Word: inflationitis
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Dates: during 1960-1969
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To be sure, Rockefeller's subject was not the stuff that stirs hurrahs. The New York Governor called for a nationwide, decade-long assault on urban atrophy. To be financed largely by issuance of bonds, his program would allot $30 billion to schools, parks and mass transit, and $60...
The risks that were worrying Okun-inflation at home and a threatened dollar abroad-last week prompted the Federal Reserve Board to give the nation its third dose in five months of some painful economic medicine: higher interest rates. The Reserve Board voted unanimously to raise its discount rate from...
Twin Perils. Few bankers expected another boost so soon. And the Fed's surprise move amounts to a monetary corset for the fattening economy. "We are in the midst of the worst financial crisis since 1931," said Reserve Board Chairman William McChesney Martin. The nation, he maintained, faces "uncontrollable...
The Fed also hopes that its move will cool an economy in which, as C.E.A. Chairman Okun aptly put it, "too much good news is bad news." His largest worry: the record $16 billion surge in consumer spending during the first three months of the year. Personal income spurted by...
West Germany's problems were largely the result of a spending spree on the part of both consumers and government that sent the cost of living soaring. By clamping down on capital expenditures and tightening money, the government was able to nip inflation-and by the end of 1967...