Word: fed
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Dates: during 1970-1979
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...when it came out a few years ago was that it might make a pretty good movie. The best thing you can say about the movie is that they were wrong-not wildly, but enough. Levin's notion was that a community of commuter types might become so fed up with women's lib-or maybe just old-fashioned female contrariness-that it would strike a bargain with a Disneyland fugitive. His idea is to do in their spouses and replace them with physically exact duplicates moved by predictable electronic impulses instead of whimsical human ones...
There was evidence last week that Congress also will compromise if it has to, or even retreat. Wisconsin Democrat Henry Reuss, chairman of the House Banking Committee and a zealous critic of the policies of the Federal Reserve Board, introduced a pair of bills to make the Fed more of a "creature of Congress." One was a reaction to Chairman Arthur Burns' tight-money policy in 1974; Reuss called for increasing the money supply at an annual rate of 6% with the aim of bringing down interest rates. His second bill would establish a mandatory credit allocation program...
...unusual evening encounter with the Banking Committee, Burns wagged his finger in rebuke as he declared that Reuss's bills would "undermine our market system and wreck chances for an economic recovery." Lowering interest rates at a faster pace than the Fed has set, argued Burns, would lead to an "explosive" expansion of money and credit and fire up inflation. Burns also said that he was not aware of any shortage of funds available to credit-worthy borrowers. He apparently made a persuasive case, since Reuss backed down, withdrew his bills, and accepted a largely meaningless compromise. The committee...
...story of recruits giving precision orders on how they would like to have their hair cut was fed to me by recruiters. It was a total lie-we were given uniform half-minute sheep shearings-no choice whatsoever...
...mistakes of both the Nixon and Ford Administrations. The biggest miscalculation, in the Board's view, was the persistent pursuit of overly restrictive anti-inflation programs. In this, Treasury Secretary William Simon gets most of the blame for his strenuous emphasis on budget balancing. On monetary policy, the Fed is given low marks for its stingy money policies through much of the year. Says IBM's David Grove: "Underlying the Administration's policy was a judgment that it was overridingly important to get inflation under control, and it was prepared to take the risk involved. It lost...