Word: eccleses
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Dates: during 1940-1949
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Henry Morgenthau, who always had hoped to balance the budget, last week buried the ideological hatchet with ex-Spender Marriner S. Eccles, Chairman of the Federal Reserve Board, who had long since started preaching deflation.
Last spring Morgenthau fought Eccles' program to harden the money market (which would have raised the Treasury's interest rates). But spring was a long time ago last week. There are greater dangers to the country's economy than increased interest rates.
Fortnight ago the Federal Reserve Board clamped down on installment sales (TIME, Aug. 25). This week, in the course of explaining that order, FRB Chairman Marriner S. Eccles forecast a new one. "The public should be fully aware," he said, "that the regulation is subject to change ... as economic conditions...
No one who knew Mr. Eccles was surprised at his warning. Himself the No. 1 spend-in-depression, save-in-boom exponent, he has lately also been an ardent supporter of Leon Henderson's efforts to stop inflation by saving the consumer from himself. To Henderson, the 18-month...
When & where the "further dampening" will occur depends: on how effective the current controls are, on how punishing a tax bill Congress passes, on how many defense bonds consumers buy, on how frugally the U.S. public can be persuaded to act. For Mr. Eccles, inflation's causes and cure...