Word: eckstein
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Dates: during 1960-1969
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...this tax cut won't go through Congress, then no tax cut will," Otto Eckstein, associate professor of Economics, said yesterday, commenting on President Kennedy's proposed $13.5 billion slash in tax rates. Only one of seven professors interviewed, Arthur E. Sutherland, Bussey Professor of Law, failed to support the President's proposals...
...professors interviewed generally agreed that the proposed tax cut and reforms would be a step in the right direction. But they were cautious in making quantitative estimates of its effect on employment or income. But Eckstein, a fiscal policy expert claimed that the tax cuts by themselves could not bring full employment. He said that "favorable results in the private sector," would also be necessary "to restore the economy to full employment in a few years...
...Eckstein pointed out that the proposals proposals go more than halfway," in meeting conservative, demands. He cited the relatively mild measures proposed for 1962, the large reduction in high income tax brackets, and the cut in corporate tax rates in evidence of this...
...Speculative excesses. Expectations of higher profits, even though they did not materialize, kept the price of stocks on the rise. Eventually, disillusionment set in: "the highest stocks took the biggest drop." Eckstein pointed...
...Credit. "More credit has been used than the margin requirement (70 percent) leads you to believe," Eckstein said. Buyers can get additional credit from banks, for example...