Word: hiked
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Dates: during 1960-1969
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...President, Treasury Secretary Henry Fowler, the President's economic advisers and the budget director. "I indicated what the problems were, as I saw it. They did not agree with me." In fact, Martin gave the President a written memorandum in October giving reasons why he felt a discount hike would be needed, and Fowler and Chief Economic Adviser Gardner Ackley retaliated with memos contesting his reasoning. Martin felt that the discount rate should have been raised in September, believes that if the Board had not acted earlier this month its hands would have been tied until mid-February because...
...National Industrial Conference Board told the Congressional Joint Economic Committee that costlier money will bring only a tiny cutback in those plans. Among the 1,000 largest manufacturing companies, testified N.I.C.B. Senior Vice President Martin Gainsbrugh, none of the 644 replying to his survey after the discount rate hike expected to reduce plant expansion next year by as much as 5%; more than 92% predicted no change...
...inflationary trend was really recognized by the Federal Reserve Board's decision-against the President's wishes -to hike the discount rate (see following story). However distasteful it may be to him, the President may have no alternative but to raise taxes next year in order to finance the costly welfare programs and an ever-increasing war effort without overheating the economy...
Martin later told newsmen that John son "in no way placed me in the role of defying the President or the Johnson Administration" - which was how many had described the board's move. It was the timing of the rate hike that chiefly irked the President, who would have preferred that the board wait until after he presented his budget to Congress in January. On broad economic policy, said Martin, "I think the President and the Federal Reserve System have exactly the same objectives. I know I speak for the entire system when I say that we are doing...
...budget that was passed by acclamation before the personnel changes were announced once again put stress on consumer goods and light industrial development-two aims in which Brezhnev and Kosygin concur. With much snarling about warlike U.S. imperialism, they also raised the Soviet defense budget by 5%. But the hike was in keeping with overall budget increases, and the snarling was foreshadowed by a churlish interview granted to New York Times Columnist James Reston by Kosygin earlier in the week...