Word: economists
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Dates: during 1970-1979
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...Chairman Volcker remains a man on the spot. Lane Kirkland, George Meany's apparent successor as president of the AFL-CIO, has already condemned the Fed's big rate boost as the "wrong move at the wrong time." Economist John Kenneth Galbraith labeled the Federal Reserve's program "an incredibly dubious policy" that will cause a steeper decline but help very little in slowing inflation...
Shucking academe for the real thing, Volcker signed on as an economist with the New York branch of the Federal Reserve. After five years, Volcker jumped into private enterprise at the Chase Manhattan Bank. Five more years and he became chief financial analyst at the U.S. Treasury in Washington, D.C., a remarkable achievement...
...vaunted reputation as a fiscal wizard have both slumped badly. According to polls published by Paris' daily France-Soir, his approval rating has dropped nine percentage points since January, to 45%. His countrymen have become increasingly angry about the austere economic policies France has pursued since Giscard named Economist Raymond Barre as his Premier in August...
...basis and, conveniently, leaving him to take the heat for unpopular decisions. But now, says Jeanne Labrousse, director of the polling institute I.F.O.P.: "We have reached the point where discontent is so high that Barre cannot absorb it all himself." According to Jacques Attali, a leading Socialist economist, the reason is that Giscard and Barre can no longer promise light at the end of the austerity tunnel. Says Attali: "The French are losing hope." According to a survey in the business magazine L'Expansion, three out of four Frenchmen now believe that the economic crisis will be "enduring" rather...
Giscard's sharp decline in popularity has fueled rumors that he may soon replace Barre. "He is an honest man, above all suspicion," Giscard responded when asked about Barre on a television interview. Coming from the President, who had lauded Barre as "the best economist in France," that faint praise appeared to signal a new arm's-length distance between the President and his Premier...