Word: feds
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Dates: during 1970-1979
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...George Church and edited by Marshall Loeb. The interview with Miller lasted four hours. "We'd planned on two," says Taber, "but we drifted onto everything from his wife's photography to his Coast Guard days in Shanghai. He was totally relaxed, and I understood better why Fed staffers are talking about a breath of fresh air." Like Miller, Taber picked up his economics on the fly. In college (Georgetown, '64) he majored in international relations, but delved more deeply into economics during graduate work at the College of Europe in Bruges, Belgium. Between tours...
...these difficult times, the prime policy requisites are steadiness and sensible coordination of policies among the Federal Reserve, the White House and Congress. Miller has made a promising start at both, but the complexities facing him in keeping it up are formidable. Says William McChesney Martin, a revered former Fed chairman: "He is like a golfer who has made four birdies in a row, but there are some more holes to play. He has a tough job ahead." Fortunately, he is tackling it in a spirit of optimism. A pessimist would be whipped before he began...
...look on him as the white hat in a kind of financial western: the new gun who arrived in Washington to rally the citizenry against the enemy, much as the Texas Rangers rode in to restore law-and-order in the Borger of his youth. He quickly put the Fed on a course of raising interest rates sharply, to hold back the inflationary growth of money supply and to keep dollars at home. In private debates and public remarks, Miller has pleaded with the White House, of which he is independent, to launch a determined anti-inflationary policy...
...Congress and the White House will not cooperate, the Federal Reserve will have to crack down so hard on money supply, and push interest rates so high, that there really will be a recession. Characteristically, he put it to Taber in tones of promise rather than threat: "The Fed fits into this model in a rather selfish way. Any economic strategy that works toward lessening inflation will inevitably lessen the pressure on the central bank," and allow it to put out enough money to promote his cherished 4% growth rate...
...past he supported the abortive presidential bid of Liberal Hubert Humphrey. So it was not surprising that when Carter had had enough of Arthur Burns' professorial nagging, a search team headed by Vice President Walter Mondale put Miller on a short list of potential successors at the Fed. Carter, aware that dumping the conservative Burns might frighten bankers and industrialists who already mistrusted the President's economic judgment, was looking for a progressive corporate chief?preferably a Democrat?whom Burns' admirers in "business could hail as one of their...