Word: feds
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Dates: during 1980-1989
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First there are nine months before the baby is born. Then the baby is born. Then there are three or four months spent in feeding the baby. After the baby is fed there are certainly five years spent in playing with the baby. You cannot, it seems, let children run about the streets. People who have seen them running wild in Russia say the sight is not a pleasant...
...sale clauses for them. In the battered thrift industry, the decision is a welcome break that will prevent substantial losses. More important, improved cash flow for S and Ls should increase the amount of mortgage money available and eventually maybe even lower interest rates a bit. Mortgages from fed eral S and Ls that were passed along with their consent before the court's decision probably cannot be called in, and the decision does not apply to commercial banks or other lenders. But for many home buyers and sellers in the immediate future, one of the few ways...
Despite perennial complaints about the Federal Reserve's autonomy, the board has over the years usually taken its cues from the politicians in power. "There were three Arthur Burnses," observes Robert Weintraub, a senior congressional economist. "One for Nixon, one for Ford and one for Carter. The Fed has always done pretty much what the Administration wants...
...Congress moved to insulate the Fed from political pressure and passed a law removing the Treasury Secretary from the board. Even so, the board still tended to follow the presidential lead. When Dwight Eisenhower took office in 1953 on a promise to curb inflation, the Fed cooperated; money growth averaged only 1.8% a year during Ike's terms. When Lyndon Johnson later on needed easy money to help finance the Viet Nam War along with his Great Society domestic programs, the board once again cooperated; by the end of L.B.J.'s tenure, money growth was spurting...
...current chairman, Paul Volcker, perhaps the most frustrating task is figuring out what the President wants him to do. Administration critics have sometimes accused him of pursuing an overly restrictive monetary policy and at other times attacked him for being too expansive and unpredictable. If nothing else, having the Fed to kick around certainly seems a satisfying and time-tested diversion for policymakers in times of economic tumult...