Word: feds
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Dates: during 1970-1979
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ALAN GREENSPAN: "The Fed had no alternative," says the former chief economic adviser to President Ford. "The new reserve requirements are significant because they will increase the cost of Eurodollars, which have been one of the major sources of funds flowing into the United States," pumping up credit availability and increasing inflation. "But the key and by far the most important change is to switch to a policy of constraining money supply as distinct from manipulating interest rates." Greenspan grants that "for an interim period, interest rates could be highly unstable; the prime rate could easily...
MURRAY WEIDENBAUM: "I really don't have any criticism of Volcker's approach," says this visiting scholar at the conservative American Enterprise Institute. "The Fed, by and large, is the economic bastion of strength and savvy in Washington." Up to now, he says, the Federal Reserve has been following a policy of "expensive easy credit," meaning high interest rates, but free availability of funds; direct control of the money supply, he asserts, is preferable. But Weidenbaum cautions that there is "no guarantee" the new policy can bring down inflation, while in his mind it produces "more certainty...
WALTER HELLER: "I think the Fed got itself in a position where it had to do this," says the University of Minnesota professor who was President Kennedy's chief economic adviser. "If they had done any less, the world markets would have responded terribly negatively. Yet the costs are high. The Federal Reserve is taking the agony route to lowering inflationary expectations: squeezing down total demand in the economy, thereby weakening both product and labor markets. Increasingly people are going to be squeezed out of [credit] markets at those astronomical interest rates." Heller does not, however, expect "a full...
...government official warned that some big-bank failures may lie ahead, partly as a result of the Federal Reserve's actions. See story on page 3. For an explanation of the Fed's new approach to monetary policy, see page 7. In St. Louis, officers of the Federal Reserve Bank there were pleased because they had long advocated such a move. See story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign...
Columbus, greeted by the peaceful Arawaks on Hispaniola, was immediately warned about the man-eating Caribs on nearby islands. The conquistadors reported that the Aztecs butchered victims, ate the flesh and fed the entrails to zoo animals. Henry Morton Stanley said he was beset on all sides by savage cannibals during his famous trek through Africa to find Livingstone. Margaret Mead wrote about the man-eating Mundugumor of New Guinea. There is only one thing wrong with all these reports: they come second or third hand, and are probably false. That is the surprising thesis of a new book called...