Word: economists
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Dates: during 1960-1969
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...last week got his just desserts: the Senate approved his appointment by President Kennedy to the Fed's seven-man Board. An economic liberal who favors low interest rates and perhaps more power for the Fed's chairman, he was sponsored by a fellow liberal, Chief Presidential Economist Walter Heller. Mitchell, until now a vice president of the Federal Reserve Bank of Chicago, is also a tax expert who was Illinois director of finance under Governor Adlai Stevenson...
...President Ngo Dinh Diem that the U.S., though it had retreated in Laos, could be depended on to help South Viet Nam defend its freedom. In Washington, a special Viet Nam task force was set up in the State Department. Last week a committee headed by Stanford Research Institute Economist Eugene Staley, back from a four-week study of South Viet Nam, submitted an inch-thick secret report to President Kennedy containing a detailed set of recommendations on just what needs to be done to buttress and shore up South Viet Nam for the imminent battle. Most immediate...
...recent years Britain has slowly but surely been pricing itself out of world markets because of what the London Economist has acidly described as its "monopoly-influenced, trade-union-rigged, subsidy-protected markets at home." In the last decade output per capita has increased a mere 2% a year, while wages and salaries have nearly doubled. The result inevitably is higher prices for British goods sold abroad and a consequent falling-off in the exports by which Britain lives. In ten years Britain's share of the world's export trade in manufactured goods has fallen from...
Succeeding Baxter is new President John E. Sawyer, 44, former Yale economist and Williams alumnus ('39), who, in the Williams tradition, was once the sole student in a class taught by Baxter. "You will discover that he is as convinced as I am that just holding the line is not enough," says Baxter. "We must continually do better.'' Without Baxter, doing better will be tougher...
Last week in Washington U.S. Senator Paul Douglas of Illinois, an economist himself, opened hearings on his "truth in lending" bill. Democrat Douglas argues that banks often advertise a 6% annual rate on monthly-payment loans, but the actual rate is closer to 12% because the borrower pays interest on the entire amount of the loan, instead of on the steadily declining unpaid balance. Low monthly rates quoted by small loan companies and stores, notably those that cater to lower income groups, camouflage the fact, says Douglas, that the true annual interest often ranges from...