Word: controllers
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Dates: during 1960-1969
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...them. "If we have one objective, it is to try to cool the overheated economic situation," said Paul McCracken, chairman of the President's Council of Economic Advisers. The main priority, observed Paul A. Volcker, the Treasury's new Under Secretary for Monetary Affairs, "is to regain control over inflation." Under Secretary of State Elliot Richardson added that "we intend to intensify our efforts to restore price stability and go about it promptly...
...this is much in line with what the Nixon Administration and the preceding Johnson Administration have intended. As McCracken said in Paris last week: "In general, we are now on the right course in economic policy. The budget is back under control. Money and credit policy is tracking about right. But we have had three years of excessive demand, and it naturally takes time to regain your balance...
...Ceiling. The problem is aggravated by rent control. Alone among U.S. cities, New York has clung to wartime controls, which even today set artificially low ceilings, averaging $22.50 a room, on two-thirds of the city's 2,100,000 rental apartments. Like all price controls, rent ceilings have inflated demands and shriveled supply. Older couples hang on to bargain-rent apartments, which are often larger than they need, after their children have grown up and left home. Private builders, contending that they cannot build cheaply enough to compete with the controlled apartments, have practically stopped putting up middle...
...produces crazy-quilt mergers. Alarmed critics complain about shaky financial foundations, untested managements, dubious use of tax loopholes and overconcentration of economic power. Last week conglomerates ran into simultaneous and serious attack from both Congress and the Nixon Administration. The assault will almost certainly lead to new laws to control the conglomerate movement. "We're going after this," says a ranking White House adviser. "Otherwise, we'd have an economy like the Japanese, with certain large families owning everything...
...sheer gall, few takeover artists have rivaled Saul P. Steinberg, 29, chairman of 71-year-old Leasco Data Processing. Last year his Manhattan computer-leasing firm gained control of Reliance Insurance, a large multi-line company, and squeezed a $100 million dividend out of its coffers to finance other Leasco operations. Last week Steinberg admitted at Leasco's annual meeting that his takeover appetite has grown so big that he would like to swallow Chemical Bank New York Trust Co., the nation's sixth largest commercial bank (assets: $9 billion). Chemical Chairman William S. Renchard has promised...