Word: feds
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Dates: during 1970-1979
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This independence and geographical dispersion were exactly what Congress had in mind when, spearheaded by Virginia Senator Carter Glass, it created the Federal Reserve after a fight in 1913 between easy-money Westerners and hard-money Easterners. The Westerners wanted to be sure that the Fed would never be dominated by Wall Street...
...Fed even finances itself. It makes a profit buying and selling Government securities, turns most of the earnings over to the Treasury ($5.9 billion last year), but keeps whatever it chooses as its own budget and tells no one what it does with the money. Several times Congress has asked to look at the Fed's books; the board has said...
...known, but, says Senate Banking Committee Chairman William Proxmire, "I bet only half a dozen members of Congress could tell the names of all the members of the board, and most people think that Ml is a gun used in World War II." Few Washington cab drivers know the Fed's address on Constitution Avenue...
...Federal Reserve's superb staff, which produced the Government's first computerized model of the economy in 1968, can take a few months to study some obscure financial problem. According to persistent legend, Reserve employees also indulge in a good deal of partying and high living. Fed people say the stories are exaggerated, though the board long had its own tennis courts, and today its staffers almost monopolize some supposedly public courts near the building...
...chairmen-Marriner Eccles (1936-48), William McChesney Martin (1951-70), Arthur Burns (1970-78) and now Miller-have caused the other governors to fade into public obscurity, but they still have influence. Next to Miller on the current board, J. (for John) Charles Partee, a former head of the Fed staff and wise student of the economy, has the most clout. Henry Wallich, a former Yale professor, is the board's contact man with foreign central banks. A refugee from Germany, he lived through insane inflation there in the 1920s; he likes to tell of the day that...