interest rates up. But the Treasury, insisting on a cheapmoney policy, fought any change, because a change would have meant an increase in the cost of carrying the U.S. debt. Time & again FRB failed to do its job, and went along with what FRB's Marriner Eccles called the Treasury's "general easy-money bias under almost...
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