Word: feds
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Dates: during 1970-1979
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...December. Says he: "We have thrown away all the gains against inflation we made in the recession and are off on another binge." He puts most of the blame on the Federal Reserve's easygoing and often erratic money supply policies. Sprinkel believes that the Fed eventually will do better under its new chairman, G. William Miller, who has stressed that he will tighten supply to fight inflation. Last week the Fed raised its discount rate for lending to member banks from...
...together with groups of high-power academics--McGeorge Bundy, former dean of the Faculty here, always comes to mind as the prime example--and then they would all play high-voltage computer games to test out any theories they had managed to devise. But then one day, some technicians fed in the wrong numbers somewhere, and what came out of the computer was the ten years' agony called Vietnam--and so the computers and the outside experts fell out of favor for a few years. Now they are back...
...course, and no one ever gets hurt; all that happens, it seems, is that the generals and their high-power friends manage to get some jollies by annihilating a few million computerized natives of the Horn of Africa, which is reportedly this year's favorite target. No one has fed in the wrong numbers...
...size of the cut, the ruling consideration is how large a budget deficit the U.S. can tolerate. If the deficit is not reduced below $61 billion, Miller has warned, the Federal Reserve will restrict the money supply and raise interest rates as an alternative way of fighting inflation. The Fed already has moved twice in the past two weeks to tighten up; last week, in response, Chase Manhattan Bank raised its prime rate on business loans a quarter point, to 8¼%. Democratic Economist Otto Eckstein says that a $25 billion tax cut would be "guaranteed to fail...
Dunn said there is "a real sense of involvement and community" in the walk, adding, "If it weren't for this, there would be people in this city who wouldn't be fed each...