Word: feds
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Dates: during 1980-1989
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...year was 1962. America was weathering its worst session since the Great Depression. Unemployment soared; interest rates fluctuated in the high double digits. The beleagured construction industry mailed piles of useless lumber to Federal Reserve headquarters in Washington, and Capitol Hill clamored for the Fed chief's hide...
Theoretically the first among equals on the Federal Reserve system's seven-man Board of Governors, the 57-year-old Volcker's strong will and effective policies have won him near-absolute power at the Fed...
Through the purchase and sale of Treasury bonds, bills, and notes, he holds the reins on the nation's money supply; by setting the Fed's discount rate, he determines the prevailing lending rates which often dictate whether businesses can expand or families can afford to buy homes...
...Chase Manhettan Bank lured Volcker away from the Fed, setting the pattern for the economist's pinball path to the top. In the years that followed, Volcker moved between high posts at the Chase Bank, the Treasury Department, and the Fed...
...Federal Reserve Board is easing monetary policy and letting interest rates fall have raised expectations that the economy will avoid a recession and rebound rapidly. Said Board Member Walter Heller, a University of Minnesota professor who was chairman of the Council of Economic Advisers during the Kennedy Administration: "The Fed is riding to the rescue." Agreed Alan Greenspan, who served as chief economic adviser to President Ford: "The odds definitely favor a quickening of the economy...