Word: fellows
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Dates: during 1970-1979
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...experience strengthened his view that the Federal Reserve had to take strong action to fight inflation and thus defend the dollar overseas. For a year, Volcker was a senior fellow at Princeton, but in 1975 he returned to the New York Fed as its president. In the past year Volcker voted at Federal Reserve meetings for tighter money and was consistently outvoted by his colleagues. Then he got the top job and, with the economy in dire trouble, finally won unanimous support for the measures that caused last week's furor...
ARTHUR OKUN: "Sometimes I understand this economy and sometimes I don't," laments Okun, senior fellow of the Brookings Institution in Washington, D.C. "I was dead wrong," he admits, in expecting unemployment to go up in September. Instead it dropped, indicating that the economy was far more resistant to a downturn that might check price boosts than had been supposed. Consequently, though Okun is usually vehemently opposed to a policy of relying primarily on money-supply policy to combat inflation, he proclaims himself "not horrified" by Volcker's actions. Okun fears that "interest rates could become so unstable...
...first Carter took the newsmen's repeated references to fellow Democrat Ted Kennedy with good humor. When a reporter made the increasingly common slip of referring to "President Kennedy," Carter responded with a grin: "I think it is Senator Kennedy." But when one young TV newswoman paraphrased a Kennedy criticism at considerable length, the President turned understandably testy. "Is this a campaign speech for him?" asked Carter. He then proceeded to give a pretty good campaign speech...
...often do you change your tractor tires?" Aleksei Kosygin, the Premier, asked Farmer Bergland on his last Kremlin visit. "About every 4,000 hours," he answered. "Engines?" asked the cool-eyed Soviet, a fellow normally associated with missiles and megatons, not farm machinery. "Every 10,000 to 15,000 hours," replied Bergland. The old Russian thought a few seconds and then gave his people a short lecture about the disadvantages of the Soviet policy of replacement by the calendar, not actual need...
...despair. Complaints color all his comments; he criticizes the books he reads; everyone bores him. Each new town is another burden and descriptions become indistinguishable--arriving hot and dirty at a collection of huts, he walks the streets, settles into a hotel, and disparages the food. Fun includes testing fellow passengers: "How many miles are there between stops?" Disgust overpowers sympathy...