Word: eccleses
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As there was small hope of any quick boost in production, the obvious thing to do was curb the amount of spending money. Ttie way to do this, said Federal Reserve Board Chairman Marriner F. Eccles, was to use a few old methods (keep taxes high, restrict housing and installment...
Socialism? It did not seem mild to other bankers. Some even grumbled about "socializing the banks." But it was Edward Eagle Brown, president of the Federal Reserve Advisory Council and chairman of the First National Bank of Chicago, who put a realistic finger on the trouble with Eccles' plan...
Eccles flatly said that he "would not recommend" using this power. FRB was still frightened by the slumps of 1920 and 1929. A big boost in rediscount rates had preceded them, and many still blamed the credit curb for the slumps.
Cutting demand would certainly be one way to stop inflation. The other way was to increase production. Said Eccles: "Production is the ultimate solution for inflation." But with the U.S. already riding a full employment economy, that could only mean the harder work and longer hours Eccles suggested. The U.S...
By this week it was evident that Congress could hardly bring itself to accept such Spartan cures as Banker Eccles recommended. With the new strains of the European Recovery Program still to be considered, the U.S. was bound to keep on sniffling for a long time.