Word: greenspan
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Dates: during 1970-1979
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There are still plenty of economic shocks ahead. Unemployment will soon pass 6% and might reach 7%. Alan Greenspan, chairman of the Council of Economic Advisers, predicts that although there will be declines of two or three percentage points in some inflation measures by next spring, the consumer price index will be slow to show improvement. "We can see the light at the end of the tunnel," says Simon. "The question is, how long is the tunnel...
...unless the economy continues to deteriorate badly, Ford's basic tax, budget and monetary policies will not change. Both Burns and Greenspan think that the economy will not resume growing until some time next year; but, largely because investment by business should remain strong, they do not foresee the bad declines predicted by some economists, notably Walter Heller (see following story). The real test of Ford economics lies ahead-and a large part of how well it fares will depend on how willing he is to be flexible...
...exquisitely complex challenges confronting Washington's new economic team grow more ominous. Month by month recently, the economy has sagged more than the Government or private forecasters have expected. Some economists are openly mulling over possibilities that even a short while ago were unthinkable. For example, just before Greenspan took office last month, his consulting firm, Townsend-Greenspan, warned clients that "although we do not expect a breakdown in the financial system near term, it cannot be ruled out as a possibility at some point in the future...
...that there are jokes about Philosopher Ayn Rand's becoming the Ford Administration's primary behind-the-scenes adviser now that her friend Alan Greenspan heads the President's Council of Economic Advisers. If previous Administrations had taken Rand's advice to stop interfering in the capitalist system, the U.S. wouldn't be in its present economic mess. Woolsey Teller Indianapolis...
...wherefore of Greenspan's sympathy for Wall Street brokers became clear when I read of his fascination with Ayn Rand's Objectivism. Certainly it is understandable that his concern would lie with captains of finance rather than with those of us unable to accumulate anything...