Word: economists
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Dates: during 1970-1979
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Leif Olsen, a star economist at Manhattan's Citibank, points out that business borrowing from commercial banks in the first nine months of this year rose at an annual rate of 15.1%, and borrowing by households is also at a record high. Borrowing by Government to finance budget deficits adds to the demand. Alan Greenspan, a member of TIME'S Board of Economists, singles out mortgage credit as "a monster loose in the system," devouring money. People are not only borrowing to build new houses but taking out second mortgages on existing homes to finance spending of various types. During...
...stiff medicine but very much needed medicine, and I applaud the Administration for having the courage to apply it." Ford Motor Co. Vice Chairman and President Philip Caldwell said the dollar-saving moves should "slow inflation and re-establish growth on a healthier basis." Richard Kjeldsen, senior international economist for Security Pacific National Bank in Los Angeles, asserted, "The President's economic package is drastic, abrupt and volatile?it's just what the doctor ordered...
...might make to stay within the domestic wage-price guidelines. And continued or accelerating U.S. inflation would eventually bring a much worse recession than any that might be forced by dollar-propping action. As William Fellner, an economist at the American Enterprise Institute, noted, "The risk of getting a recession that would occur earlier was increased [by the dollar-rescue program], but so were the chances that the recession would be milder than expected...
Contended Stanford Economist Michael Boskin: "To deal with inflation, we must get Government spending under control. The longer we wait, the worse the biting of the bullet will be." University of Chicago Economist Walter Fackler insisted that neither voluntary nor mandatory restraints on wages and prices will work. "It's all just a silly game, a ritual we go through periodically. We will have inflation as long as the Federal Reserve continues to pump more money into the system." Yet the President could hardly present a plan for directing the Federal Reserve Board's policies since...
...anyone can beat those odds, it may be Kahn. In just 16 months at the CAB, he shredded red tape into confetti, largely deregulated the nation's airlines and restored healthy competition along with lower fares. Economist Kahn is such an impassioned deregulator that he promoted the liquidation of his own empire. He supported a bill that will weaken the powers of the CAB and phase it out of existence by 1985. Said he: "I will consider myself a success in this job if there is no job when I leave...