Word: feds
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Dates: during 1960-1969
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...board of trustees, who promised a re-examination of the entire governing structure of the university, has offered nothing specific so far. Apparently fed up with the unresponsiveness of both trustees and administrators to the need for change, Columbia's journalism dean, Edward W. Barrett, resigned this month after complaining about "authoritarian rule by remote, inaccessible powers." He urged that younger people, including some students and faculty, be made trustees (the average age is now 62). In filling a new vacancy, the board last week ignored this advice, passed over such proposed candidates as Negro Psychologist Kenneth Clark...
...cross between a rock concert and a girdle sale. Actually, that wasn't far off the mark as the Beatles' Apple Boutique, London's psychedelic Woolworth's, staged a two-day going-out-of-business giveaway. Why, after eight months, was Apple closing? "We got fed up with the rag trade," explained Paul McCartney. Groused Ringo Starr: "I never could find anything to fit me there anyway." In fact, despite the Beatle name and a hefty investment, Apple was barely breaking even...
...lender of last resort"-the system's discount window. The price is high. Besides paying interest, currently 51%, the bank must submit to scrutiny that is even closer than usual. As a result, only 1% of credit extended to the banks has been passing through the Fed's discount window in recent years...
More liberal use of the federal discount window, even at the rate of more than $2 billion a week desired by the Mitchell study, will mean a shift in the way bank credit is extended. It will not increase the overall money supply, just de-emphasize the Fed's buying and selling of Government securities to regulate the flow of money, which has not always been fully successful when the chips were down. It took several months during the 1966 credit crunch to improve bank lending by such means alone. "If the proposed revisions had been in effect," says...
...Newspaper Editor James Kilpatrick on the Poor People's March: "All the visible 'poor' at Resurrection City appear remarkably well-fed. Some are downright fat. Most are young, ablebodied. Every man jack of them could find a job in Washington-carrying a hod, if nothing else. But work? Take jobs? Earn a living? Not this gang...