Word: creditation
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Dates: during 1960-1969
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...expansionary policy at the right time. His record in that respect is mixed. Intellectually, Burns recognizes the Government's obligation to maintain prosperity. As chairman of President Eisenhower's Council of Economic Advisers from 1953 to 1956, he agreed to increases in Government spending and in the credit supply that his successor, Saulnier, thought were too expansionist. In early 1960, he advised Nixon, then Vice President, that federal spending should be increased and credit eased to head off a recession that he correctly warned would hit its low point shortly before Election Day. Nixon could not persuade...
...when the nation's economic problem was sluggish growth and persistent unemployment. In late 1965, however, he refused to accept Lyndon Johnson's line that the U.S. could escalate the Viet Nam war, keep taxes and interest rates down and still avoid inflation; the Federal Reserve tightened credit, to L.B.J.'s displeasure...
Computerized Job Bank. As a policy adviser, Burns' record is uneven. He opposed repeal of the 7% investment tax credit-and lost. He won on another question by persuading the Administration to come out against taxing the interest on state and municipal bonds. He sold Nixon on the idea of a computerized job bank that would list jobs offered by employers all over the country to aid in placement of the unemployed. On the other hand, the President sent to Congress a billion-dollar program to combat hunger, despite Burns' strenuous objections that it was unnecessary and cost...
...from the war. But investors are well aware that, contrary to the cruel myth that capitalism generally thrives on war, the Viet Nam engagement aggravates social tensions that are bad for business. They also consider that war spending causes much of the inflation that the Federal Reserve's credit re-straints are designed to a combat...
...great is the desire for easier credit that some Wall Streeters had convinced themselves that the Government will have to ease monetary policy, and their wishful thinking helped to spur last week's rallies. Some brokers pontificate that the proliferating signs of economic slowdown or even coming recession will soon force the Federal Reserve to relax the squeeze...