Word: humphrey
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Dates: during 1950-1959
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...businessmen who went to Washington-George Humphrey, Charles E. Wilson, Robert T. Stevens, et al.-proved that many of the methods of private industry could be used with great profit in Government, notably in eliminating waste. Before they were through, they chopped $13 billion from the 1953-54 Truman budget, cut the federal payroll...
...result of the continuing boom on boom was that money started to run short, credit tightened, and interest rates rose. Treasury Secretary George Humphrey chose this occasion to float a new $2 billion bond issue with the highest rate (3¼%) that any U.S. bond had carried in 20 years. With this formal notification that the "easy money" policy of the Democratic Administration was ending, the money shortage worsened; three-to five-year Government security rates rose from 2.6% to 2.9%. As credit tightened throughout the economy, builders complained about the new shortage of mortgage money, retailers warned darkly...
Because the businessmen in Washington knew that there can be no such thing as long-range military security without economic stability, they put a high priority on sound money. Treasury Secretary Humphrey, who left the chairmanship of Cleveland's M. A. Hanna Co. to take command in that sector, figured that the best way to protect the dollar was to snuff out the last traces of inflation. His methods: 1) pushing interest rates upward, and 2) spreading the $270 billion national debt, concentrated 75% in securities coming due within five years, into longer-term maturities in order to take...
...Humphrey soon learned that despite all the ranting against inflation, the U.S. had come to like it in small doses. While it had meant a cheapening dollar (worth 52? last year v. 100? in 1939), inflation had also spelled more jobs and better living. So when it looked as if the nation's special form of inflation might be halted, people immediately assumed that the good things might disappear as well. No one seemed to want a dollar that was worth more if there were to be fewer of them around. So Humphrey quickly changed his course, assuring...
...troubles, said George Humphrey, "when I say my prayers at night, I thank God I am not Ezra Taft Benson." Ezra Benson, Apostle of the Mormon Church, needed all the divine guidance he could get in his new job as Agriculture Secretary. He inherited enormous problems-falling farm prices, huge surpluses, a price support system that encouraged still more overproduction. Like his businessmen associates in the Cabinet, Benson thought that what the U.S. needed was more freedom, notably in agriculture...