Word: feds
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Dates: during 1970-1979
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...Carter Administration's effort to ease the nation into a short and shallow business downturn in order to slow inflation increasingly resembles the attempts in 1916 by Russian noblemen to kill Rasputin: they fed Tsarina Alexandra's mystic poisoned teacakes and wine, then shot him three times, and finally had to drown him in St. Petersburg's icy Neva River. Despite record-high interest rates, the long awaited recession still refuses to materialize definitively...
...FED TAKES STRONG STEPS TO RESTRAIN INFLATION, SHIFTS MONETARY TACTIC --Wall Street Journal, October...
Paul A. Volcker, the cigar-chomping chairman of the Federal Reserve Board, sent America off on its latest economic wilderness adventure by announcing two weeks ago an anti-inflation program that did not just raise the discount rate--the Fed's interest rate on money it lends to member banks--but changed the very nature of how the Fed controls the money supply. Instead of trying to curtail the boom in credit by manipulating interest rates, Volcker announced, the Fed would henceforth apply direct controls to the money supply, raising member banks' reserve requirements and using other methods to keep...
...program. Stock market investors ran scared, seeing only the deepening recession Volcker's plan would induce. Liberal politicians didn't like this talk of lowering the standard of living for the sake of such unromantic concepts as "managing the money aggregates." Bankers, who had always looked to the Fed as a bellwether for interest rates, were now free to set their own rates, and became insecure, as well as a bit surly...
...reason to rejoice over Volcker's moves, waffled. For the first time a financial official seemed to be taking their advice to heart; conservative monetarists have called for direct control of the money supply for years. But Friedman wrote a week after the program's announcement that the new Fed policy had to be fully carried through or it wouldn't work. In other words, if the policy reduces inflation then the monetarists will take credit, but if it doesn't they can say their ideas failed because Volcker adulterated them...