Word: economist
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Dates: during 1950-1959
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Confidence that the recession will not worsen was strongly expressed by President Eisenhower in a Manhattan speech to the American Management Association (see The Presidency) and was reflected at all Administration levels. Studying a batch of hopeful signs, e.g., in unemployment, housing, etc., one top Administration economist said: "The month of May. I would say, would be rather distinctly better. You can get in the frame of mind that you've been waiting for the good news for so long that you can't believe it when it comes. I honestly do not feel that the facts...
Some U.S. businessmen do not believe that the economy will turn upward in 1958. Last week Walter E. Hoadley Jr., treasurer of Armstrong Cork Co. and a top building-industry economist, gave his reasons for this view to the New York Society of Security Analysts. Said Hoadley: "I do not see evidence of a quick upturn." The recession will last "through 1960. It is more than a rolling readjustment...
These lessons, brought home by the current recession, were the principal topics of 47 leading economists who were asked by the Joint Economic Committee of Congress to examine the question: can the U.S. achieve maximum (or full) employment as laid down in the Employment Act of 1946 and at the same time achieve stable prices? The economists' answer: No. Said University of Michigan Economist Gardner Ackley: "We cannot aim at absolutely full employment, or even 98% employment, unless we are willing to accept considerable inflation...
...those still in a bearish frame of mind, Roy L. Reierson, vice president of and chief economist for Manhattan's Bankers Trust Co., argued that the leveling out of the economy is still ahead...
...Economist Reierson dismissed the idea that the economy will slip into deep depression. But neither did he see any return to the boom for several years. Industry has too much overcapacity for another big investment surge and consumers are so deeply in debt that their buying power will be curtailed for some time. Concluded Reierson: "Admittedly, this appraisal runs counter to much of the economic thinking of our times, which takes for granted a quick return to long-term growth. Yet there is a real possibility that it may well take until the 1960s before the economy regains sufficient thrust...