Word: hellers
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...economy. While manufacturing productivity from 1947 to 1962 increased only 2.9% a year on the average, it has jumped more than 4% in each of the past two years. Last week the Department of Commerce reported that the gain will be 4.3% this year. "Most impressive," said Walter Heller, chief economist for the President...
Detroit's Fast Start. President Kennedy's chief economist, Walter Heller, predicts that business will remain strong at least through the first quarter of 1964, and much longer if there is a tax cut. Even more bullish are such other eminent economists as Harvard's John V. Lintner ("There are no weaknesses in evidence") and the Bank of America's Charles Haywood ("We're just not predicting a recession for 1964"). Businessmen are also talking expansively. Says Acme Steel President George Griffiths: "I'm very optimistic about the first six months...
...Federal Reserve Board's discount-rate hike on the part of Congressmen who fear that it may restrain domestic economic expansion; the Board itself is known to have split over the move. While supporting the increase on the ground that it will affect mostly short-term borrowing, Walter Heller, the President's chief economic adviser, showed his concern about any further rate rises: "Clearly, this is no time for tightening long-term credit...
Solid but Moderate. The whole debate over money comes at a time of critical importance for the U.S. economy, whose current economic upswing is already 29 months old and unusually sensitive even to minor tremors. Last week Walter Heller described the economy's growth as "solid but moderate," reflecting some Administration disappointment that the gross national product in the second quarter grew by only $7 billion, instead of an expected $10 billion, to $579 billion. "This is no boom," he said...
Historic Drop. The sweeping U.S. money-policy change climaxed a yearlong backstairs dispute in Washington and represented a victory by Walter Heller's activist Council of Economic Advisers over the more conservative Treasury. Treasury Secretary Douglas Dillon has been worried that even in direct controls on capital movements might cause foreigners to fear that stiffer controls were coming, and thus precipitate a run on the dollar. Under Secretary Robert Roosa was opposed to any U.S. drawing from the IMF. The Treasury learned only recently that it had lost the battle inside the Administration, was given the job of drafting...